Analysis of financial ratios on firm value: Testing dividend policy as moderation
Keywords:
Dividend Policy, Firm Value, Liquidity, Profitability, SolvencyAbstract
The purpose is to investigate the influence of profitability, solvency, and liquidity upon firm value and moderation of dividend policy from the IDX Kompas100 Index, with an analysis duration from 2020-2023 with a total of 122 observations. A purposive sampling approach is applied in this analysis, with criteria for firms that live consistently on the Kompas100 index, distribute dividends within analysis time, have profitable revenue, and are capable of meeting long-term and short-term debts. This research employs MRA with SPSS software. The outcome shows that profitability and liquidity have a positive result on firm value. Meanwhile, solvency shows an adverse influence on firm value. Additionally, dividend policy is able to moderate and intensify the outcome of solvency upon the firm value and weaken liquidity impact upon firm value, but it shows no sign of moderating effect on profitability upon firm value.
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Ali, J., Faroji, R., & Ali, O. (2021). Pengaruh Profitabilitas terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sektor Industri Barang Konsumsi di Bursa Efek Indonesia Tahun 2017-2019). Jurnal Neraca Peradaban, 1(2), 128–135. www.sahamok.com
Anggraini, R., & Yan Nyale, M. H. (2022). Pengaruh Profitabilitas, Solvabilitas dan Investment Opportunity Set terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 130–137. https://doi.org/10.47065/ekuitas.v4i1.2051
Fadjar, A., Purnama Nugraha, A., & Sarifudin, D. (2021). The Effect of Dividend Policy (DPR) and Debt to Equity Ratio on Company Value (PBV) in the Consumer Non-Cyclicals Sector Companies that Registered in IDX on Period. Turkish Journal of Computer and Mathematics Education, 12(11), 1442–1453.
Harahap, R. M., Mustaruddin, M., & Rustam, R. (2021). Effect of Efficiency, Market Power, Debt, and Risk on Company Performance and Their Impact on Dividend Policy on the Manufacturing Sector in the Indonesia Stock Exchange. International Journal of Business, Economics & Management, 4(4), 477–486. https://doi.org/10.21744/ijbem.v4n4.1804
Karina, A., & Kusumawardhani, F. (2023). Analysis of Solvability, Liquidity, and Company Size on Audit Delay with Audit Quality as Moderation. JRAK Jurnal Riset Akuntansi Kontemporer, 15(2), 209–218. https://doi.org/10.23969/jrak.v15i2.7304
Lase, A. Z., Jubi, Susanti, E., & Putri, D. E. (2019). Pengaruh Likuiditas, Aktivitas dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Kabel yang terdaftar di Bursa Efek Indonesia. Sultanist: Jurnal Manajemen Dan Keuangan, 7(1), 56–63. http://www.idx.co.id.
Ndruru, M., Br Silaban, P., Sihaloho, J., Monika Manurung, K., & Tiurma Uli Sipahutar, T. (2020). Pengaruh Likuiditas, Leverage, dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Manufaktur Tahun 2015-2017. JIMEA Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 4(3), 390–405.
Novita Komalasari, D., & Yulazri. (2023). Pengaruh Pengungkapan Likuiditas, Solvabilitas, Ukuran Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan. ScientifIic Journal of Reflection: Economic, Accounting, Management and Business, 6(2), 470–479.
Olivia Dwi Putri, M., & Gst Bgs Wiksuana, I. (2020). The Effect of Liquidity and Profitability on Firm Value Mediated by Dividend Policy. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 204–212. www.ajhssr.com
Phengdrawan, J., Christiana Iman Kalis, M., Fitriana, A., & Irdhayanti, E. (2024). Firm value and its Antecedents: Testing the Interaction Effect of Dividend Policy. Jurnal Ekonomi, 13(1), 201–214. https://doi.org/10.54209/ekonomi.v13i01
Prasetya, A. W., & Musdholifah. (2020). Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Nilai Perusahaan yang di Moderasi oleh Kebijakan Dividen. Jurnal Ilmu Manajemen, 8(4), 1406–1416.
