PROFITABILITY, CAPITAL STRUCTURE AND DIVIDEND POLICY EFFECT ON FIRM VALUE USING COMPANY SIZE AS A MODERATING VARIABLE (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015 - 2019 Periods)

Authors

  • Dwi Vina Rahmawati Universitas Muhammadiyah Purwokerto, Indonesia
  • Akhmad Darmawan Universitas Muhammadiyah Purwokerto, Indonesia
  • Feti Setyarini Universitas Muhammadiyah Purwokerto, Indonesia
  • Fatmah Bagis Universitas Muhammadiyah Purwokerto, Indonesia

DOI:

https://doi.org/10.29040/ijebar.v5i1.2032

Abstract

This study examines the effect of profitability, capital structure and dividend policy on firm value with firm size as a moderating variable. This study's population were all consumer goods industry sector companies listed on the Indonesia Stock Exchange during 2015-2019, which are 63 companies. The sample selection in this study was carried out by purposive sampling. Based on the criteria, 14 companies were used as samples. The research method used in this study is the multiple regression analysis. This study indicates that profitability, capital structure, and dividend policy have a positive and significant effect on firm value. The results of this study also indicate that firm size weakly moderates the effect of dividend policy on firm value, but firm size is unable to moderate the effect of profitability and capital structure on firm value. Keywords: profitability, capital structure, dividend policy, firm value, company size

References

Anita, A., & Yulianto, A. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen Terhadap Nilai Perusahaan. Management Analysis Journal, 15(4), 229–232.

Apriliyanti, V., Hermi, H., & Herawaty, V. (2019). Pengaruh Kebijakan Hutang, Kebijakan Dividen, Profitabilitas, Pertumbuhan Penjualan Dan Kesempatan Investasi Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Jurnal Magister Akuntansi Trisakti, 6(2), 201–224. https://doi.org/10.25105/jmat.v6i2.5558

Budiharjo, R. (2020). The Effect of Capital Stucture on Firm Value with Profitability as a Moderating Variable. IOSR Journal of Business and Management (IOSR-JBM), 22(4), 27–33. https://doi.org/10.9790/487X-2204062733

Budiyono, B. (2017). Factors Affecting Banking Profit Ability in Indonesia (Studies at Bank BRI, Bank BNI, and Bank BTN). International Journal of Economics, Business and Accounting Research (IJEBAR), 1(01).

Dahar, R., Yanti, N. S. P., & Rahmi, F. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan dan Return On Equity Terhadap Nilai Perusahaan Property And Real Estate yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi & Bisnis Dharma Andalas, 21(1), 121–132.

Darmawan, A. et al. (2020) Pengaruh Profitabilitas, Likuiditas, Leverage, Umur Obligasi Dan Ukuran Perusahaan Terhadap Peringkat Obligasi Pada Sektor Keuangan Yang Terdapat Di Bei Tahun 2015-2018’, DERIVATIF: Jurnal Manajemen, 14(1). doi: 10.24127/jm.v14i1.443.

Dayanty, A., & Setyowati, W. (2020). Pengaruh Kinerja Keuangan Dan Struktur Modal Terhadap Nilai Perusahaan Yang Dimoderasi Variabel Ukuran Perusahaan. Magisma: Jurnal Ilmiah Ekonomi Dan Bisnis, 8(2), 77–87. https://doi.org/10.35829/magisma.v8i2.88

Dzikriyah, & Sulistyawati, A. I. (2020). Pengaruh Pertumbuhan Penjualan, Struktur Aktiva, Ukuran Perusahaan dan Profitabilitas Terhadap Struktur Modal. Majalah Ilmiah Solusi, 51(1), 51.

Fahmi, Irham. 2014. Manajemen Keuangan dan Pasar Modal. Jakarta: Mitra Wacana Media.

Hanafi, Mamduh M dan Abdul Halim. 2016. Analisis Laporan Keuangan. Edisi. Kelima. Yogyakarta: UPP STIM YKPN.

Hartono, Jogiyanto. 2017. Teori Portofolio dan Analisis Investasi. Edisi Kesebelas. BPFE-Yogyakarta.

Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204

Husnan, Suad dan Enny Pudjiastuti, (2015), Dasar-Dasar Manajemen Keuangan,. Edisi Ketujuh. Yogyakarta: UPP STIM YKPN.

Iskandar. (2016). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi Pada Consumer Goods Industry Di Indonesia. Conference on Management and Behavioral Studies, 1(2014), 259–267.

Khasanah, S. K., & Aryati, T. (2019). Pengaruh Ukuran Perusahaan, Likuiditas, Kebijakan Hutang dan Kinerja Keuangan Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderating. JUrnal Penelitian Akuntansi, 1(April), 68–86.

