Abstract: The purpose of this study aims to examine the effect of profitability, liquidity, and leverage on firm value of dividend policy as an intervening variable. This have a look at uses quantitative methods by collecting secondary data, specifically financial statements and annual reports of companies in the financial sector listed on the Indonesia Stock Exchange (IDX). The sampling technique used purposive sampling and obtained a total sample of 26 companies. This study uses path analysis using the SmartPLS 3.3.3 statistical tool. The results of the study prove that profitability has a negative and insignificant effect on dividend policy, liquidity has a negative and significant effect on dividend policy, leverage has a positive and significant effect on dividend policy, profitability has a positive and significant effect on firm value, liquidity has a negative and significant effect on firm value, leverage has a positive and significant on firm value, dividend policy has a negative and insignificant effect on firm value, dividend policy is not able to mediate profitability on firm value, liquidity has no direct effect on firm value through dividend policy, dividend policy has an indirect effect of leverage on firm value in the financial sector listed on the Indonesia Stock Exchange (IDX) for the 2016-2020 period. 
 
Keywords: Profitability, Liquidity, Leverage, Dividend Policy, Firm Value

https://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/download/5363/2230

THE EFFECT OF PROFITABILITY, LIQUIDITY, AND LEVERAGE ON FIRM VALUE WITH DIVIDEND POLICY AS INTERVENING VARIABLE (Case Study on Finance Sector In Indonesian Stock Exchange 2016-2020 Period)

Pada tahun 2019 hingga 2021, setiap negara mengalami krisis ekonomi yang disebabkan oleh virus Covid-19. Negara Indonesia termasuk salah satu negara yang terkena dampak, dimana perusahaan besar dan UMKM tidak dapat melakukan kegiatan operasional secara normal dan memaksimalkan pendapatan, sehingga banyak yang mengalami kebangkrutan. Tujuan dari studi ini untuk mengidentifikasi hubungan antara profitabilitas, likuiditas, dan struktur modal terhadap nilai perusahaan melalui kebijakan dividen sebagai variabel mediasi pada perusahaan sektor consumer non-cyclicals. Sebanyak 135 sampel digunakan dari tahun 2019 hingga 2021 yang terdaftar di BEI. Analisis lebih lanjut dilakukan dengan IBM SPSS Stats 25 dan Eviews 12. Hasil uji pada studi ini menunjukan bahwa variabel profitabilitas dan struktur modal memiliki hubungan positif signifikan terhadap nilai perusahaan, sedangkan hasil uji variabel likuiditas dan kebijakan dividen memiliki hubungan tidak signifikan terhadap nilai perusahaan. Hasil pada uji variabel kebijakan dividen tidak memediasi variabel profitabilitas, likuiditas, dan struktur modal terhadap nilai perusahaan. From 2019 through 2021, every country is experiencing an economic crisis caused by the Covid-19 virus. Indonesia is one of the countries affected by the Covid-19 virus, where large companies and MSMEs are unable to carry out normal operational activities and maximize revenue, so that many companies and MSMEs have experienced bankruptcy or gone out of business. The purpose of this study is to identify the relationship between profitability, liquidity, and capital structure on firm value through dividend policy as a mediating variable in non-cyclical consumer sector companies. 135 samples were used from 2019 to 2021 listed on the IDX. Further analysis was carried out using IBM SPSS Stats 25 and Eviews 12. The test results in this study show that profitability and capital structure variables have a significant positive relationship to firm value, while the test results of liquidity and dividend policy variables have an insignificant relationship to firm value. The results of the dividend policy does not mediate profitability, liquidity, and capital structure variables on firm value. 

Pengaruh Profitabilitas, Likuiditas, dan Struktur Modal Terhadap Nilai Perusahaan Melalui Kebijakan Dividen

The company's objectives can be achieved through the implementation of appropriate financial management functions because every financial decision taken will affect other financial management decisions and will have an impact on the value of the company. This study aims to determine the effect of dividend policy, profitability, capital structure, liquidity, and firm size on firm value. The data used in this study was secondary data obtained from manufacturing companies located in the Indonesia Stock Exchange from 2016 to 2019. Data collection method used is purposive sampling method, which resulted in 50 companies during four years of observation. The analysis technique used in this research is data panel regression. The results of the model-1 research show that DPR, ROA, DER, CR, and SIZE, together influence PBV with adjusted R2 of 64,4%. Individually, DPR and ROA have a positive and significant effect to firm value, while CR, DER and SIZE have no significant effect on firm value. The results of the model-2 research show that DPR, ROA, DER, CR, and SIZE, together influence Tobin’s Q with adjusted R2 of 45,8%. Individually, DPR and ROA have positive and significant effect to firm value, while CR, DER, and SIZE have no significant effect on firm value.

Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock Exchange

This study was conducted to examine the influence of liquidity management on firm value of quoted manufacturing companies in Nigeria. This was premised on the fact that continuous existence of quoted manufacturing companies is guaranteed by the level of improvement in firm value, which may depend upon the level of liquidity management technique employed by managers. Have these techniques of liquidity management adopted by managers of quoted manufacturing companies in Nigeria influence firm value? Ex-post facto research design was employed for the study. Fortytwo (42) quoted companies were sampled out off a population of fifty-six (56) quoted listed on the floor of the Nigerian Stock Exchange (NSE) as at December 31, 2019. The independent variables for liquidity management were measured by current ratio (CRR), Quick Ratio (QR), Cash Ratio (CR) and Net Working Capital Ratio (NWCR), and Firm Value (AV) was the dependent variable panel date was sourced from the published financial reports of the sampled companies and analysed using Fixed effect regression technique. Results revealed that CRR, QR and NWCR had positive and significance influence on FV, CR had a positive and insignificant influence. It was recommended that managers of quoted companies should invest continuously on current assets for the purpose of raising liquidity and profitability which impacts on firm value.

/pdf/liquidity-management-and-firm-value-of-quoted-manufacturing-3hwp5wtr.pdf

Liquidity management and firm value of quoted manufacturing companies in nigeria

Received Jun 20, 2022 Revised Jul 16, 2022 Accepted Sep 02, 2022 Tujuan penelitian untuk mengetahui seberapa berpengaruhnya Kepemilikan Manajerial (KM) dan Debt To Equity Ratio (DER) terhadap Price To Book Value (PBV) dengan Dividend Payout Ratio (DPR) sebagai variabel moderating. Teknik pengumpulan data yaitu menggunakan dokumentasi, dengan metode statistik regresi linier berganda. Berdasarkan hasil penelitian ini maka: Kepemilikan Manajerial berpengaruh signifikan terhadap Price To Book Value, dan Debt To Equity Ratio tidak berpengaruh signifikan terhadap Price To Book Value serta Kepemilikan Manajerial dan Debt To Equity Ratio secara bersama-sama berpengaruh signifikan terhadap Price To Book Value. Selain itu, Dividend Payout Ratio memperlemah hubungan Kepemilikan Manajerial terhadap Price To Book Value serta Dividend Payout Ratio memperkuat hubungan Debt To Equity Ratio terhadap Price To Book Value. Keyword:

Studi penentu nilai perusahaan pada perusahaan manufaktur yang terdaftar di BEI

The purpose of this research is to know the description of corporate value and the influence of liquidity and profitability to firm value with dividend policy as intervening variable of pharmaceutical sub sector manufacturing companies listed in Indonesian Stock Exchange from 2013 until 2017. Liquidity in this research is measured by using current ratio (CR), profitability is measured by return on equity (ROE), dividend payout ratio (DPR), and firm value measured by price to book value (PBV). This research uses secondary data obtained from pharmaceutical sub-sector manufacturing companies listed in Indonesia Stock Exchange. Data analysis method uses Quantitative Descriptive Analysis, Multiple Linear Regression Analysis and Path Analysis. Data is processed using SPSS data analysis package software version 24.0. The overall conclusion is liquidity and profitability simultaneously or partially have a positive and significant effect on dividend policy, while liquidity, profitability, and dividend policy simultaneously have a positive and significant effect to firm value. But partially liquidity and profitability have a negative and significant effect to firm value, while dividend policy has a positive and significant effect to firm value. And, dividend policy is able to mediate the influence of liquidity and profitability to the value of pharmaceutical sub-sector manufacturing companies listed in Indonesia Stock Exchange.

Keywords: firm value, liquidity, profitability and dividend policy

The Impact Of Liquidity And Profitability On Firm Value With Dividend Policy As An Intervening Variable (Empirical Study Of Manufacturing Companies In The Pharmaceutical Sub Sector Listed On The Indonesia Stock Exchange In 2013-2017)

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The Impact Of Liquidity And Profitability On Firm Value With Dividend Policy As An Intervening Variable (Empirical Study Of Manufacturing Companies In The Pharmaceutical Sub Sector Listed On The Indonesia Stock Exchange In 2013-2017)