The Effect of Financial Performance on Firm Value: Dividend Policy's Moderating Role
Abstract
The rapid economic growth in Indonesia has markedly influenced corporate performance. This study aims to provide empirical evidence concerning the effects of liquidity, leverage, activity, profitability, and dividend policy on firm value. A purposive sampling technique was utilized for this research. Data were gathered through non-participant observational methods. Utilizing SPSS software, the researchers conducted a moderation regression analysis on the acquired data. The findings indicate that liquidity, leverage, and profitability do not significantly affect firm value. However, activity was shown to impact firm value, whereas dividend policy does not alter the relationship between liquidity, leverage, and activity on firm value. Interestingly, dividend policy does enhance the effect of profitability on firm value.
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References
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Afinindy, I., Salim, U., & Ratnawati, K. (2021). The Effect of Profitability, Firm Size, Liquidity, Sales Growth on Firm Value Mediated Capital Structure. International Journal of Business, Economics and Law, 24(4), 15–22.
Agustina, A. (2020). The Influence of Disclosure of Islamic Social Reporting, Profitability, and Liquidity on Firm Value in Companies Listed in Jakarta Islamic Index Indonesia Stock Exchange 2016-2019. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE, 3(1), 69–84.
Ahmad, H., Muslim, & Syahrah, N. (2022). Several Factors Affecting Firm Value Manufacturing in Indonesia. Jurnal Akuntansi, 26(1), 127. https://doi.org/10.24912/ja.v26i1.821
Andriansyah, A., Sriningsih, F. H., & Sudiarto, E. (2023). Analisis Pengaruh Rasio Aktivitas, Leverage Keuangan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Inspirasi: Jurnal Ilmu-Ilmu Sosial, 20(1), 767–777.
Damayani, K. A., & Wirawati, N. G. P. (2022). Profitabilitas, Likuiditas, Ukuran Perusahaan dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(1), 17–29. https://doi.org/10.24843/eja.2022.v32.i01.p02
Dewi, I. A. P. T., & Sujana, I. K. (2019). Pengaruh Likuiditas, Pertumbuhan Penjualan, dan Risiko Bisnis Terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 26(1), 85–110. https://doi.org/10.24843/eja.2019.v26.i01.p04
Dewi, P. S., & Hasibuan, H. T. (2022). Peran Good Corporate Governance dalam Memoderasi Pengaruh Penghindaran Pajak dan Profitabilitas Pada Nilai Perusahaan. E-Jurnal Akuntansi, 32(10), 3114–3127. https://doi.org/10.24843/EJA.2022.v32.i10.p15
Dewiningrat, A. I., & Baskara, I. G. K. (2020). Does Dividend Policy Moderate the Relationship between Profitability, IOS, and Liquidity toward Firm Value? American Journal of Humanities and Social Sciences Research (AJHSSR), 4(7), 49–52. www.ajhssr.com
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
Gunadi, I. G. N. B., Putra, I. G. C., & Yuliastuti, I. A. N. (2020). The Effects of Profitability and Activity Ratio Toward Firms Value with Stock Price as Intervening Variables. International Journal of Accounting & Finance in Asia Pacific, 3(1), 56–65.
Hapsoro, D., & Falih, Z. N. (2020). The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure. Journal of Accounting and Investment, 21(2), 240–257. https://doi.org/10.18196/jai.2102147
Hasangapon, M., Iskandar, D., Purnama, E. D., & Tampubolon, L. D. (2021). The Effect of Firm Size and Total Assets Turnover (Tato) On Firm Value Mediated By Profitability In Wholesale And Retail Sector Companies. Primanomics: Jurnal Ekonomi Dan Bisnis, 19(3), 1–15. https://jurnal.ubd.ac.id/index.php/ds
Hulasoh, R., & Mulyati, H. (2021). Pengaruh Total Asset Turnover, Return on Investment dan Price Earning Ratio terhadap Nilai Perusahaan. Kompartemen: Jurnal Ilmiah Akuntansi, 19(2), 180–187. http://jurnalnasional.ump.ac.id/index.php/kompartemen/
Indahsari, P., & Asyik, N. F. (2021). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan melalui Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 10(5), 1–25.
