THE DIVIDEND POLICY MODERATES THE INFLUENCE OF LIQUIDITY, SOVABILITY, PROFITABILITY, AND SALES GROWTH ON THE COMPANY'S VALUE

This research aims to determine and analyze dividend policy moderating the influence of Liquidity, solvability, profitability, and sales growth on company value. The method used in this research is the research approach used, namely positivist (quantitative). The population in this research is all food and beverage subsector companies in 2019 - 2021, totaling 71 companies listed on the Indonesia Stock Exchange. Based on the research results, it can be concluded that Liquidity significantly affects company value, confirming the acceptance of the research hypothesis regarding the influence of Liquidity. solvability does not significantly affect company value, so the hypothesis related to solvability is not accepted. Profitability significantly affects company value, supporting the hypothesis of the influence of profitability. Sales growth significantly affects company value, confirming the sales growth hypothesis. Dividend policy moderates the effect of Liquidity on firm value, confirming the acceptance of the liquidity-related moderation hypothesis. The dividend policy cannot moderate solvability on company value, so the moderation hypothesis related to solvability is rejected. A dividend policy can moderate the effect of profitability on firm value, supporting the moderation hypothesis related to profitability. Dividend policy moderates the effect of sales growth on firm value, confirming the acceptance of the moderation hypothesis regarding sales growth.


