Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating

  • Rutin Rutin
  • Triyonowati Triyonowati
  • Djawoto Djawoto
DOI: https://doi.org/10.35838/10.35838/jrap.2019.006.01.10
Abstract views: 7683 | PDF downloads: 6821
Keywords: company value, liquidity leverage, activity, profitability, dividend Policy

Abstract

ABSTRACT

Company value is generally applied to measurea company’s management for further successful operations. This study aimed to investigate the effect of liquidity (CR), leverage (DER), activity (TATO), profitability (ROA) and dividend policy (DPR) on the company value (PBV). Therefore, this study observed 66 manufacturing companies as samples that were obtained through purposive sampling. The data was analyzed using classic assumption test Moderated Regression Analysis (MRA) assisted with SPSS 20 for windows. As the result, this study indicated that the liquidity and activity had no significant effect on firm value; however, the leverage and profitability had a significant effect on the manufacturing company values in the period of 2013 to 2017. In addition, the
dividend policy moderated the effect of liquidity and profitability on firm value; but the dividend policy could not moderate the influence of leverage and activity to the value of manufacturing companies in the period of 2013 to 2017.

ABSTRAK

Nilai perusahaan dijadikan sebagai suatu ukuran keberhasilan manajemen perusahaan dalam prospek operasi di masa mendatang. Tujuan penelitian ini yaitu untuk mengetahui signifikansi pengaruh Likuiditas (CR), Leverage (DER), Aktivitas (TATO), Profitabilitas (ROA) dan Kebijakan Dividen (DPR) terhadap Nilai Perusahaan (PBV). Teknik penentuan sampel yang digunakan adalah purposive sampling, sebanyak 66 perusahaan Manufaktur yang menjadi sampel penelitian. Teknik analisa data yang digunakan adalah uji asumsi klasik dan Moderated Regression Analisys (MRA) dengan bantuan SPSS 20 for windows. Hasil penelitian menunjukkan Likuiditas dan Aktivitas berpengaruh tidak signifikan terhadap nilai perusahaan, sedangkan Leverage dan Profitabilitas berpengaruh signifikan terhadap Nilai Perusahaan Manufaktur periode 2013- 2017. Kebijakan Dividen memoderasi pengaruh Likuiditas dan profitabilitas terhadap nilai perusahaan, sedangkan Kebijakan
Dividen tidak mampu memoderasi pengaruh Leverage dan Aktivitas terhadap Nilai Perusahaan Manufaktur periode 2013-2017.

JEL Classification: M41, O16

Published
2019-06-10
How to Cite
Rutin, R., Triyonowati, T., & Djawoto, D. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating. JRAP (Jurnal Riset Akuntansi Dan Perpajakan), 6(01). https://doi.org/10.35838/10.35838/jrap.2019.006.01.10
Issue
Vol 6 No 01 (2019)
Section
Articles

Authors who publish with this journal agree to the following terms:

  • Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the works authorship and initial publication in this journal.
  • Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journals published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).