Indrawaty, I., & Mildawati, T. (2018). Pengaruh Profitabilitas, Leverage, Likuiditas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Ilmu Dan Riset Akuntansi, 7(3), 1–17.
Karyatun, S., & Ardhana, A. (2022). Pengaruh Debt to Equity Ratio, Return on Asset, dan Total Assets Turn Over terhadap Nilai Perusahaan. Syntax Literate: Jurnal Ilmiah Indonesia, 7(3), 2980–2989.
Kasmir. (2016). Analisis Laporan Keuangan. PT Rajagrafindo Persada.
Lita, A. N., Mursidi, M., & Fitriasari, F. (2022). The Effect of Financial Performance on Company Value Moderated by Dividend Policy. Jamanika (Jurnal Manajemen Bisnis Dan Kewirausahaan), 2(04), 324–331. https://doi.org/10.22219/jamanika.v2i04.22754
Mahendra, A., Artini, L. G. S., & Suarjaya, A. A. G. (2012). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis, Dan Kewirausahaan, 6(2), 130–138.
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of Profitability, Leverage, and Liquidity to the Firm Value. DIJEFA Dinasti International Journal of Economics, Finance, & Accounting, 1(1), 83–94. https://doi.org/10.31933/DIJEFA
Nurmadi, R., & Novietta, L. (2022). The Effect of Profitability and Liquidity on Firm Value with Dividend Policy as Moderating Variable. Accounting and Business Journal, 65–72.
Oktaviani, R. F., & Mulya, A. A. (2018). Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Moderasi. Jurnal Akuntansi Dan Keuangan, 7(2), 139–150.
Pangestuti, D. C., Muktiyanto, A., Geraldina, I., & Darmawan. (2022). Role of Profitability, Business Risk, and Intellectual Capital Increasing Firm Value. Journal of Indonesian Economy and Business, 37(3), 311–338. https://journal.ugm.ac.id/v3/jieb
Prihanta, S. M., Hapsari, I., Santoso, S. B., & Wibowo, H. (2023). Effect of Profitability, Leverage, and Liquidity on Company Value with Dividend Policy as A Moderation Variable (In IDX High Dividend Companies 20 Period 2017 – 2021). Formosa Journal of Applied Sciences, 2(1), 1–24. https://doi.org/10.55927/fjas.v2i1.2393
Purwani, T., & Oktavia, O. (2018). Profitabilitas, Leverage, Kebijakan Dividen, Kepemilikan Institusional dan Growth terhadap Nilai Perusahaan. JBE: Jurnal Bisnis Dan Ekonomi, 25(1), 13–25. https://www.unisbank.ac.id/ojs,
Putra, A. A. N. D. A., & Lestari, P. V. (2016). Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 5(7), 4044–4070.
Rambe, I. R., Elwisam, & Digdowiseiso, K. (2023). The Influence of ROA, DER, Total Asset Turnover and Sales Growth on Firm Value (Study of Companies in the Consumption Goods Industrial Sector Listed on the IDX for the 2017-2021 period). Syntax Admiraton, 4(3), 395–407. https://doi.org/10.46799/jsa.v4i3.857
Rante, Y. (2023). Review of Financial and Policy Performance Dividend to Company Value. Journal of Business Management and Economic Development, 1, 1–9. https://doi.org/10.54298/jbmed.v1i01.16
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of Liquidity, Profitability, and Size of Companies on Firm Value. Utopia y Praxis Latinoamericana, 25(6), 325–332. https://doi.org/10.5281/zenodo.3987632
Rutin, Triyonowati, & Djawoto. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating. JRAP (Jurnal Riset Akuntansi Dan Perpajakan), 6(1), 126–142.