INTRODUCTION
The main objective of establishing a company is to seek maximum profits so that the company's survival can be maintained, to make shareholders prosperous, and to maximize the company's value as reflected in the share price.Companies with high profitability will be interested in their shares by investors so profitability can influence company value.Company value is investors' perception of the company's level of success, which is often linked to share prices.A high share price makes the company value high.It will increase market confidence not only in the company's current performance but also in its future prospects (Nguyen et al., 2021).Maximizing company value also means maximizing the company's main objectives.The company hopes financial managers will take the best action by maximizing company value so that the owners or shareholders can prosper (Nurhayati & Amanah, 2019).
Company value can generate maximum prosperity for shareholders if share prices increase.The higher the company's share price, the higher the prosperity of shareholders.According to (Burhanuddin & Yusuf, 2019), company value is an essential concept for investors, because it is an indicator for the market to assess the company as a whole.The company's financial information will be analyzed, or investors will calculate its financial ratios, which include the company's Liquidity, solvability, profitability, activity, and market ratios as a basis for consideration in investment decisions.
The following is data on company value as measured by Price To Book Value (PBV) in food and beverage sub-sector companies listed on the Indonesia Stock Exchange in 2019-2021.1. is the average company value over the last three years as proxied by PBV in food and beverage sub-sector companies.In 2019, the average PBV of food and beverage sub-sector companies was 2.50.This figure decreased to 2.24 in 2020 and increased slightly in 2021 to 2.26.Several factors influence the rise and fall of PBV figures.The factors influencing the PBV value are Liquidity, solvability, profitability, and dividend policy (Isnalita, 2018).Apart from these four factors, sales growth can influence the size of the PBV value (Irawati et al., 2019).(Jogiyanto, 2014) states that the standard PBV value that a company must meet is more significant than one.The majority of the PBV values of the companies in Table 1 are more significant than one.In 2020 there were additional companies that had a PBV value of less than one, namely 6 companies, this figure increased from 2019, namely only 4 companies.In 2021, the number of companies with a PBV below one will increase to 8. From 2019 to 2021, food and beverage sub-sector companies experienced an increasing trend in the number of companies still needed to meet PBV value standards.It is necessary to analyze further what factors influence the rise and fall of the PBV value.Company value is very important to use as a benchmark for investors when investing their capital in a company.
Table 1 shows that company value is a positive or negative signal for capital owners such as investors to invest capital in the company.The relationship between signal theory and company value is that more comprehensive disclosure will provide a positive signal to parties with an interest in the company and the company's shareholders.
The company's financial report information provided by the company is beneficial for investors.Investors will calculate their financial ratios, which include the company's Liquidity, solvability, profitability, activity, and market ratios as a basis for considering investment decisions.The first financial ratio that investors consider is Liquidity.Liquidity is a ratio that measures a company's ability to meet short-term financial obligations (Kasmir, 2015).
The following ratio is solvability.solvability is a ratio used to measure the extent to which a company's assets are financed by debt, meaning how much debt the company bears compared to its assets.solvability is a ratio to measure how far a company uses debt (Pandyanto & Laily, 2021).If the company is solvable, it means it has sufficient assets or wealth to cover all its debts, and vice versa; if the company does not have enough wealth to pay its debts, then it is called an insolvable company, meaning the company has too much debt.However, the company has few assets.To pay debts.
Furthermore, the financial ratio that is no less important for investors is used as a balance, namely profitability.Profitability is a ratio that assesses a company's profit-making ability (Kasmir, 2015).This ratio also provides a measure of the effectiveness of company management; this is shown by the profits generated and investment income.Investors can use profitability as a benchmark for assessing a company and for stock traders to decide whether company shares are worth buying.In the company's operational activities, profitability is an essential element in ensuring the company's survival.With the company's ability to obtain profitability by using company resources, the company's goals will be achieved.
In this research, dividend policy is used as a moderating variable (strengthening/weakening) of the influence of Liquidity, solvability, profitability, and sales growth on company value.Dividend policy is the center of attention of many parties, such as shareholders, creditors, and other external parties who have an interest in the information released by the company being considered better, and, ultimately, the assessment of the company as reflected in the share price will also be better.Company value is the actual value per share that will be received if the company's assets are sold according to the share price (Salman et al., 2020).Company value can be seen from the company's ability to pay dividends.Previous research stated that dividends can strengthen factors that influence company value, namely (Isnalita, 2018), (Tahu & Susilo, 2017), (Aldi et al., 2020), as well as research from (Purwati, 2020).Their research shows that dividend policy is able to moderate the factors that influence company value.
Food and beverage sub-sector companies were chosen as the companies studied.The consideration is that food and beverage sub-sector companies have an essential role in developing the industrial sector, especially their contribution to the growing Gross Domestic Income (GDP).Based on Figure 1, we can see that the development of GDP from 2018 to 2021, measured based on GDP at current prices, shows an increasing trend.However, it experienced a decline in 2020 due to the COVID-19 pandemic.However, post-COVID-19 economic recovery has been demonstrated since the second quarter of 2021.GDP has increased to the same level as the year before the pandemic.In total, the trend data on the growth of the food and beverage industry each year from 2010 to 2021 can be seen in Figure 1.Companies in the food and beverage sub-sector also have bright prospects in the future.This is because the need for food and drink in everyday life is excellent.Business people see this as an opportunity to provide or fulfill market needs.Consumer loyalty will be created if the market is interested in the products produced.This condition will increase profits for the company.The research results (Purwati, 2020) showed that the profitability variable positively and significantly influenced company value.The dividend policy moderated the influence of profitability on company value in manufacturing companies listed on the Indonesian stock exchange.The research results (Tahu & Susilo, 2017) showed that profitability had a positive and significant effect on company value, and dividend policy moderated the effect of profitability on company value.
Dividend policy does not influence the value of the company or its cost of capital, meaning that the value of the company will only be determined by its essential ability to generate profits and its business risks.Several studies state that dividend policy is related to Liquidity, solvability, profitability, and sales growth on company value.Research conducted by (Aldi et al., 2020), (Purwati, 2020), (Tahu & Susilo, 2017), (Isnalita, 2018), (and Nguyen et al., 2021) states that dividend policy can moderate the influence of Liquidity, solvability, profitability, and sales growth on company value.
This research uses PBV as a tool to measure company value for the reason that PBV shows how much the market appreciates the corporate value of a company's shares.This research is a development of research (Omagwa & Muathe, 2019) related to profitability.The novelty in this research lies in the addition of the sales growth variable as an exogenous variable that influences company value.Based on research (Hidayat, 2018), (Dang et al., 2019), (Irawati et al., 2019) sales growth affects company value.This means that the higher the sales growth, the higher the company value.Sales growth is highly expected for the company's development because high growth provides a sign of the company's development.This is by signaling theory.The increase in sales growth experienced by the company reflects that the company is in good performance condition, so this will be a positive signal for investors to invest in the company so that the company's value will increase, which can be seen in the company's share price.(Brigham, 2016) .
This research has its originality because of the problems previously described and the research gap, which has different results from existing research.To obtain novelty from this research, a bibliometric analysis was carried out with the help of VosViewer software, the results of which can be seen in Figure 3.The basis for adding sales growth variables was also obtained from network visualization from previous studies.Based on network visualization from 500 studies in 2018-2022 using the Bibilio Metric VosViewer, the position of the variables liquidity, profitability, solvability, sales growth, dividend policy, and company value can be seen in Figure 3 below.Figure 3 shows a network that shows the relationship between variables in this research: Liquidity, profitability, solvability, sales growth, dividend policy, and company value.The Liquidity, solvability, and dividend policy variables are in the blue cluster, while the profitability and sales growth variables are in the red cluster.All of these variables are interconnected with company value.Dividend policy has yet to be widely studied about company value.This is evident from Figure 3, where the distance between company value and dividend policy is very far.The picture still needs to be bigger, meaning that few researchers are researching dividend policy, so there is an opportunity to conduct further research on the relationship between company value and dividend policy.Furthermore, the dividend policy variable as a moderating variable is new in this research.
Based on the phenomenon that exists in food and beverage sub-sector companies, namely the increase in the number of companies that do not meet the standard PBV value, namely less than one during 2019-2021, and the differences in research results regarding variables that influence company value, this research aims to find out and analyze dividend policy moderating the influence of Liquidity, solvability, profitability and sales growth on company value.

