The Dividend Policy Moderates the Influence of Liquidity, Solvability, Profitability, and Sales Growth on the Company's Value
Abstract
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.
Full text article
References
Aldi, M. F., Erlina, E., & Amalia, K. (2020). Pengaruh Ukuran Perusahaan, Leverage, Profitabilitas Dan Likuiditas Terhadap NILAI Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Industri Barang Konsumsi Yang Terdaftar Di BEI Periode 2007-2018. Jurnal Sains Sosio Humaniora, 4(1), 264–276.
Brigham, E. F. (2016). Financial management: Theory and practice. Cengage Learning Canada Inc.
Burhanuddin, B., & Yusuf, D. (2019). Pengaruh struktur modal dan growth opportunity terhadap nilai perusahaan. Jurnal Sinar Manajemen, 6(1), 1–11.
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the impact of growth, firm size, capital structure, and profitability on enterprise value: Evidence of enterprises in Vietnam. Journal of Corporate Accounting & Finance, 30(1), 144–160.
Elisa, S. N., & Amanah, L. (2021). Pengaruh Kinerja Keuangan, Ukuran Perusahaan dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 10(7).
Hidayat, W. W. (2018). Pengaruh profitabilitas, leverage dan pertumbuhan penjualan terhadap penghindaran pajak. Jurnal Riset Manajemen Dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 3(1), 19–26.
Irawati, A. E., Trisanti, T., & Handayani, S. (2019). The Effect of Dividend Policy, Company Growth, and Business Risk on Company Value with Capital Structure as Intervening Variable. International Journal of Business, Humanities, Education and Social Sciences (IJBHES), 1(2), 33–46.
Irham, F. (2016). Pengantar manajemen keuangan. Alfabeta. Bandung.
Isnalita, I. (2018). The effect of profitability, liquidity, leverage and firm growth of firm value with its dividend policy as a moderating variable. International Journal of Managerial Studies and Research, 6(10), 349–2349.
Jogiyanto. (2014). Analisis dan Desain Sistem Informasi, Sistem Informasi Pendekatan Terstruktur Teori dan Praktik Aplikasi Bisnis. Andi Offset Yogkarta.
Kasmir. (2015). Analisis Laporan Keuangan (Pertama, E). Raja Grafindo Persada.
Lamtiar, S., Arnas, Y., Rusdiyanto, A. A., Kalbuana, N., Prasetyo, B., Kurnianto, B., Saputro, R., Kurniawati, Z., & Utami, S. (2021). Liquidity Effect, Profitability Leverage to Company Value: A Case Study Indonesia. European Journal of Molecular & Clinical Medicine, 7(11), 2800–2822.
Nguyen Trong, N., & Nguyen, C. T. (2021). Firm performance: the moderation impact of debt and dividend policies on overinvestment. Journal of Asian Business and Economic Studies, 28(1), 47–63.
Nurhayati, T., & Amanah, L. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 8(8).
Omagwa, J., & Muathe, S. (2019). Corporate Governance, Financial Performance and Firm Value;:; Empirical Evidence from Commercial Banks in Kenya. International Journal of Finance & Banking Studies (2147-4486), 8(4), 41–48.
Pandyanto, R. R. D., & Laily, N. (2021). Pengaruh Likuiditas, Solvabilitas, Dan Aktivitas Terhadap Profitabilitas Pada Perusahaan Food and Beverages Yang Terdaftar Pada Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Manajemen (JIRM), 10(6).
Pascareno, B. E., & Siringoringo, H. (2016). The effect of financial performance on company’s value moderated by dividend policy. Proceedings of International Scientific Days, 370–377.
Permatasari, C. D., & Fitria, A. (2020). Pengaruh Kinerja Keuangan Dan Pertumbuhan Penjualan Terhadap Harga Saham. Jurnal Ilmu Dan Riset Akuntansi (Jira), 9(7).
Purwati, W. I. dan N. K. (2020). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi. E- Jurnal Manajemen, 9(2).
Salman, I., Firmansyah, A., & Widyaningrum, M. R. (2020). Peran leverage sebagai pemoderasi: revaluasi aset tetap, kebijakan dividen, nilai perusahaan. Jurnal Magister Akuntansi Trisakti, 7(2), 171–190.
Sanjari, T., & Zarei, B. (2014). The study factors influencing corporate dividend policy of financial and non-financial firms on companies listed in Tehran Stock Exchange. Research Journal of Finance and Accounting, 5(21), 138–144.
Sari, M. P. (2019). THE EFFECT OF FINANCIAL PERFORMANCE ON CORPORATE VALUE WITH DIVIDEND POLICY AS MODERATING VARIABLES IN MANUFACTURING COMPANIES IN INDONESIA STOCK EXCHANGE. International Journal of Public Budgeting, Accounting and Finance, 2(3), 1–13.
Setiawan, D. E., & Rahmawati, I. Y. (2020). The Effect of Liquidity, Profitability, Leverage on Corporate Value with Dividend Policy and Bi Rate as Moderated Variables (Study of Banking Companies Listed on the Indonesia Stock Exchange in 2014-2017). Economics and Business Solutions Journal, 4(1), 1–19.
Suhadak, S., Kurniaty, K., Handayani, S. R., & Rahayu, S. M. (2018). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18–34.
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of liquidity, leverage and profitability to the firm value (dividend policy as moderating variable) in manufacturing company of indonesia stock exchange. Research Journal of Finance and Accounting, 8(18), 89–98.
Vivi, A., & Hermi, H. V. (2019). The Influence of Debt Policy, Dividend Policy, Profitability, Sales Growth and Investment Opportunities on Firm Value and Company Size as Moderating Variables. Journal of Masters in Accounting, 6(2), 859–2339.
Authors
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.