Salam, N. S. A. (2023). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Variabel Moderasi Dividen. Jurnal Riset Akuntansi Dan Keuangan, 11(1), 131–150. https://doi.org/10.17509/jrak.v11i1.45254
Setiawan, D. E., & Rahmawati, I. Y. (2020). The Effect of Liquidity, Profitability, Leverage on Corporate Value with Dividend Policy and BI Rate as Moderated Variables (Study of Banking Companies Listed on the Indonesia Stock Exchange in 2014-2017). Economics & Business Solutions Journal, 4(1), 1–19.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5), 1–17.
Setyawati, W. (2019). Pengaruh Struktur Kepemilikan, Struktur Modal, Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Moderasi (Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di BEI Periode 2011-2015). Jurnal Akuntansi Berkelanjutan Indonesia, 2(2), 214–240.
Simangunsong, A., & Solikhin, A. (2022). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan (Kebijakan Dividen sebagai Variabel Modereting). Jurnal Manajemen Terapan Dan Keuangan (Mankeu), 11(03), 713–726.
Simanjuntak, K. Y., & Hasibuan, H. T. (2023). Pengaruh Kebijakan Dividen, Profitabilitas, dan Leverage terhadap Nilai Perusahaan Indeks LQ45 Tahun 2019-2021. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 12(9), 1705–1717. https://ojs.unud.ac.id/index.php/EEB/
Simorangkir, R. T. M. C. (2019). The Effect of Working Capital Turnover, Total Asset Turnover, Debt to Equity Ratio, Audit Committee, and Board of Directors on Tobins Q. Saudi Journal of Business and Management Studies, 4(7), 619–628. https://doi.org/10.7176/EJBM
Sondakh, R. (2019). The Effect of Dividend Policy, Liquidity, Profitability, and Firm Size on Firm Value in Financial Service Sector Industries Listed in Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91–101. https://doi.org/10.32400/ja.24760.8.2.2019.91-101
Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Institutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222. http://maj.unnes.ac.id
Suliastawan, I. W. E., & Purnawati, N. K. (2020). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi Perusahaan Indeks Kompas 100. E-Jurnal Manajemen Universitas Udayana, 9(2), 658–677. https://doi.org/10.24843/ejmunud.2020.v09.i02.p13
Susilo, T. P. (2022). The Effect of Liquidity on Firm Value with Profitability as Moderating Variable. Journal of Economics, Finance, and Management Studies, 5(12), 3763–3768. https://doi.org/10.47191/jefms/v5-i12-38
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage, and Profitability to the Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 89–98.
Vedy, & Santoso, H. (2022). Asset Turnover, Profitability, Capital Structure, and Firm Value in Coal Subsector in Indonesia. Proceeding 1st Tanjungpura International Conference on Management, Economics and Accounting (TiCMEA), 1, 371–376.
Wahyuniyasanti, C. I., & Mertha, M. (2022). Profitabilitas, Likuiditas, Leverage, Corporate Social Responsibility dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(7), 1863–1877. https://doi.org/10.24843/EJA.2022.v
Wiagustini, N. L. P. (2014). Dasar-Dasar Manajemen Keuangan. Udayana University Press.
Widagdo, B., & Sa’diyah, C. (2021). Analysis of the Effect of WCTO, FATO, and TA on Company Value with ROE as Intervening Variables. International Journal of Economics, Business, and Accounting Research (IJEBAR), 3(4), 16–25. http://jurnal.stie-aas.ac.id/index.php/IJEBAR
Yuliyanti, L., Waspada, I., Sari, M., & Nugraha, N. (2022). The Effect of Liquidity, Leverage, and Profitability on Firm Value with Firm Size as Moderating Variable. Economics, Business and Management Research, 220, 88–92.