METHOD
In this research, the research approach used is positivist (quantitative).The population in this research is all food and beverage subsector companies in 2019 -2021, totaling 71 companies listed on the Indonesian Stock Exchange.In this research, the sample was obtained using a non-probability sampling method with a saturated sampling technique so that the number of samples used was the same as the total population, namely 22 companies in the food and beverage sub-sector.This research uses research objects, namely financial reports from food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the 2019-2021 period.Meanwhile, the research time used starts from 2019 to 2021.The types of data in this research are qualitative and quantitative.The data analysis technique used in this research is hypothesis testing.

RESULTS AND DISCUSSION Statistical Hypothesis Testing in Structural Models
Table 2 is the output of the test results.It can be seen that not all p-values show numbers less than 0.05, so not all test results show a significant effect.A variable can have a significant effect if the p-value is less than 0.05.The liquidity variable influences company value.
It was found that the p-value from the test results was 0.000.This figure is less than 0.05, so Liquidity significantly affects company value.The coefficient of Liquidity on company value is 0.512, meaning that this figure shows a positive relationship between Liquidity and company value.So, the hypothesis which states that Liquidity affects company value is accepted.This means that the higher the liquidity value, the company value also increases, and vice versa.In this research, the most dominant variable influencing company value is Liquidity because Liquidity has the highest coefficient, which will increase company value.
Say that Liquidity shows a company's ability to meet short-term obligations or obligations that have matured (Sanjari & Zarei, 2014).Liquidity is a ratio that describes a company's ability to fulfill its short-term obligations on time (Irham, 2016).High cash capacity will have an impact on the company's short-term liability capabilities and have a positive impact on company value.In the signal theory stated by Morris (1987: 109), Liquidity reflects the availability of funds owned by the company to meet all maturing debts.
Larger companies have greater Liquidity, which means they have more current assets to finance their operational activities.The better the company's Liquidity, the better it indicates that the company can pay debts that are due, and the company will be viewed favorably by investors.Many investors invest capital in the company, increasing the company's share price increase, and the value of the company will also increase (Lamtiar et al ., 2021).In research, Liquidity is measured by the cash ratio and current ratio.
This research is in line with research conducted by (Suhadak et al., 2018), (Sanjari & Zarei, 2014), (Sari, 2019), (Lamtiar et al., 2021).Kristian et al. (2020) said that Liquidity affects company value because the higher the Liquidity, the higher the company's ability to fulfill its short-term obligations.This indicates that Liquidity needs to be considered by external parties when assessing a company and has a significant relationship to the value of a company.The solvability variable does not affect company value.
It was found that the p-value from the test results was 0.172.This figure is more than 0.05, so solvability does not significantly affect company value.The coefficient of solvability on company value is -0.094, which shows a negative relationship between solvability and company value.So, the hypothesis which states that solvability affects company value is rejected.This means that the company value is not affected by the high or low level of debt held by the company.The high or low level of company debt is not a concern for investors, because investors are more concerned with how company management uses these funds effectively and efficiently to achieve added value to the company's value.
From the research results, the average value of solvability as measured by the debt to asset ratio is 41.9%, according to (Kasmir, 2015) which states that a good standard debt to asset ratio is 50% or < 1, while the average value of debt to assets The ratio in food and beverage sub-sector companies is 41.9%, below 50% or < 1, so that the company's debt condition as measured by the debt to asset ratio is relatively safe.This means that the DAR ratio of food and beverage subsector companies has more assets than debt and can fulfill its obligations to investors by selling these assets if needed.The smaller the DAR value, the smaller the investment risk in the company.
The solvability level of companies in the food and beverage subsector for the 2019-2021 period is relatively safe, and the company value remains high.This is because the company funds its operations using internal funds.This follows the pecking order theory, which states that companies prefer internal funding to external funding, safe debt to risky debt, and ordinary shares.This theory explains that companies that have high profitability generally use less external funding, this is not because they want to have a low profitability target, but because the company requires little external funding.However, companies with low profitability tend to have more outstanding debt for two reasons: insufficient internal funds and debt is the preferred external source.
If we look at the indicators that measure the solvability ratio, a small portion of the company's funding sources also come from debt.However, only a few financing aspects are dominated by debt.

