Exploring the Influence of Financial Factors on Firm Value with Dividend Policy Mediation

Ovinda Aprilia; Perdana Wahyu Santosa

doi:10.58777/ras.v1i1.523

Authors

Ovinda Aprilia Faculty of Economics and Business, YARSI University, Jakarta
Perdana Wahyu Santosa Faculty of Economics and Business, YARSI University, Jakarta

DOI:

https://doi.org/10.58777/ras.v1i1.523

Keywords:

Profitability, Liquidity, Leverage, Activity, Dividend Policy, Firm Value

Abstract

This study aims to analyze the influence of profitability, liquidity, leverage, and activity on firm value with dividend policy as an intervening variable, and is reviewed from an Islamic perspective. The population in this study were companies included in the 45 liquidity index for the 2013-2017 period. The sample selection used a purposive sampling technique and 23 companies met the research criteria. The data were analyzed using multiple regression analysis to identify variables that have a direct influence. Meanwhile, path analysis was used to detect indirect influences and the Sobel test was used to assess the significance of the intervening variables. The results show that profitability and activity have a positive effect on firm value, liquidity has no effect on firm value, and leverage has a negative effect on firm value. Profitability, liquidity, and leverage have no effect on dividend policy, while activity has a positive effect on dividend policy. The implementation of dividend policy has a positive effect on firm value. Profitability, liquidity, and leverage have no effect on firm value through dividend policy, while activity has a positive effect on firm value through dividend policy.

References

Al-Mahally, I. J., & As-Suyutti, I. J. (1990). Tafsir Jalalain berikut Asbab An-nujulnya. Bandung: Sinar Baru.

Ardyatama. (2018). Pengaruh profitabilitas, ukuran perusahaan, leverage, dan arus kas bebas terhadap kebijakan dividen (Skripsi). Universitas Lampung, Lampung.

Bodie, Z., & Kane, A. (2014). Manajemen portofolio dan investasi. Jakarta: Salemba Empat.

Cahyadi, A. (2014). Mengelola hutang dalam perspektif Islam. Jurnal Bisnis dan Manajemen, 4(1). https://doi.org/10.15408/ess.v4i1.1956

Dewi, D. M. (2016). Pengaruh likuiditas, leverage, ukuran perusahaan terhadap kebijakan dividen tunai dengan profitabilitas sebagai variabel intervening. Jurnal Bisnis dan Ekonomi, 23(1), 12–19.

Dyarini. (2012). Investasi saham dalam perspektif Islam. Jurnal Iqtishad, 12(27).

Farooq, M. A. (2016). Impact of financial leverage on value firms. Research Journal of Finance and Accounting, 7(9).

Ferina, E., et al. (2015). Pengaruh kebijakan dividen, kebijakan hutang, dan profitabilitas terhadap nilai perusahaan. Jurnal Akuntanika, 2(1).

Gill, A. (2012). The impact of corporate governance and financial leverage on the value of American firms. International Research Journal of Finance and Economics, 1450(2887).

Indriawati, et al. (2018). Pengaruh profitabilitas, keputusan investasi, pertumbuhan perusahaan terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening pada perusahaan manufaktur. Journal of Accounting.

Kahfi, et al. (2016). Pengaruh DER, CR, TATO, ROE terhadap nilai perusahaan. E-Proceeding of Management, 5(1).

Kasmir. (2012). Analisis laporan keuangan. Jakarta: PT Raja Grafindo Persada.

Kementerian Agama RI. (2012). Al-Qur’an dan tafsirnya. Jakarta: PT Sinergi Pustaka Indonesia.

Nabhan, F. (2010). Profit and loss sharing. Jurnal Muqtasid, 1(2).

Nugroho, W. A. (2012). Pengaruh profitabilitas, likuiditas dan leverage terhadap nilai perusahaan (Tesis). Universitas Muhammadiyah Surakarta, Surakarta.

Nwamaka, O., & Ezeabasili, V. (2017). Effect of dividend policies on firm value: Evidence from quoted firms in Nigeria. International Journal of Management Excellence, 8(2). https://doi.org/10.17722/ijme.v8i2.290

Prawira, et al. (2014). Pengaruh leverage, likuiditas, profitabilitas dan ukuran perusahaan terhadap kebijakan dividen. Jurnal Administrasi Bisnis, 15(1).

Putri, et al. (2016). Pengaruh rasio likuiditas dan rasio profitabilitas terhadap nilai perusahaan. Jurnal Administrasi Bisnis, 38(2).

Pasadena, R. P. (2013). Pengaruh likuiditas, leverage, profitabilitas dan ukuran perusahaan terhadap kebijakan dividen (Skripsi). UIN Syarif Hidayatullah, Jakarta.

Pascareno, B. E., & Siringoringo, H. (2016). The effect of financial performance on company’s value moderated by dividend policy. Book of Scientific Papers. ISBN: 978-80-552-1503-7.

Qardhawi, Y. (n.d.). Fatwa-fatwa kontemporer 2. Jakarta: Gema Insani Press.

Rahayu, et al. (2016). Pengaruh current ratio dan quick ratio terhadap kebijakan dividen melalui return on equity pada perusahaan manufaktur. Jurnal Ekonomi Bisnis, 21(2).

Rasjid, S. (2012). Fiqih Islam. Bandung: Sinar Baru Algensindo.

Rehman, O. U. (2016). Impact of capital structure and dividend policy on firm value. Journal of Poverty, Investment and Development, 21.

Samsul, M. (2015). Pasar modal dan manajemen portofolio. Jakarta: Erlangga.

Sekaran, U., & Bougie, R. (2017). Metode penelitian untuk bisnis. Jakarta: Salemba Empat.

Silitonga, G. A. (2018). Pengaruh profitabilitas terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening (Skripsi). Universitas Sultan Ageng Tirtayasa.

Shihab, M. Q. (2009). Tafsir al-Mishbah: Pesan, kesan, dan keserasian al-Qur’an. Bandung: Lentera Hati.

Subramanyam, K. R. (2014). Analisis laporan keuangan (Edisi ke-11). Jakarta: Salemba Empat.

Sugiyono. (2014). Metode penelitian kuantitatif, kualitatif, dan R&D (Cetakan ke-21). Bandung: Alfabeta.

Suhendi, H. (2008). Fiqih muamalah. Jakarta: PT Raja Grafindo Persada.

Tamonsang, et al. (2014). Pengaruh profitabilitas terhadap nilai perusahaan dengan kebijakan sebagai variabel mediasi. Seminar Nasional Riset Inovatif. ISSN: 2339-1553.

Van Horne, J., & Wachowicz, J. M. (2012). Manajemen keuangan. Jakarta: Salemba Empat.

Weston, J. F., & Copeland, T. (2008). Dasar-dasar manajemen keuangan. Jakarta: Erlangga.

Wulansari, K. H. (2015). Pengaruh profitabilitas terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening pada perusahaan LQ45 di BEI (Skripsi). STIE Perbanas, Jakarta.