The Role of Dividend Policy as A Mediation from the Influence of Liquidity, Leverage, and Profitability on Company Value (Analysis of Food and Beverage Sub-Sector Manufacturing Companies Listed in the Indonesia Stock Exchange)
Keywords:
company value, dividend policy, leverage, liquidity, profitability
Abstract
This study aims to analyze the role of dividend policy as a mediator of the effect of liquidity, leverage and profitability on firm value in the food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange. The data analyzed are quantitative data and secondary data derived from the performance reports of manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange from 2015 to 2019. The sample selection used the purposive sampling method. The analysis technique uses multiple linear regression analysis techniques and path analysis (path analysis). Based on the results of research and discussion, it is known that liquidity and profitability have a positive and significant effect on dividend policy, while leverage does not affect dividend policy. Liquidity, leverage, profitability and dividend policy have a positive and significant impact on firm value. Liquidity and profitability through dividend policy have a positive and significant effect on firm value, while leverage through dividend policy does not affect firm value.
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Brigham, Eugene F & Joel F. Houston. (2011). Dasar-Dasar Manajemen Keuangan. Edisi 11. Erlangga. Jakarta.
Ernawati, Sri., Chandrarin, Grahita & Respati, Harianto. (2019). Analysis Of The Effect Of Profitability, Company Size And Leverage On Tax Avoidance (Study On Go Public Companies In Indonesia). International Journal Of Advances In Scientific Research And Engineering, Vol. 5. No.10. pp. 74-80
Ernawati, Sri., Chandrarin, Grahita., Respati,Harianto. & Asyikin, Jumirin. (2021). The Effect of Profitability, Leverage and Company Size on Tax Avoidance through Earnings Management Practices in Go Public Manufacturing Companies in Indonesia. East African Scholars Journal of Economics, Business and Management, Vol. 4 No.7 pp 162-176. DOI: 10.36349/easjebm.2021.v04i07.004
Deitiana, Tita. (2009). Faktor–faktor Yang Mempengaruhi Kebijakan Pembayaran Dividen Kas. Jurnal Bisni dan Akuntansi, Vol 11 No. 1, hal 57 – 64.
Dharma & Vivi. (2016). Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, Vol. 5, No.7 Hal 4044 – 4070.
Erlangga, Enggar. (2009). Pengaruh Kinerja Keuangan terhadap Nilai perusahaan dengan pengungkapan CSR, Good Corporate Governance, dan Kebijakan Dividen sebagai Variabel Pemoderasi, Skripsi, Fakultas Ekonomi Universitas Muhammdiyah Yogyakarta.
Erlina, (2011). Metode Penelitian.Medan : Penerbit USU Press
Fahmi, Irham.(2015). Pengantar Manajemen Keuangan Teori dan Soal Jawab. Bandung: Alfabeta.
Gitman, Lawrance. J. (2003). Principles of Managerial Finance. 10th edition. Addison Wesley.
Harahap, Sofyan Syafri. (2013). Analisis Kritis Atas Laporan Keuangan. Edisi 2. Jakarta: Rajawali Pers.
Harjito, A & Martono. (2005). Manajemen Keuangan. Yogyakarta.
Ira, N.P.K.D. & Bundanti, N. (2019). Pengaruh Leverage, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Kebijakan Divisden Sebagai Variabel Mediasi. E-Jurnal Manajemen, Vol.8, No.5, 2302-8912.
Kasmir. (2013). Analisis Laporan Keuangan. Jakarta: Raja Grafindo.
Keown. (2005). Manajemen Keuangan (prinsip-prinsip dan aplikasi). Jakarta Barat: PT indeks kelompok Gramedia.
Kusumadilaga, Rimba. (2010). Pengaruh Corporate Social Responsibility Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Moderating, Skripsi, Fakultas Ekonomi Diponegoro Semarang.
Mahendra, D.J.A. (2016). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan (Kebijakan Dividen Sebagai Variabel Moderating) Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. Tesis. Program Pasca Sarjana Universitas Udayana. Denpasar.
Munawir, S. (2011). Analisis Laporan Keuangan. Edisi Revisi. Jakarta: Rajawali Pers.
Myers, S.C. (1984). The Capital Structure Puzzle. Journal of Finance. V.39 (3): 573-592.
Myers, S. C., dan N. S. Majluf. (1984). Corporate Financing and Investment Decision When Firm Have Information That Investors do not Have. Journal of Financial Economicss, Vol. 13 (2): 187-221.
Raipassa. (2015).Pengaruh Rasio Profitabilitas, Likuiditas dan Laverage Terhadap Dividend Payout Ratio Pada Perusahaan Farmasi yang Terdaftar Di Bursa Efek Indonesia. Jurnal Berkala Ilmiah Efisiensi.Vol.15,No.15.2015.
Riyanto, Bambang. (2010). Dasar-dasar pembelanjaan Perusahaan. Yogyakarta: BPFE.
Salvatore, Dominick. (2005). Ekonomi Manajerial Buku 2. Jakarta: Salemba Empat
Sartono, Agus. (2016). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE Yogyakarta.
Sunariyah. (2004). Pengantar Pengetahuan Pasar Modal Edisi Keempat. Yogyakarta : UPP AMP YKPN.
Tanaka, Gloryo Minggo Putra & Respati, Harianto. (2021). Cost of Inventory Calculation Analysis Using The Fifo and Lifo Methods. Journal of Business Management and Economic Research, 5 (4) pp. 109‐120 DOI: 10.29226/TR1001.2021.270
Published
2022-06-01
How to Cite
Sauh, B., Natsir, M., & Yanti, D. (2022). The Role of Dividend Policy as A Mediation from the Influence of Liquidity, Leverage, and Profitability on Company Value (Analysis of Food and Beverage Sub-Sector Manufacturing Companies Listed in the Indonesia Stock Exchange). Journal of Economics and Public Health, 1(2), 43-58. https://doi.org/10.37287/jeph.v1i2.997
Section
Articles