The profitability variable influences company value.
It was found that the p-value from the test results was 0.000.This figure is less than 0.05, so profitability significantly affects company value.The coefficient of profitability on company value is 0.259, meaning that this figure shows a positive relationship between profitability and company value.So, the hypothesis states that profitability influences company value is accepted.This means that profitability has a relationship with company value; the higher profitability value indicates good company prospects so that investors will respond positively to this signal, and the company's value will increase.
The results of this research are in line with research conducted by (Pascareno Siringoringo, 2016), (2020), and ( 2019), saying that profitability has a significant effect on company value.The higher profitability indicates good company prospects so that investors will respond positively to this information, and the company value will increase.

The sales growth variable influences company value.
It was found that the p-value from the test results was 0.001.This figure is less than 0.05, so sales growth significantly affects company value.The coefficient of sales growth on company value is 0.272, which shows a positive relationship between sales growth and company value.So, the hypothesis states that profitability influences company value is accepted.
The results of this research are in line with research conducted by (Irawati et al., 2019), (Dang et al., 2019), and (Elisa & Amanah, 2021), saying that sales growth has a significant effect on company value.The higher sales growth indicates good company prospects so that investors will respond positively to this information and increase company value.

The dividend policy variable moderates the effect of Liquidity on firm value.
It was found that the p-value from the test results was 0.037.This figure is less than 0.05, so dividend policy is able to moderate the effect of Liquidity on company value.The coefficient of dividend*liquidity policy on firm value is 0.187, meaning that this figure shows that the moderating variable has a strengthening effect, so it can be interpreted that dividend policy strengthens the influence of Liquidity on firm value.The type of moderation from the results of this test is quasimoderation because dividend policy has a significant effect on company value, and the interaction of dividend*liquidity policy has a significant effect on company value.This means that a moderating variable has a dual function, apart from being a moderating variable and acting as an exogenous variable.So the hypothesis, which states that dividend policy moderates the effect of Liquidity on firm value, is accepted.
Liquidity describes the company's ability to pay its financial obligations, which must be fulfilled immediately.The company's Liquidity affects the size of the dividends that will be paid to shareholders, which is the company's cash outflow.Good company liquidity is assessed by a company that can convert non-cash into cash; thus, a company that pays dividends can balance the company's cash in its funding activities and maintain Liquidity.Companies that have good prospects for the future have cash flow that is maintained, this attract investors to buy company shares so that it can increase demand for shares.High demand for shares can increase share prices, reflecting high company value.
The statement above is by the signal theory stated by Morris (1987: 133): Liquidity reflects the availability of funds owned by the company to meet all debts that will mature.Larger companies have greater Liquidity, which means they have more current assets to finance their operational activities.The better the company's Liquidity, the better it indicates that the company can pay debts that are due, and the company will be viewed favorably by investors.Many investors invest capital in the company, increasing the company's share price increase, and the value of the company will also increase (Lamtiar et al ., 2021).This research is in line with research conducted by (Aldi et al. 2020) (2018) and (Nguyen et al., 2021), proving that dividend policy can moderate the influence of Liquidity on company value.The dividend policy variable does not moderate the solvability of the company value.
It was found that the p-value from the test results was 0.959.This figure is more than 0.05, so dividend policy cannot moderate the influence of solvability on company value.The type of moderation of the results of this test is exogenous because dividend policy has a significant effect on company value, and the interaction of dividend policy* solvability does not significantly affect company value.So, the hypothesis that dividend policy moderates the effect of solvability on firm value is rejected.
The dividend policy is a shareholder's right to get a share of the company's profits.Dividend payments can also reduce investment opportunities, and in fact, investors prefer capital gains to dividends because capital gains tax is more diminutive than dividend tax.Based on the data that has been tested, it shows that the average solvability value for food and beverage companies is 64.79%, which is classified as a relatively safe condition, but this does not affect the average dividend paid to shareholders, which is 44.4% below average solvability.
