The Effect Of Profitability And Leverage On Company Value Through Dividend Policy As An Intervening Variable In The Company Manufactures Registered On The Bei For The 2018-2022 Period

Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan Melalui Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2018-2022

Abstract

This research aims to find out how much influence profitability and Leverage have on company value through dividend policy as an intervening variable in manufacturing companies listed on the Indonesian Stock Exchange in the 2018-2022 period. Documentation methods and secondary data types. The documentation method used is secondary data analysis. The research results obtained based on the partial test (T-test) showed that partial profitability has a significant effect on dividend policy in manufacturing companies listed on the IDX. The results of the analysis show that profitability has a probability value of 0.00, which is smaller than 0.05 or (0.00 < 0.05). Partial leverage has a significant effect on policy. Dividends in Manufacturing Companies Registered on the IDX, the results of the analysis show that Leverage has a probability value of 0.00, which is smaller than 0.05 or (0.00 < 0.05). Partial profitability does not have a significant effect on Company Value in Registered Manufacturing Companies. On the BEI where the analysis results show that Profitability has a probability value of 0.31 which is greater than 0.05 or (0.31 > 0.05), Leverage partially has a significant effect on the Company Value of Manufacturing Companies Listed on the BEI where the analysis results show Leverage has a probability value of 0.00 which is smaller than 0.05 or (0.00 < 0.05), Partial Dividend Policy has a significant effect on Company Value in Manufacturing Companies Listed on the IDX where the analysis results show that Dividend Policy has a value of 0.00 which is smaller than 0.05 or (0.00 < 0.05), Partial Profitability has a significant effect on Company Value with Dividend Policy as an Intervening Variable in Manufacturing Companies Listed on the IDX where the result of multiplying the beta value of X1 on Z with the beta value of Z on Y is: 0.253 * 0.275 So the total influence given by directly, namely: 0.069, partial leverage has no significant effect on company value with dividend policy as an intervening variable in manufacturing companies listed on the IDX where the multiplication of the beta value of X2 to Z with the beta value of Z to Y is: 0.431 * 0.275. So the total effect is given X2 on Y is the sum of direct and indirect influences, namely: 0.118.