THE EFFECT OF DIVIDEND POLICY, LEVERAGE, AND PROFITABILITY ON FIRM VALUE WITH SALES GROWTH AS A MODERATING VARIABLE
Keywords:
Dividend Policy, Leverage, Profitability, Firm Value, Sales GrowthAbstract
Firm value represents the perception of investors toward a company and serves as one of the indicators for potential investors when making investment decisions. This study aims to analyze the effect of dividend policy, leverage, and profitability on firm value, with sales growth as a moderating variable. The research was conducted on companies in the consumer non-cyclicals sector listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. The sampling method used was purposive sampling, and a total of 141 samples were obtained. The analytical technique used was Moderated Regression Analysis (MRA). The results show that sales growth does not moderate the effect of dividend policy on firm value. Sales growth does not moderate the effect of leverage on firm value. Sales growth also does not moderate the effect of profitability on firm value.
Downloads
References
Adnyani, I. G., & Suaryana, I. G. (2020). The Effect of Company Sizes, Sales Growth, And Profitability On Firm Values. American Journal of Humanities and Social Sciences Research, 4(6), 265–271. www.ajhssr.com
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
Anugerah, K. H. G., & Suryanawa, I. K. (2019). Pengaruh Leverage dan Ukuran Perusaaan Pada Nilai Perusahaan. E-Jurnal Akuntansi, 26(3), 2324–2352. https://doi.org/10.24843/eja.2019.v26.i03.p24
Ardiansyah, M., & Author, C. (2020). Analysis of the Factors Affecting the Firm Value with Dividend Policy as a Moderating Variable in Banking Companies Listed on the Indonesia Stock Exchange 2013-2019. International Journal of Research and Review (Ijrrjournal.Com), 7, 12.
Artarini, N. P. T., & Widanaputra, A. A. G. P. (2022). Pengaruh Kebijakan Hutang Pada Nilai Perusahaan Dengan Growth Opportunity Sebagai Variabel Moderasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 13(3), 593–599. https://ojs.unud.ac.id/index.php/EEB/index
Atrianingsih, S., Hendri, M., & Nyale, Y. (2022). Pengaruh Debt To Equity Ratio (DER) dan Return on Asset (ROA) terhadap Nilai Perusahaan dengan Sales Growth Sebagai Variabel Moderasi. 5(7), 2614–8854.
Bowerman, O., P. R., & O. C. (2017). Business statistics in practice : using modeling, data, and analytics (8th ed.). McGraw-Hill Education.
Brigham, E. F.., & Houston, J.F.. (2019). Fundamentals of financial management 15 Edition. Cengage Learning.
Chung, K. H., & Pruitt, S. W. (1994). Simple Approximation of Tobin’s. Financial Management, 23(3), 70–74.
Cindy, M. T., & Ardini, L. (2023). Pengaruh Kebijakan Dividen, Kebijakan Hutang dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntans, 12.
Damayanti, R., & Sucipto, A. (2022). 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). Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 6. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Dessriadi, G. A., Harsuti, H., Muntahanah, S., & Murdijaningsih, T. (2022). Pengaruh Kebijakan Dividen, Leverage dan Profitabilitas terhadap Nilai Perusahaan LQ-45 yang Terdaftar di Bursa Efek Indonesia. Ekonomis: Journal of Economics and Business, 6(1), 195–198. https://doi.org/10.33087/ekonomis.v6i1.506
Dwiastuti, D. S., & Dillak, V. J. (2019). Pengaruh Ukuran Perusahaan, Kebijakan Hutang, dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal ASET (Akuntansi Riset), 11(1), 137–146. https://doi.org/10.17509/jaset.v11i1.16841
Emeh, K. O., Nwosu, C., Okonkwo, K. L., Idika, N. K., & Ikechukwu, P. C. (2024). Impact Of Dividend Payment On Firms Value In Nigeria. Alvan Journal Of Social Sciences, 1(2). https://www.researchgate.net/publication/385493061
Fajaria, A. Z., & Isnalita. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research, 6(10), 55–69. https://doi.org/10.20431/2349-0349.0610005
Fauziah, F., & Jamal, S. W. (2020). Analisis Pengaruh Leverage, Financial Performance Firm Size Dan Sales Growth Terhadap Firm Value Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. Research Journal of Accounting and Business Management, 4(2), 125–146. https://doi.org/10.31293/rjabm.v4i2.4874
Ghozali. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (10th ed.). Badan Penerbit Universitas Diponegoro.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.
Goh, T. S., Henry, Erika, & Albert. (2022). Sales Growth and Firm Size Impact on Firm Value with ROA as a Moderating Variable. Jurnal Ilmiah Manajemen, 12(1), 99–116. https://doi.org/10.22441/jurnal_mix.2022.v12i1.008
Herlindasari, F., & Champaca, M. (2023). Pengaruh Cash Conversion Cycle, Firm Size, dan Sales Growth terhadap Profitabilitas Perusahaan. Jurnal Akuntansi, 7(2), 57–66. https://doi.org/10.25273/inventory.v7vi2i.17660
Hertina, D., Hidayat, M. B. H., & Muatika, D. (2019). Ukuran Perusahaan, Kebijakan Hutang Dan Profitabilitas Pengaruhnya Terhadap Nilai Perusahaan. Jurnal Ecodemica, 3(1).
Ismawati, L. (2018). The Influence of Capital Structure and Dividends Policy to Firms Value Listed at Indonesian Stock Exchange. Advances in Social Science, Education and Humanities Research, 225, 272–275.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/AJAR-06-2018-0006
Jayanti, I. G. A. A. M., & Candraningrat, I. R. (2024). Pengaruh Leverage, Ukuran Perusahaan, Struktur Aset Dan Profitabilitas Terhadap Nilai Perusahaan Food And Beverage. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 13(5), 895–906. https://ojs.unud.ac.id/index.php/EEB/index
Kasmir. (2017). Analisis Laporan Keuangan. RajawaliPress.