Bearti with solvability in a relatively safe condition does not affect the increase in dividend payments to shareholders, meaning that when solvability is in a relatively safe condition, the dividend payment policy remains below the average solvability and does not affect the company's value.Because the average company value as measured by PBV is greater than 1, namely 2.33, the company value remains high even though the dividends paid to shareholders are below average solvability.So, investors will not see a company from dividend payments.This is in accordance with the dividend irrelevance theory put forward by Brealey which states that a company's dividend policy has no effect on the value of the company or its cost of capital, an increase in dividend payments is only possible if the profits obtained increase, the profits obtained from the increase in share prices due to the sale of shares new, for this reason shareholders can receive cash from the current company in the form of capital gains payments.The type of moderation of the results of this test is explanatory/exogenous dividend policy has a significant effect on company value, and the interaction of dividend policy solvability has no significant effect on company value.
These results indicate that debt policy activities cannot increase company value.Conversely, debt policy cannot reduce company value when the dividends paid by the company are low.This is because dividend policy does not affect company value, where the high and low dividends paid to shareholders are not related to the high or low value of the company.
Dividend policy is the right of shareholders to get a share of the company's profits; dividend payments will also reduce investment opportunities, and in fact, investors prefer capital gains to dividends because the tax on capital gains is smaller than the tax on dividends.This research is in line with research conducted by previous research (Purwati, 2020), (Vivi & Hermi, 2019), (Dang et al., 2019), and (Tahu & Susilo, 2017).It is proven that dividend policy cannot moderate the influence of solvability on company value, meaning that dividend policy cannot increase company value when debt is low.A dividend policy cannot reduce company value when debt is high.The dividend policy variable moderates profitability on firm value.
It was found that the p-value from the test results was 0.046.This figure is less than 0.05, so dividend policy is able to moderate the influence of profitability on company value.The coefficient of dividend*profitability policy on company value is 0.133, meaning that this figure shows that the moderating variable has a strengthening effect, so it can be interpreted that dividend policy strengthens the influence of profitability on company value.The type of moderation from the results of this test is quasi-moderation because dividend policy has a significant effect on company value, and the interaction of dividend policy*profitability has a significant effect on company value.This means that a moderating variable has a dual function, apart from being a moderating variable and acting as an exogenous variable.So, the hypothesis, which states that dividend policy moderates the effect of profitability on company value, is accepted.
The research is in line with research conducted by (Dang et al., 2019(Dang et al., ), (2018)), and (2020), proving that dividend policy can moderate the influence of profitability on company value.The dividend policy variable moderates sales growth on company value.
It was found that the p-value from the test results was 0.011.This figure is less than 0.05, so dividend policy can moderate the influence of sales growth on company value.The coefficient of the dividend*sales growth policy on company value is 0.171, meaning that this figure shows that the moderating variable has a strengthening effect, so it can be interpreted that the dividend policy strengthens the influence of sales growth on company value.The type of moderation from the results of this test is quasi-moderation because dividend policy has a significant effect on company value, and the interaction of dividend*sales growth policy has a significant effect on company value.This means that a moderating variable has a dual function, apart from being a moderating variable and acting as an exogenous variable.So, the hypothesis that dividend policy moderates the effect of sales growth on company value is accepted.
Based on the results of this research, dividend policy can moderate the influence of sales growth on company value.This means that if sales growth increases, the dividends that will be distributed to shareholders will also increase and affect the company's value.The test results show that the moderating variable has a strengthening effect, so it can be interpreted that dividend policy strengthens the influence of sales growth on company value.The type of moderation from the results of this test is quasi-moderation because dividend policy has a significant effect on company value, and the interaction of dividend policy*sales growth has a significant effect on company value.This means that a moderating variable has a dual function, apart from being a moderating variable and acting as an explanatory/exogenous variable.This means that a dividend policy can increase company value when sales growth increases and a dividend policy can reduce company value when sales growth decreases.
The results of this research are by the signaling theory put forward by Spence (1973: 77), which states that high sales growth indicates that the company has good growth prospects in the future so that the company can provide high profits to investors, meaning that this will be responded to positively.by investors and increase the company's share price and will further increase the value of the company.
The level of sales growth affects the company's value or share price because sales growth is a sign of good company development, which results in a positive response from investors.(Irawati et al., 2019) Also stated that the development of sales growth can increase industry income and support the industry to expand its business.It can increase company value.Companies can optimize existing resources to develop company value by looking at past sales data so that investors will estimate the profits that will be obtained in the future.The research is in line with research conducted by (Dang et al., 2019), (Irawati et al., 2019) (Hidayat, 2018), and (Elisa & Amanah, 2021), proving that dividend policy can strengthen the influence of sales growth on value.Company.

