PENGARUH CURRENT RATIO, DER, DAN ROA TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BEI PERIODE 2022-2024

Abstract

The mining sector plays a crucial role in the Indonesian economy by contributing to national economic growth through the provision of natural resources required by various industrial sectors. This study aims to analyze and examine the influence of the Current ratio, Debt to Equity Ratio (DER), and Return on Assets (ROA) on Firm Value, using Dividend Policy as an intervening variable. A quantitative research method with a descriptive approach was employed. The study population consists of mining companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2024 period. The purposive sampling was used to select the sample based on specific research criteria. The data analysis was conducted using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with the aid of SmartPLS 3.0 software. The results indicate that the Current ratio has a positive but insignificant effect on Dividend policy, while the Debt to Equity Ratio (DER)  and Return on Assets (ROA) have negative but insignificant effects on Dividend policy. Furthermore, the Current ratio and Debt to Equity Ratio (DER) have negative but insignificant effects on Firm value, whereas Return on Assets (ROA) has a positive and significant effect on Firm value. The Dividend policy has a positive but insignificant effect on Firm value. Additionally, Dividend policy does not mediate the influence of the Current ratio, Debt to Equity Ratio (DER), or Return on Assets (ROA) on Firm value.