Kasmir. (2019). Pengantar Manajemen Keuangan Edisi 2. Kencana.
Mahanani, H. T., & Kartika, A. (2022). Pengaruh struktur modal, likuiditas, ukuran perusahaan, dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmiah Akuntansi Dan Keuangan, 5(1), 360–372. https://journal.ikopin.ac.id/index.php/fairvalue
Mercayana, C., Hamidah, & Kurnianti, D. (2022). Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan dan Likuiditas terhadap Nilai Perusahaan Infrastruktur yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. Jurnal Bisnis, Manajemen, Dan Keuangan, 3, 101–113.
Muhammad, S., & Kurniasari, A. (2023). Analysis of the Effect of Growth, Profitability, Interest Rates, Inflation and Asset Structure on Firm Value With Dividend Policy as an Intervening Variable. Iqtisad: Reconstruction of Justice and Welfare for Indonesia, 9(2), 255–270. https://doi.org/10.31942/iq.v9i2.7537
Passar, A. M., & Lestari, D. S. (2023). Pengaruh Kebijakan Dividen, Kebijakan Hutang dan Profitabilitas terhadap Nilai Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2016 – 2019. Soetomo Administrasi Bisnis, 1(1), 1–24.
Purwaningtyas, D., & Surya Abbas, D. (2021). Pengaruh Profitabilitas, Likiuditas, Leverage, Ukuran Perusahaan, Dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Consumer Goods Industry yang Terdaftar di Bursa Efek Indonesia 2017-2018). Prosiding Seminar Nasional Ekonomi Dan Bisnis 2021, 272–280. www.idx.co.id.
Puspitarini, A. A., & Bulan, T. F. (2023). The Effect of Return on Assets (ROA) and Debt to Equity (DER) on Firm Value (Study of One of The Selected Bank Companies on the IDX). 17(2), 323–333.
Putra, I. K. M. W., & Widanaputra, A. A. G. P. (2021). Good Corporate Governance Memoderasi Pengaruh Earnings Management dan Likuiditas pada Kualitas Laba. E-Jurnal Akuntansi, 31(8), 2041–2057. https://doi.org/10.24843/eja.2021.v31.i08.p13
Ragil Saputri, D., & Bahri, S. (2024). The Effect Of Leverage, Profitability, And Dividend Policy On Firm Value Institute Technology And Business Asia Malang. International Journal of Educational Research & Social Sciences. https://ijersc.org
Rahadi, F., & Octavera, S. (2018). Efek Kebijakan Investasi, Kebijakan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Menara Ekonomi, IV(1).
Rahmayanti, F., Suherman, & Hamidah. (2024). Pengaruh Utang, Profitabilitas, Dan Nilai Pasar Terhadap Return Saham Sektor Consumer Non-Cyclicals Di Bei Tahun 2019-2022. Indonesian Journal of Economy, Business, Entrepreneurship and Finance, 4(2), 311–325.
Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The Bell Journal Of Economics, 23–40.
Sari, N. K. S. C., & Wirawati, N. G. P. (2023). Pengaruh Inflasi, Suku Bunga, Likuiditas Dan Leverage Terhadap Nilai Perusahaan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 13(6), 1151–1161. https://ojs.unud.ac.id/index.php/EEB/index
Sihombing, P., Pranata, N., & Kwee, Y. (2024). Effect of Dividend, Profitability, and Interest Rates on Firm Value with Leverage as Moderating. Research of Finance and Banking, 2(1), 14–24. https://doi.org/10.58777/rfb.v2i1.218
Sihono, A. (2024). Does Dividend Policy, Audit Quality, Capital Structure And Profitability Affect Firm Value? Klabat Accounting Review, 5(1), 12–23. https://doi.org/10.60090/kar.v5i1.1046.12-23
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Suharmadi, S., & Suripto, S. (2022). Analysis Of The Influence Of Managerial Ownership, Collateralizable Assets, And Sales Growth On Dividend Policy. International Journal Of Enviromental, 4(2), 383–391. www.idx.co.id.
Thaib, I., & Dewantoro, A. (2017). Pengaruh Profitabilitas dan Likuiditas Terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening (Studi pada Perusahaan Transportasi Laut Di Bursa Efek Indonesia). Jurnal Riset Perbankan Manajemen Dan Akuntansi, 1(1), 25–44.
Timorria, I. F. (2022). Artikel ini telJadi Pendorong IHSG, Simak Prospek Saham Consumer Non-Cyclical Jelang Ramadan.
Triwibowo, E., Wulandari, D. S., & Karningsih, I. (2024). Maximizing Firm Value: The Crucial Roles of Tax Planning, Sales Growth, and Dividend Decisions in Indonesia. Journal of International Multidisciplinary Research, 2(9), 277–288. https://journal.banjaresepacific.com/index.php/jimr
Umbung, M. H., Ndoen, W. M., & Amtiran, P. Y. (2021). Pengaruh Kebijakan Dividen Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Akuntansi, 10(2), 211–225. http://ejournal.stiemj.ac.id/index.php/akuntansi
Widyantara, R. P., Aisjah, S., & Djazuli, A. (2024). The effect of transaction exposure, firm size, and liquidity on the firm value with leverage as mediating variable. International Journal of Research in Business and Social Science (2147- 4478), 13(9), 103–112. https://doi.org/10.20525/ijrbs.v13i9.3880
www.idx.co.id.