Yusnita, I. (2023). The Effect of Solvency Ratio, Profitability Ratio, and Activity Ratio to Company Value of PT. Astra Internasional Tbk. International Journal of Business and Quality Research, 1(3), 102–113. https://e-journal.citakonsultindo.or.id/index.php/IJBQR
Afinindy, I., Salim, U., & Ratnawati, K. (2021). The Effect of Profitability, Firm Size, Liquidity, Sales Growth on Firm Value Mediated Capital Structure. International Journal of Business, Economics and Law, 24(4), 15–22.
Agustina, A. (2020). The Influence of Disclosure of Islamic Social Reporting, Profitability, and Liquidity on Firm Value in Companies Listed in Jakarta Islamic Index Indonesia Stock Exchange 2016-2019. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE, 3(1), 69–84.
Ahmad, H., Muslim, & Syahrah, N. (2022). Several Factors Affecting Firm Value Manufacturing in Indonesia. Jurnal Akuntansi, 26(1), 127. https://doi.org/10.24912/ja.v26i1.821
Andriansyah, A., Sriningsih, F. H., & Sudiarto, E. (2023). Analisis Pengaruh Rasio Aktivitas, Leverage Keuangan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Inspirasi: Jurnal Ilmu-Ilmu Sosial, 20(1), 767–777.
Damayani, K. A., & Wirawati, N. G. P. (2022). Profitabilitas, Likuiditas, Ukuran Perusahaan dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(1), 17–29. https://doi.org/10.24843/eja.2022.v32.i01.p02
Dewi, I. A. P. T., & Sujana, I. K. (2019). Pengaruh Likuiditas, Pertumbuhan Penjualan, dan Risiko Bisnis Terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 26(1), 85–110. https://doi.org/10.24843/eja.2019.v26.i01.p04
Dewi, P. S., & Hasibuan, H. T. (2022). Peran Good Corporate Governance dalam Memoderasi Pengaruh Penghindaran Pajak dan Profitabilitas Pada Nilai Perusahaan. E-Jurnal Akuntansi, 32(10), 3114–3127. https://doi.org/10.24843/EJA.2022.v32.i10.p15
Dewiningrat, A. I., & Baskara, I. G. K. (2020). Does Dividend Policy Moderate the Relationship between Profitability, IOS, and Liquidity toward Firm Value? American Journal of Humanities and Social Sciences Research (AJHSSR), 4(7), 49–52. www.ajhssr.com
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
Gunadi, I. G. N. B., Putra, I. G. C., & Yuliastuti, I. A. N. (2020). The Effects of Profitability and Activity Ratio Toward Firms Value with Stock Price as Intervening Variables. International Journal of Accounting & Finance in Asia Pacific, 3(1), 56–65.
Hapsoro, D., & Falih, Z. N. (2020). The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure. Journal of Accounting and Investment, 21(2), 240–257. https://doi.org/10.18196/jai.2102147
Hasangapon, M., Iskandar, D., Purnama, E. D., & Tampubolon, L. D. (2021). The Effect of Firm Size and Total Assets Turnover (Tato) On Firm Value Mediated By Profitability In Wholesale And Retail Sector Companies. Primanomics: Jurnal Ekonomi Dan Bisnis, 19(3), 1–15. https://jurnal.ubd.ac.id/index.php/ds
Hulasoh, R., & Mulyati, H. (2021). Pengaruh Total Asset Turnover, Return on Investment dan Price Earning Ratio terhadap Nilai Perusahaan. Kompartemen: Jurnal Ilmiah Akuntansi, 19(2), 180–187. http://jurnalnasional.ump.ac.id/index.php/kompartemen/
Indahsari, P., & Asyik, N. F. (2021). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan melalui Kebijakan Dividen. Jurnal Ilmu Dan Riset Akuntansi, 10(5), 1–25.
Indrawaty, I., & Mildawati, T. (2018). Pengaruh Profitabilitas, Leverage, Likuiditas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Ilmu Dan Riset Akuntansi, 7(3), 1–17.