Kusumawati, R., & Rosady, I. (2018). Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kepemilikan Manajerial sebagai Variabel Moderasi. Jurnal Manajemen Bisnis, 9(2), 147–160. https://doi.org/10.18196/mb.9259

Lastanti, H. S., & Salim, N. (2018). Pengaruh Pengungkapan Corporate Social Responsibility dan Good Corporate Governance Pada Reputasi Perusahaan Manufaktur. E-Jurnal Akuntansi, 5(1), 27–39. https://doi.org/10.24843/EJA.2018.v24.i02.p14

Mahdaleta, E., Muda, Is., & NAsir, G. M. (2016). Effect of Capital Structure, Company Size and Profitability on the Stock Price of Food and Beverage Companies Listed on the Indonesia Stock Exchange. Academic Journal of Economic Studies, 8(1), 23–29. https://doi.org/10.22610/imbr.v8i1.1192

Manoppo, H., & Arie, F. (2016). Pengaruh Struktur Modal, Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan Otomotif Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2014. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 4(2), 485–497. https://doi.org/10.35794/emba.v4i2.13082

Mariani, D., & Suryani. (2018). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan dengan Kinerja Sosial dan Kinerja Lingkungan sebagai Variabel Moderator. Jurnal Akuntansi Dan Keuangan, 7(2), 211–226. http://journal.budiluhur.ac.id/index.php/akeu/article/view/585

Mudjijah, S., Khalid, Z., & Astuti, D. A. Se. (2019). Pengaruh Kinerja Keuangan dan Struktur Modal Terhadap Nilai Perusahaan yang Dimoderasi Variabel Ukuran Perusahaan. Jurnal Akuntansi Dan Keuangan, 8(1), 41–55. https://doi.org/10.1017/CBO9781107415324.004

Pradita, R. A., & Suryono, B. (2019). Pengaruh Kinerja Keungan Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Pemoderasi. Jurnal Ilmu Dan Riset Akuntansi, 4(2), 245. https://doi.org/10.25105/jat.v4i2.4838

Pratama, I., & Wirawati, N. (2016). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial Sebagai Pemoderasi. E-Jurnal Akuntansi, 15(3), 1796–1825.

Prena, G. Das, & Muliyawan, I. G. I. (2020). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Pemoderasi Gine. Jurnal Akuntansi Trisakti, 4(2), 245. https://doi.org/10.25105/jat.v4i2.4838

Ridha, M. R., & Wibowo, A. (2020). Analisis Volatilitas Return Indeks Saham Sektor Barang Konsumsi Di Indonesia: Aplikasi Metode Treshold-Garch (TGARCH). Journal of Statistics and Its Applications, 2, 35–43.

Rosikah et al. (2018). Effects of Return on Asset , Return On Equity , Earning Per Share on Corporate Value. The International Journal of Engineering and Science (IJES, 7(3), 6–14. https://doi.org/10.9790/1813-0703010614

Salama, M., Rate, P. Van, & N.Untu, V. (2019). Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Industri Perbankan Yang Terdaftar Di Bei Periode 2014-2017. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3), 2651–2660. https://doi.org/10.35794/emba.v7i3.23715

Santoso, A., & Susilowati, T. (2019). Ukuran Perusahaan Memoderasi Pengaruh Struktur Modal Terhadap Nilai Perusahaan. Jurnal Administrasi Dan Bisnis, 13(2).

Santoso, Singgih. 2014. Statistik Parametrik. Jakarta: PT Elex Komputindo

Setiyowati, S. W. (2019). Company Size Strengthens The Influence Of Asset Structure And Capital Structure On Firm Value. Jurnal Akuntansi, 10(1), 51.

Suranto, V. A. H. M., Nangoi, G. B., & Walandouw, S. K. (2017). Analisis Pengaruh Struktur Modal dan Kinerja Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Perbankan Di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 1031–1040.

Tamba, E. C., Pandiangan, L., Ginting, R. N., & Sitepu, W. R. B. (2020). Pengaruh Pertumbuhan Penjualan, Profitabilitas, Likuiditas dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017. Owner (Riset Dan Jurnal Akuntansi), 4(2), 485. https://doi.org/10.33395/owner.v4i2.294

Wulandari, R., Wibowo, S., & Yunanto, A. (2020). Analisis Pengaruh Corporate Social Responsibility Dan Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Pemoderasi Studi Pada Industri Perbankan. Jurnal Ekonomi Dan Bisnis, 22(2), 144–157.

Web Site

ekon.go.id. 2020. Indonesia Catatkan Surplus Perdagangan di Juli 2020, Tertinggi Sejak 9 Tahun Lalu. https://ekon.go.id/publikasi/detail/462/indonesia-catatkan-surplus-perdagangan-di-juli-2020-tertinggi-sejak-9-tahun-lalu. Diakses pada 11 Oktober 2020. Pukul 10.15 WIB.

kemenperin.go.id. Indonesia Masuk Kategori Negara Industri. https://www.kemenperin.go.id/artikel/18473/Indonesia-Masuk-Kategori-Negara-Industri. Diakses pada 11 November 2020 Pukul 11.33 WIB

Downloads

Additional Files

Published

2021-03-31

How to Cite

Rahmawati, D. V., Darmawan, A., Setyarini, F., & Bagis, F. (2021). PROFITABILITY, CAPITAL STRUCTURE AND DIVIDEND POLICY EFFECT ON FIRM VALUE USING COMPANY SIZE AS A MODERATING VARIABLE (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015 - 2019 Periods). International Journal of Economics, Business and Accounting Research (IJEBAR), 5(1), 495–505. https://doi.org/10.29040/ijebar.v5i1.2032

Issue

Vol. 5 No. 1 (2021): IJEBAR, VOL. 5, ISSUE 01, MARCH 2021

Section

Articles

Citation Check

License

Authors who publish with IJEBAR agree to the following terms: Authors retain copyright and grant the IJEBAR right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material) the work for any purpose, even commercially with an acknowledgement of the work's authorship and initial publication in IJEBAR. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in IJEBAR. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).

Most read articles by the same author(s)

<< < 1 2 3