Rakasiwi Syamsuddin, F., Mas’ud, M., & Wahid, M. (2021). Pengaruh Solvabilitas, Profitabilitas, dan Likuiditas terhadap Nilai Perusahaan (Studi pada Perusahaan Properti dan Real Estate yang terdaftar di Bursa Efek Indonesia Periode 2015-2018). Profitability: Jurnal Ilmu Manajemen, 5(1), 98–136. https://gopublic.idx.co.id/
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of Liquidity, Profitability, and Size of Companies on Firm Value. Utopia Y Praxis Latinoamericana, 25(Extra 6), 325–332. https://doi.org/10.5281/zenodo.3987632
Riki, M., Tubastuvi, N., Darmawan, A., & Rahmawati, I. Y. (2022). Struktur Modal, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi. JAA Jurnal Akademi Akuntansi, 5(1), 62–75. https://doi.org/10.22219/jaa.v5i1.19409
Risal, Giriati, Wendy, & Malini, H. (2024). Firm Size, Profitability, and ESG Disclosure in Indonesia: Geographical Location as Moderating Variable. IJEDR International Journal of Economics Development Research, 5(2), 878–8783.
Sahyu, A., & Kristianti Maharani, N. (2023). Pengaruh Profitabilitas, Solvabilitas, dan Aktivitas terhadap Nilai Perusahaan. KOMITMEN: Jurnal Ilmiah Manajemen, 4(1), 260–271.
Savira, M., & Ferdian, R. (2024). Pengaruh Current Ratio, Debt to Equity Ratio dan Return on Equity terhadap Nilai Perusahaan. JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, Dan Akuntansi, 1(4), 274–285. https://doi.org/10.62421/jibema.v1i4.23
Sinta Dewi, V., & Ekadjaja, A. (2020). Pengaruh Profitabilitas, Likuiditas dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(1), 118–126.
Tresna Murti, G., Yoan, C., & Azizah, N. (2024). The Influence of Profitability, Liquidity, and Firm Size on Firm Value. JHSS (Journal of Humanities and Social Studies), 08, 132–137. https://doi.org/10.33751/jhss.v8i1.8735
Uli, R., Sultan Ageng Tirtayasa, U., & Sultan Ageng Tirtayasa Emma Suryani, U. (2020). Pengaruh Likuiditas terhadap Nilai Perusahaan Melalui Struktur Modal dan Profitabilitas. Tirtayasa Ekonomika, 15(2), 321–332.
Ummah, D. R., & Yuliana, I. (2023). Liquidity Relations, Current Ratio, Profitability, Gender Diversity, Company Size, and Company Value: Studies in Indonesia. JKP Jurnal Keuangan Dan Perbankan, 27(1), 81–95. https://doi.org/10.26905/jkdp.v27i1.9169
Vina Rahmawati, D., Darmawan, A., Setyarini, F., & Bagis, F. (2021). Profitability, Capital Structure and Dividend Policy Effect on Firm Value using Moderating Variable (In the Consumer Goods Industry Sector Companies Listed on the Indonesia Stock Exchange (IDX) during 2015-2019 Periods). Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5(1), 282–292. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Waruwu, M. (2023). Pendekatan Penelitian Pendidikan: Metode Penelitian Kualitatif, Metode Penelitian Kuantitatif dan Metode Penelitian Kombinasi (Mixed Method). Jurnal Pendidikan Tambusai, 7(1), 2896–2910.
Wijayanto, W., Giriati, Wendy, & Malini, H. (2024). CEO Power and Firm Value: Affirmative Action Implications. Asian Journal of Economics, Business and Accounting, 24(6), 552–560. https://doi.org/10.9734/ajeba/2024/v24i61381
Yustina Andy, E., & Jonnardi. (2020). Pengaruh Profitabilitas, Likuiditas, dan Solvabilitas terhadap Nilai Perusahaan. Jurnal Multiparadigma Akuntansi Tarumanagara, 2, 1057–1066.
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Published
2025-01-09
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Sartika, L., Malini, H. ., Azazi, A. ., & Mustika, U. N. . (2025). Analysis of financial ratios on firm value: Testing dividend policy as moderation . Journal of Management Science (JMAS), 8(1), 163–169. Retrieved from https://exsys.iocspublisher.org/index.php/JMAS/article/view/586
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