The Influence of Financial Performance on Company Value Through Dividend Policy as an Intervening Variable at BEI 2017-2022
DOI:
https://doi.org/10.70062/managementdynamics.v2i2.189Keywords:
Cash, DER, DPR, PBV, ROEAbstract
The purpose of this study is to determine and analyze the influence of financial performance on firm value with dividend policy as an intervening variable in manufacturing companies listed on the IDX for the period 2017-2022. This research uses a quantitative method with secondary data from manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2017-2022. The sampling method used is purposive sampling, with data from the last 6 years from 28 manufacturing companies listed on the IDX during 2017-2022. The data analysis techniques used are descriptive statistical analysis, panel data regression models, and path analysis. The results of the study show significant variations in liquidity, solvency, profitability, dividend policy, and firm value among manufacturing companies listed on the IDX during 2017-2022. Liquidity and profitability show large variations, reflecting differences in financial management and performance, solvency is more stable with low debt levels. Dividend policy and firm value show large variations, reflecting differences in profit sharing strategies and market valuation. Liquidity (cash ratio) has a positive effect on dividend policy (DPR), solvency (DER) has a positive effect on dividend policy, profitability (ROE) has a positive effect on dividend policy (DPR), liquidity (cash ratio) has a positive effect on firm value (PBV), solvency (DER) has a positive effect on firm value (PBV), profitability (ROE) has a positive effect on firm value (PBV), dividend policy (DPR) has a positive effect on firm value (PBV), liquidity (cash ratio) is unable to mediate through dividend policy (DPR) on firm value (PBV), solvency (DER) is unable to mediate through dividend policy (DPR) on firm value (PBV), profitability (ROE) is unable to mediate through dividend policy (DPR). on firm value (PBV)
References
A. A. Lia, "Pengaruh Solvabilitas, Leverage, dan Profitabilitas terhadap Kebijakan Perusahaan melalui Nilai Perusahaan sebagai Variabel Intervening," Jurnal Manajemen, 2020.
A. Abrori and Suwitho, "Pengaruh Profitabilitas, Likuiditas, Dan Solvabilitas Terhadap Nilai Perusahaan Suwitho Sekolah Tinggi Ilmu Ekonomi Indonesia (Stiesia) Surabaya," Jurnal Ilmu Dan Riset Manajemen, vol. 8, pp. 1–16, 2019.
A. Murti, "Pengaruh Profitabilitas, Likuiditas, Solvabilitas, Pertumbuhan Perusahaan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan," Jurnal Cendikia Ilmiah, 2021.
A. Rosinta, "Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen," Jurnal Ilmu dan Riset Akuntansi, vol. 11, no. 11, pp. 1–18, 2022.
Abdillah, et al., "The Effect of Company Characteristics and Auditor Characteristics to Audit Report Lag," Asian Journal of Accounting Research, vol. 4, no. 1, pp. 129–144, 2019.
Al Alawiyah, G. Prasetyo, and S. Fatimah, "Pengaruh Leverage dan Likuiditas Terhadap Kebijakan Dividen," Jurnal Ekonomi dan Manajemen Akademi Bina Sarana Informatika, vol. 19, no. 2, pp. 175–183, 2021.
B. Alwi, "Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan," Jurnal Akuntansi dan Keuangan Indonesia, vol. 17, no. 2, pp. 98–112, 2020.
C. W. Sudarti, "Analisis Faktor-Faktor yang Mempengaruhi Nilai Perusahaan," Jurnal Ekonomi & Bisnis, vol. 14, no. 1, pp. 1–20, 2019.
D. Wijaya, "Dampak Kebijakan Dividen Terhadap Nilai Perusahaan di Indonesia," Jurnal Keuangan & Perbankan, vol. 24, no. 3, pp. 345–360, 2021.
E. Kusuma, "Leverage, Profitabilitas, dan Likuiditas dalam Menentukan Nilai Perusahaan," Jurnal Manajemen Strategis, vol. 12, no. 2, pp. 77–88, 2020.
F. R. Hidayat, "Faktor-Faktor yang Berpengaruh terhadap Nilai Perusahaan," Jurnal Riset Akuntansi & Manajemen, vol. 10, no. 4, pp. 145–160, 2019.
G. S. Putri, "Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi," Jurnal Manajemen Bisnis Indonesia, vol. 15, no. 2, pp. 200–215, 2021.
H. Lestari, Manajemen Keuangan dan Strategi Investasi Perusahaan. Jakarta: Penerbit Mitra Wacana, 2020.
I. N. Setiawan, "Profitabilitas, Likuiditas, dan Leverage terhadap Kebijakan Dividen di Indonesia," Jurnal Keuangan & Investasi, vol. 18, no. 1, pp. 55–70, 2022.
J. A. Prasetyo, "Analisis Pengaruh Struktur Modal terhadap Nilai Perusahaan di Bursa Efek Indonesia," Jurnal Ekonomi dan Keuangan, vol. 17, no. 3, pp. 245–260, 2021.
K. Wahyuni, "Pengaruh Kebijakan Dividen terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Pemoderasi," Jurnal Riset Keuangan dan Akuntansi, vol. 9, no. 1, pp. 88–102, 2020.
M. F. Aditya, "Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan Terhadap Kebijakan Dividen Perusahaan Manufaktur Periode 2016-2018," E-Jurnal Riset Manajemen, 2019.
P. Aldila Septiana M, Analisis Laporan Keuangan, R. Hermawan, Ed., 1st ed. Duta Media Publishing, 2019.
S. Agus, Manajemen Keuangan Teori dan Aplikasi: Edisi 4. Yogyakarta: BPFE, 2017.
S. R. Ajija, et al., Cara Cerdas Menguasai Eviews. Jakarta: Salemba Empat, 2011.
