EFEK MODERASI PROFITABILITAS DAN LEVERAGE DALAM PENGARUH KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

JMM UNRAM - MASTER OF MANAGEMENT JOURNAL Pub Date : 2019-08-16 DOI:10.29303/JMM.V8I4.456

Fakhri Ryan Cahyanto Putra, Budi Santoso, Ni Ketut Surasni

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引用次数: 3

Abstract

This study aims to analyze the effect of dividend policy (DPR) on company value (PBV) with profitability (ROE) and leverage (DER) as moderation variable at manufacturing company listed in Indonesia Stock Exchange (IDX). Sampling technique is purposive sampling so the number of sample obtained are 16 companies, with year observation period are 2013-2016. Analysis technique used in this research is inferential statistic (regression linear) using Gretl, with 5 percent of level significant. It also performed descriptive statistic that include mean, median, minimum, maximum, and std. deviation. The results of this study indicate that dividend policy has a positive and significant effect on company value. Profitability is not able to moderate the influence of dividend policy on firm value and leverage can strengthen the influence of dividend policy on the value of companies in the manufacturing sector listed on the Indonesia Stock Exchange in 2013-2016.Keywords: Dividend Policy; Company Value; Profitability and Leverage

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在印尼证券交易所上市的制造业价值方面，利润率和杠杆政策对公司价值的影响

本研究以印尼证券交易所(IDX)制造业上市公司为研究对象，以盈利能力(ROE)和杠杆率(DER)为调节变量，分析股利政策(DPR)对公司价值(PBV)的影响。抽样方法为有目的抽样，抽样数量为16家公司，观察期为2013-2016年。本研究使用的分析技术是使用Gretl的推理统计(线性回归)，5%的水平显著。并进行了描述性统计，包括平均值、中位数、最小值、最大值和std偏差。研究结果表明，股利政策对公司价值具有显著的正向影响。盈利能力并不能调节股利政策对公司价值的影响，而杠杆可以强化股利政策对2013-2016年印尼证券交易所制造业上市公司价值的影响。关键词:股利政策;公司价值;盈利能力和杠杆

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JMM UNRAM - MASTER OF MANAGEMENT JOURNAL

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