Pengaruh Likuiditas, Leverage, Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi

Ningsih, Sri (2026) Pengaruh Likuiditas, Leverage, Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Sarjana (S1) thesis, STIE Tri Bhakti.

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Abstract

Purpose – This study aims to examine the effects of liquidity, leverage, and profitability on firm value and to investigate whether dividend policy moderates the relationships between liquidity, leverage, profitability, and firm value. Design/Methodology/Approach – This study employed a quantitative research approach using secondary data derived from the annual reports of companies. The population consisted of all primary consumer goods companies listed on the Indonesia Stock Exchange (IDX). Using a purposive sampling technique, 66 companies were selected, resulting in 198 firm-year observations during the 2023-2025 period. Liquidity (CR), Leverage (DER), Profitability (ROA), Firm Value (PBV), and Dividend Policy (DPR). Panel data regression analysis was employed using the Fixed Effect Model, which was selected based on the results of the Chow test and Hausman test. All statistical analyses were performed using EViews9. Findings – The findings reveal that liquidity has a positive but insignificant effect on firm value. Leverage has a positive and statistically significant effect on firm value, while profitability has a positive but insignificant effect on firm value. Dividend policy has a negative and insignificant effect on firm value. Furthermore, dividend policy does not significantly moderate the effects of liquidity, leverage, and profitability on firm value. The moderating variable is therefore classified as a homologiser moderator, indicating that dividend policy neither directly influences firm value nor significantly strengthens or weakens the relationships between financial performance variables and firm value. Originality/value – This study contributes to the literature by providing recent empirical evidence from the primary consumer goods sector during the post-COVID-19 period (2023-2025). The results highlight leverage as the most influential determinant of firm value in an industry characterized by relatively stable consumer demand, while dividend policy has not yet played a significant moderating role in the relationship between financial performance and firm value.

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