PENGARUH PROFITABILITAS, LEVERAGE, INVESTMENT OPPORTUNITY SET, DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MODERATING (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2017)

Abstract

The purpose of the study is to find out about (1) Effect of profitability on
dividend policy, (2) Effect of leverage on dividend policy, (3) Effect of investment
opportunity set on dividend policy, (4) Effect of liquidity on dividend policy, (5) Moderate
company value the influence of profitability on dividend policy, (6) Company value
moderates the influence of leverage on dividend policy, (7) Firm value moderates the
influence of investment opportunity set on dividend policy, (8) Firm value moderates the
effect of liquidity on dividend policy. The sampling method used in this study was the
purposive sampling method for the period 2015-2017 in the Indonesian stock exchange at
154 manufacturing companies and 23 observational samples with moderation regression
as an analysis technique. The statistical test tool used is the Statistical Product and
Services Solution (SPSS) program version 17.0, while the data used is in the form of Net
Income After Taxes per Total Asset (ROI), Total Liabilities per Total Shareholder Equity
(DER), Total Fixed Assets per Total Asset (CAPBVA), Current Total Assets per Current
Liability (CR), Dividend Per Share per Earning Per Share (DPR), and Share Price Per
Share Share per Book Value Per 1 Sheet of Stock (PBV) for the period 2015-2017. The
results showed that profitability had no effect on dividend policy, leverage affected
dividend policy, investment opportunity set had no effect on dividend policy, liquidity had
an effect on dividend policy. Furthermore, through the tests carried out in this study the
results showed that the company value was not able to moderate the effect of profitability
on dividend policy, the value of the company was able to moderate the influence of
leverage on dividend policy, firm value was not able to moderate the effect of investment
opportunity set on dividend policy, and firm value moderate the effect of liquidity on
dividend policy.
Keywords : Dividend Policy, Company’s Value, Profitability, Leverage, Investment
Opportunity Set (IOS), Liquidity