The Influence of Profitability, Liquidity and Leverage on Value Companies with Dividend Policy as an Intervening Variable (case Study of a Manufacturing Company Listed on the Stock Exchange Indonesia Effects 2019-2023

Pengaruh Profitabilitas, Likuiditas, dan Leverage terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Intervening (Studi Kasus Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia: Pengaruh 2019-2023)

Abstract

The study aims to analyze the effect of profitability, Likuidity, and Leverage on Company Value with Dividend Policy as an intervening variabel in manufacturing companies listed on the indonesia Stock Exchange (IDX) durung the periode 2019-2023. This quantitative study used secondary data obtained from financial reports. The population used is all manufacturing companies listed on the IDX in 2019-2023 and the samples collected using the purposive sampling technique and obtained as many as 36 conpanies for 5 years which were used as research samples. The data analisis technique uses SPSS 21 software with a data analisis metod using the partial test (t-Test). The results of the study indicate that Profitabilitas does not affect dividend policy wity a probability of 0.092, Likuidity does not affect dividend policy with a probability of 0.779, Leverage does not affect dividend policy with a probability of 0.153, profitability affects company value with a probability of 0.000, Likuidity does not affect company value with a probability of 0.373, Leverage affects campany value with a probability of 0.000, Dividend policy does not affect company value with a probability of 0.062, Profitability does not affect company value through dividend policy as an intervening variabel, where the value of direct influence is greater than the value of indirect influence (-0.126>-0.0134), Likuidity does not affect company value through dividend policy as an intervening variabel, where the value of direct influence is greater than the value of indirect influence (-0.023>-0.0024), Leverage does not affect company value through dividend policy as intervening variabel, where the value of direct influence is greater than the value of indirect influence (-0.0120>-0.0128)