CONCLUSION
The conclusions in this research are: 1) Liquidity has a significant effect on company value.This means that the research hypothesis states that Liquidity has a significant effect on company value is accepted.2) solvability does not have a significant effect on company value.This means the research hypothesis, which states that solvability is significant to the company's corporate value, is rejected.3) Profitability has a significant effect on company value.This means that the research hypothesis, which states that profitability significantly affects company value, is accepted.4) Sales growth has a significant effect on company value.This means that the research hypothesis, which states that sales growth significantly affects company value, is accepted.5) Dividend policy moderates Liquidity on company value.This means that the research hypothesis, which states that dividend policy moderates the effect of Liquidity on firm value, is accepted.6) Dividend policy is unable to moderate solvability on company value.This means that the research hypothesis, which states that dividend policy moderates the effect of solvability on company value, is rejected.7) Dividend policy can moderate profitability on company value.This means that the research hypothesis, which states that dividend policy can moderate the influence of profitability on company value, is accepted.8) Dividend policy moderates sales growth on company value.This means that the research hypothesis states that dividend policy can moderate the influence of sales growth on company value.

Figure 1 .
Figure 1.GDP at Current Prices 2018 to 2021 Source: Central Statistics Agency data processed, 2022.

Figure 2 .
Figure 2. Food and Beverage Industry Growth Data Trends from 2010 to 2021 Source: Central Statistics Agency data processed, 2022.

Figure 3 .
Figure 3. Network Visualization of Liquidity, Profitability, solvability, Growth Sales, Dividend Policy, and Company Value Source: Secondary data processed, 2022.

Table 1 . Development of Company Value (PVB) in the Food and Sub-Sector Drinks Listed on the Indonesian Stock Exchange 2019-2021
Source: Indonesian Stock Exchange (www.idx.co.id), 2021 Table

Table 2 Hypothesis Test Results
Source: Appendix 3. PLS output page 165 Based on Table2, the following test results are obtained: