Dividend Policy Mediates the Effect of Financial Performance on Firm Value
(Study on Manufacturing Companies on the IDX)
Keywords:
Dividend Policy, Financial Performance, Firm Value
Abstract
This study aimed to examine the effect of financial performance on firm value, with dividend policy as an intervening variable (A Study at Manufacturing Companies in Indonesia Stock Exchange). The population was manufacturing companies listed on Indonesia Stock Exchange from 2016-up to 2020. Furthermore, the data collection technique used purposive sampling with 72 companies as the sample. The data used were secondary, in companies’ annual reports. The data analysis technique used SEM-PLS with Smart PLS 3.0. The analysis result from measurement models (outer model) through internal consistency test, convergent and discriminant validity showed that all variables had fulfilled the testing requirements. Based on the model structure (inner model), path coefficient analysis with bootstrapping and determinant coefficient test was used to perceive either relation or ability of exogenous variables in describing endogen variables. In addition, the hypothesis test concluded that liquidity, leverage, activities, and profitability had a significantly positive effect on dividend policy. In contrast, liquidity and activities had a positive but insignificant effect on firm value. On the other hand, leverage, profitability, and dividend policy significantly positively impacted firm value. In brief, dividend policy could not mediate the effect of liquidity and leverage on firm value, yet it could judge the impact of activities and profitability on firm value.
References
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Ghozali, I. (2016). Partial Least Squares: Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.0. Badan Penerbit Universitas Diponegoro.
Gunawan, F. S., & Tobing, W. R. L. (2018). The Effect of Profitability, Liquidity, and Investment Opportunities on Dividend Policy. South East Asia Journal of Contemporary Business, Economics, and Low, 15(5), 189-195.
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Hapsoro, D., & Sulistyarini, R. D. (2019). The Effect of Profitability and Liquidity on CSR Disclosure and Its Implication to Economic Consequences . The Indonesian Accounting Review, 9(2), 143-154. http://dx.doi.org/10.14414/tiar.v9i2.1730
Harahap, I. M., Septiani, I., & Endri, E. (2020). Effect of Financial Performance on Firm’s Value of Cable Companies in Indonesia. Accounting, 6, 1103-1110. https://doi.org/10.5267/j.ac.2020.7.008
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Hery. (2017). Kajian Riset Akuntansi. Grasindo.
Imronudin, S. Melawati, dan Z. Irawati. 2020. Assessing the Influence of Asset Turnover on Dividend Policy in Property Sector : The Case of Indonesia. Proceedings of the 2nd International Conference of Business, Accounting and Economics. Universitas Muhammadiyah Surakarta, 1-8.
Irawati, A. E., & Komariyah, E. F. (2019). The Role of Capital Structure on the Effect of Dividend Policy and Business Risk on Firm Value : Evidence from Indonesian Manufacturing Company. The Indonesian Journal of Accounting Research, 22(2), 207-228. http://doi.org/10.33312/ijar.463
Jihadi, M., Vilantika, E., Mashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics, and Business, 8(3), 423-431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Kristianti, D., & Foeh, J. E. H. J. (2020). The Impact of Liquidity and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Jurnal Bisnis dan Kewirausahaan, 16(1), 65-78. http://doi.org/10.31940/jbk.v16i1.1829
Kusumawati, V. C., & Harijono, H. (2021). Profitability and Dividend Policy Affects Firm Value in the Infrastructure, Utility, and Transportation Sector. International Journal of Social Science and Business, 5(1), 8-15. https://doi.org/10.23887/ijssb.v5i1.29822
Margono, F. P., & Gantino, R. (2021). The Influence of Firm Size, Leverage, and Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45-61. https://doi.org/10.12775/CJFA.2021.007
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of Profitability, Leverage, and Liquidity to the Firm Value. DIJEFA : Dinasti International Journal of Economics, Finance, and Accounting, 1(1), 83-94. https://doi.org/10.38035/dijefa.v1i1.225
Maulida, A., & Karak, M. E. (2021). The Effect of Company Size, Leverage, Profitability, and Dividend Policy on Company Value on Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2014-2018 Period. International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(2), 684-691.
Mubyarto, N. (2020). The Influence of Profitability on Firm Value Using Capital Structure as the Mediator. Jurnal Economia, 16(2), 184-199. https://doi.org/10.21831/economia.v16i2.30405
Musthafa. 2017. .Manajemen Keuangan. CV Andi Offset. Yogyakarta.
Natsir, K., & Yusbardini, Y. (2019). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Advances in Economics, Business, and Management Research, 145, 218-224. http://doi.org/10.2991/aebmr.k.200626.040
Ningsih, N. L. A. P., & Dewi, M. P. (2021). Interaksi Leverage dan Profitabilitas terhadap Nilai Perusahaan Melalui Dividend Policy. Warmadewa Management and Business Journal, 3(1), 1-8. https://doi.org/10.22225/wmbj.3.1.2021.1-11
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Nurchaqiqi, R., & Suryarini, T. (2018). The Effect of Leverage and Liquidity on Cash Dividend Policy with Profitability as Moderator Moderating. Accounting Analysis Journal, 7(1), 10-16. https://doi.org/10.15294/aaj.v7i1.18631
Nurhalimah. (2019). Pengaruh Tingkat Pengembalian Ekuitas, Kebijakan Dividen, dan Perputaran Total Aset terhadap Nilai Perusahaan. Skripsi. Universitas Komputer Indonesia. Bandung.
Nursalim, A. B., Rate, P. V., & Baramuli, D. N. (2021). Pengaruh Inflasi, Profitabilitas, dan Solvabilitas, dan Rasio Aktivitas terhadap Nilai Perusahaan. Jurnal EMBA, 9(4), 559-571. https://doi.org/10.35794/emba.v9i4.36403
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Published
2023-12-09
How to Cite
Putri, Z. B., Khuzaini, K., & Suhermin, S. (2023). Dividend Policy Mediates the Effect of Financial Performance on Firm Value. Kontigensi : Jurnal Ilmiah Manajemen, 11(2), 458-472. https://doi.org/10.56457/jimk.v11i2.364
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