Karyatun, S., & Ardhana, A. (2022). Pengaruh Debt to Equity Ratio, Return on Asset, dan Total Assets Turn Over terhadap Nilai Perusahaan. Syntax Literate: Jurnal Ilmiah Indonesia, 7(3), 2980–2989.
Kasmir. (2016). Analisis Laporan Keuangan. PT Rajagrafindo Persada.
Lita, A. N., Mursidi, M., & Fitriasari, F. (2022). The Effect of Financial Performance on Company Value Moderated by Dividend Policy. Jamanika (Jurnal Manajemen Bisnis Dan Kewirausahaan), 2(04), 324–331. https://doi.org/10.22219/jamanika.v2i04.22754
Mahendra, A., Artini, L. G. S., & Suarjaya, A. A. G. (2012). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis, Dan Kewirausahaan, 6(2), 130–138.
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of Profitability, Leverage, and Liquidity to the Firm Value. DIJEFA Dinasti International Journal of Economics, Finance, & Accounting, 1(1), 83–94. https://doi.org/10.31933/DIJEFA
Nurmadi, R., & Novietta, L. (2022). The Effect of Profitability and Liquidity on Firm Value with Dividend Policy as Moderating Variable. Accounting and Business Journal, 65–72.
Oktaviani, R. F., & Mulya, A. A. (2018). Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Moderasi. Jurnal Akuntansi Dan Keuangan, 7(2), 139–150.
Pangestuti, D. C., Muktiyanto, A., Geraldina, I., & Darmawan. (2022). Role of Profitability, Business Risk, and Intellectual Capital Increasing Firm Value. Journal of Indonesian Economy and Business, 37(3), 311–338. https://journal.ugm.ac.id/v3/jieb
Prihanta, S. M., Hapsari, I., Santoso, S. B., & Wibowo, H. (2023). Effect of Profitability, Leverage, and Liquidity on Company Value with Dividend Policy as A Moderation Variable (In IDX High Dividend Companies 20 Period 2017 – 2021). Formosa Journal of Applied Sciences, 2(1), 1–24. https://doi.org/10.55927/fjas.v2i1.2393
Purwani, T., & Oktavia, O. (2018). Profitabilitas, Leverage, Kebijakan Dividen, Kepemilikan Institusional dan Growth terhadap Nilai Perusahaan. JBE: Jurnal Bisnis Dan Ekonomi, 25(1), 13–25. https://www.unisbank.ac.id/ojs,
Putra, A. A. N. D. A., & Lestari, P. V. (2016). Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 5(7), 4044–4070.
Rambe, I. R., Elwisam, & Digdowiseiso, K. (2023). The Influence of ROA, DER, Total Asset Turnover and Sales Growth on Firm Value (Study of Companies in the Consumption Goods Industrial Sector Listed on the IDX for the 2017-2021 period). Syntax Admiraton, 4(3), 395–407. https://doi.org/10.46799/jsa.v4i3.857
Rante, Y. (2023). Review of Financial and Policy Performance Dividend to Company Value. Journal of Business Management and Economic Development, 1, 1–9. https://doi.org/10.54298/jbmed.v1i01.16
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of Liquidity, Profitability, and Size of Companies on Firm Value. Utopia y Praxis Latinoamericana, 25(6), 325–332. https://doi.org/10.5281/zenodo.3987632
Rutin, Triyonowati, & Djawoto. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating. JRAP (Jurnal Riset Akuntansi Dan Perpajakan), 6(1), 126–142.
Salam, N. S. A. (2023). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Variabel Moderasi Dividen. Jurnal Riset Akuntansi Dan Keuangan, 11(1), 131–150. https://doi.org/10.17509/jrak.v11i1.45254
Setiawan, D. E., & Rahmawati, I. Y. (2020). The Effect of Liquidity, Profitability, Leverage on Corporate Value with Dividend Policy and BI Rate as Moderated Variables (Study of Banking Companies Listed on the Indonesia Stock Exchange in 2014-2017). Economics & Business Solutions Journal, 4(1), 1–19.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5), 1–17.
