TITLE:
Moderating Effect of Dividend Policy on Financial Performance
AUTHORS:
Graceana Elma Mau Buti, Wiyarni Wiyarni
KEYWORDS:
Liquidity, Leverage, Profitability, Dividend Policy, Firm Value
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.11 No.7,
July
31,
2023
ABSTRACT: This
study aims to examine the effect of financial performance presented by
liquidity, leverage, and profitability on firm value with dividend policy as a
moderating variable. The object of this study is a manufacturing company listed
on the Indonesia Stock Exchange for the period 2016 to 2020. By using purposive
sampling, from a population of 195 companies, 38 companies were obtained that
could be used as samples in this study. The analytical method used in this
study is regression with the help of the SPSS program. The results show that
liquidity as measured by the Cash Ratio does not significantly affect the firm
value and the dividend policy variable is not able to moderate the effect of
the Cash Ratio on firm value. The results are the same for leverage, where
leverage has no effect on firm value and dividend policies are unable to
moderate it. Profitability in this study has a significant effect on firm value; however, dividend policy
is not able to moderate the effect of profitability on firm value.