The Effect of Profitability, Liquidity and Firm Size on Firm Value with Dividend Policy as a Moderating Variable

Moch. Fahrul Rahmansyah; Ayatulloh Michael  Musyaffi; Umi  Widyastuti

doi:10.55927/ijar.v4i7.15057

Authors

Moch. Fahrul Rahmansyah Universitas Negeri Jakarta
Ayatulloh Michael Musyaffi Universitas Negeri Jakarta
Umi Widyastuti Universitas Negeri Jakarta

DOI:

https://doi.org/10.55927/ijar.v4i7.15057

Keywords:

Profitability, Liquidity, Firm Size, Firm Value, Dividend Policy

Abstract

This study investigates the impact of profitability, liquidity, and firm size on firm value, with dividend policy serving as a moderating variable. The research focuses on energy sector companies listed on the Indonesia Stock Exchange (IDX) between 2018 and 2023. From a total of 83 listed firms, 17 were selected using purposive sampling for analysis. The study applies the Moderated Regression Analysis (MRA) technique and processes panel data using EViews version 13. The findings indicate that profitability significantly and positively influences firm value, whereas liquidity has a negative impact. Firm size also shows a significant positive effect on firm value. Although dividend policy does not have a significant direct effect on firm value, it does moderate the relationship between liquidity and firm value by strengthening it. However, it does not moderate the effect of profitability or firm size on firm value.

Downloads

Download data is not yet available.

References

Alifian, D., Selvida, N., Bennany, S., & Susilo, D. E. (2023). Pengaruh Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan Energi Tahun 2020-2021. Ekuivalensi: Jurnal Ekonomi Bisnis, 9(2), Article 2.

Alifian, D., & Susilo, D. E. (2024). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan dan Struktur Modal terhadap Nilai Perusahaan. Owner: Riset Dan Jurnal Akuntansi, 8(1), Article 1. https://doi.org/10.33395/owner.v8i1.1914

Arrahman, E., & Mahardika, D. P. K. (2023). Pengaruh Profitabilitas, Hedging, dan Tingkat Utang terhadap Nilai Perusahaan Sub Sektor Batu Bara. Jurnal Informatika Ekonomi Bisnis, 567–572. https://doi.org/10.37034/infeb.v5i2.581

Badan Pusat Statistik. (2023). [Seri 2010] PDB Menurut Lapangan Usaha Seri 2010—Tabel Statistik. https://www.bps.go.id/id/statistics-table/2/NjUjMg==/-seri-2010--pdb-menurut-lapangan-usaha-seri-2010--milyar-rupiah-.html

Bursa Efek Indonesia. (2023). Summary Financial Ratio by Industry. suit-baze. https://www.idx.co.id/

Komalasari, D. N., & Yulazri, Y. (2023). Pengaruh Pengungkapan Likuiditas, Solvabilitas, Ukuran Perusahaan dan Profitabilitas terhadap Nilai Perusahaan. SCIENTIFIC JOURNAL OF REFLECTION : Economic, Accounting, Management and Business, 6(2), Article 2. https://doi.org/10.37481/sjr.v6i2.670

Kusuma, V. N., & Mahroji, M. (2024). Pengaruh Likuiditas, Leverage, dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Industri Sektor Coal Production yang Terdaftar di BEI Tahun 2020-2023. AKADEMIK: Jurnal Mahasiswa Humanis, 4(3), Article 3. https://doi.org/10.37481/jmh.v4i3.1073

Maharani, J., & Murtanto, M. (2024). Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap Nilai Perusahaan. EBID: Ekonomi Bisnis Digital, 2(1), 15–26. https://doi.org/10.37365/ebid.v2i1.232

Nadaredo, S. H., Kinasih, H. W., Pratiwi, R. D., Prajanto, A., & Fuad, K. (2025). Pengaruh Profitabilitas, Likuiditas, Struktur Modal, Kebijakan Dividen, Ukuran Perusahaan terhadap Nilai Perusahaan. JAKA: Jurnal Akuntansi, Keuangan Dan Auditing, 6(1), Article 1. https://doi.org/10.56696/jaka.v6i1.12619

Putra, A. D. S. S. (2024). Pengaruh Profibilitas, Solvabilitas, Aktivitas Terhadap Nilai Perusahaan Minyak, Gas, Batubara. Jurnal Ilmiah Komputerisasi Akuntansi, 17(2), 200–207. https://doi.org/10.51903/kompak.v17i2.2052

Putri, I. S., & Sutopo, B. (2024). Company Growth and Profitability in Corporate Value with Environmental Disclosure as a Moderation in Oil, Gas and Coal Companies. Owner : Riset Dan Jurnal Akuntansi, 8(4), Article 4. https://doi.org/10.33395/owner.v8i4.2345

Tjiptadi, F. (2024). Pengaruh Ukuran Perusahaan, Profitabilitas, Likuiditas dan Solvabilitas terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sub Sektor Energi yang Terdaftar di Bursa Efek Indonesia Periode 2020 -2022). Global Accounting: Jurnal Akuntansi, 3(1), Article 1. https://jurnal.buddhidharma.ac.id/index.php/ga/article/view/2956