Setyawati, W. (2019). Pengaruh Struktur Kepemilikan, Struktur Modal, Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Moderasi (Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di BEI Periode 2011-2015). Jurnal Akuntansi Berkelanjutan Indonesia, 2(2), 214–240.
Simangunsong, A., & Solikhin, A. (2022). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan (Kebijakan Dividen sebagai Variabel Modereting). Jurnal Manajemen Terapan Dan Keuangan (Mankeu), 11(03), 713–726.
Simanjuntak, K. Y., & Hasibuan, H. T. (2023). Pengaruh Kebijakan Dividen, Profitabilitas, dan Leverage terhadap Nilai Perusahaan Indeks LQ45 Tahun 2019-2021. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 12(9), 1705–1717. https://ojs.unud.ac.id/index.php/EEB/
Simorangkir, R. T. M. C. (2019). The Effect of Working Capital Turnover, Total Asset Turnover, Debt to Equity Ratio, Audit Committee, and Board of Directors on Tobins Q. Saudi Journal of Business and Management Studies, 4(7), 619–628. https://doi.org/10.7176/EJBM
Sondakh, R. (2019). The Effect of Dividend Policy, Liquidity, Profitability, and Firm Size on Firm Value in Financial Service Sector Industries Listed in Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91–101. https://doi.org/10.32400/ja.24760.8.2.2019.91-101
Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Institutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222. http://maj.unnes.ac.id
Suliastawan, I. W. E., & Purnawati, N. K. (2020). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi Perusahaan Indeks Kompas 100. E-Jurnal Manajemen Universitas Udayana, 9(2), 658–677. https://doi.org/10.24843/ejmunud.2020.v09.i02.p13
Susilo, T. P. (2022). The Effect of Liquidity on Firm Value with Profitability as Moderating Variable. Journal of Economics, Finance, and Management Studies, 5(12), 3763–3768. https://doi.org/10.47191/jefms/v5-i12-38
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage, and Profitability to the Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 89–98.
Vedy, & Santoso, H. (2022). Asset Turnover, Profitability, Capital Structure, and Firm Value in Coal Subsector in Indonesia. Proceeding 1st Tanjungpura International Conference on Management, Economics and Accounting (TiCMEA), 1, 371–376.
Wahyuniyasanti, C. I., & Mertha, M. (2022). Profitabilitas, Likuiditas, Leverage, Corporate Social Responsibility dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(7), 1863–1877. https://doi.org/10.24843/EJA.2022.v
Wiagustini, N. L. P. (2014). Dasar-Dasar Manajemen Keuangan. Udayana University Press.
Widagdo, B., & Sa’diyah, C. (2021). Analysis of the Effect of WCTO, FATO, and TA on Company Value with ROE as Intervening Variables. International Journal of Economics, Business, and Accounting Research (IJEBAR), 3(4), 16–25. http://jurnal.stie-aas.ac.id/index.php/IJEBAR
Yuliyanti, L., Waspada, I., Sari, M., & Nugraha, N. (2022). The Effect of Liquidity, Leverage, and Profitability on Firm Value with Firm Size as Moderating Variable. Economics, Business and Management Research, 220, 88–92.
Yusnita, I. (2023). The Effect of Solvency Ratio, Profitability Ratio, and Activity Ratio to Company Value of PT. Astra Internasional Tbk. International Journal of Business and Quality Research, 1(3), 102–113. https://e-journal.citakonsultindo.or.id/index.php/IJBQR
Published
2024-05-27
How to Cite
R.WIN, Daniel Erinaldi.; HASIBUAN, Henny Triyana.
The Effect of Financial Performance on Firm Value: Dividend Policy's Moderating Role.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 5, may 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/114042>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i05.p20.
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