PENGARUH LEVERAGE, PROFITABILITAS, DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI PERIODE 2022-2024

Abstract

This study aims to determine the effect of leverage, profitability, and liquidity on firm value through dividend policy as an intervening variable in food and beverage companies listed on the Indonesia Stock Exchange for the 2022-2024 period. This study uses quantitative methods with secondary data sources in the form of the companies' annual financial reports. The population in this study was 95 food and beverage companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, resulting in 14 companies as research samples over three years of observation, with a total of 42 observations. The data analysis method used Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) with the assistance of the SmartPLS 3.0 application.

The results of direct hypothesis testing indicate that leverage has a negative but insignificant effect on dividend policy, profitability has a positive but insignificant effect on dividend policy, liquidity has a positive but insignificant effect on dividend policy, leverage has a negative but insignificant effect on firm value, profitability has a positive and significant effect on firm value, liquidity has a negative but insignificant effect on firm value, and dividend policy has a negative and significant effect on firm value. The results of indirect hypothesis testing show that leverage does not have a significant effect on company value through dividend policy, profitability does not have a significant effect on company value through dividend policy, and liquidity does not have a significant effect on company value through dividend policy.