Ukuran Perusahaan sebagai Moderator Pengaruh Dividen dan Kinerja terhadap Nilai di Sektor Konsumsi

Imam Tri Hermawan; Meilani Purwanti

doi:10.55606/jurimbik.v6i1.1478

Authors

Imam Tri Hermawan Universitas Teknologi Digital
Meilani Purwanti Universitas Teknologi Digital

DOI:

https://doi.org/10.55606/jurimbik.v6i1.1478

Keywords:

Dividend Payout Ratio, Return on Equity, Current Ratio, Total Asset Turnover, Debt to Equity Ratio

Abstract

This study aims to analyze the effect of dividend policy and financial performance on firm value, with firm size as a moderating variable. The study subjects included primary consumer goods companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. The independent variables were Dividend Payout Ratio (DPR), Return on Equity (ROE), Current Ratio (CR), Total Asset Turnover (TATO), and Debt to Equity Ratio (DER), while Price to Book Value (PBV) was used as a proxy for firm value. Firm size (SIZE) was used as a moderating variable using panel data regression analysis and a moderation interaction approach. The results showed that DPR had a significant positive effect on PBV, while ROE had a significant negative effect on PBV. Meanwhile, CR, TATO, and DER did not significantly influence PBV. Firm size had a significant positive effect on PBV. Regarding moderation, firm size significantly moderated the effect of DPR and DER on PBV, indicating that in larger companies, the positive effect of DPR and DER on firm value tends to weaken. The interaction of company size with ROE, CR, and TATO did not show a significant moderating effect.

References

Alveno Prakoo Nugroho, Rinofah, R., & Kusumawardhani, R. (2023). Pengaruh Intellectual Capital dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi Kasus Pada Perbankan Yang Terdaftar di BEI Tahun 2017-2021). Jurnal Istiqro, 9(2), 116–130. https://doi.org/10.30739/istiqro.v9i2.1849

Amriyadi, M. F. (2022). Analisis Laporan Keuangan Untuk Menilai Kinerja Keuangan Pada PT. Gudang Garam Tbk. Jurnal Sains Sosio Humaniora, 6(1), 843–853. https://doi.org/10.22437/jssh.v6i1.20198

Atul, U. N., Sari, Y. N. I., & Lestari, Y. J. (2022). Analisis Rasio Keuangan Untuk Mengukur Kinerja Keuangan Perusahaan. E-Jurnal Akuntansi TSM, 2(3), 89–96. https://doi.org/10.34208/ejatsm.v2i3.1396

Berry, Y., & Fadhilah, N. (2022). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan (Studi Empiris: Industri Consumer Goods). Jurnal Bisnis Dan Ekonomi, 29(1), 1–17. https://doi.org/10.35315/jbe.v29i1.8778

Chandra, S., & Vivien, V. (2021). Determinants of Dividend Policy: An Empirical Study of Consumer Goods Firms in Indonesia. Journal of Asian Finance, 8(6), 71–77. https://doi.org/10.13106/jafeb.2021.vol8.no6.0071

Fitriana, A. I., & Febrianto, H. G. (2021). Cash Ratio dan Debt to Equity Ratio terhadap Kebijakan Deviden. Prosiding Simposium Nasional Multidisiplin (SinaMu), 2, 349–354. https://doi.org/10.31000/sinamu.v2i0.3587

Hamdani, M. (2020). Pengaruh Kinerja Keuangan, Kebijakan Dividen dan Umur Perusahaan Terhadap Nilai Perusahaan di Moderasi Ukuran Perusahaan. Jurnal Akuntansi Dan Ekonomika, 10(2), 188–197. https://doi.org/10.37859/jae.v10i2.2042

Masiri, A., Kainama, M. S., & Dewi, S. N. (2023). pengaruh profitabilitas, likuiditas, dan leverage terhadap financial distress pada perusahaan Real Estate yang terdaftar di BEI periode 2016-2017. Liabilities Jurnal Pendidikan Akuntansi, 6(2004), 64–74. Retrieved from https://jurnal.umsu.ac.id/index.php/LIAB/article/view/13664

Nuradawiyah, A., & Susilawati, S. (2020). Analisis Faktor-Faktor yang Mempengaruhi Nilai Perusahaan (Studi Kasus pada Perusahaan Indeks LQ45 ). Jurnal Akuntansi, 9(2), 218–232.

Kasmir. (2018). Analisis Laporan Keuangan. Jakarta: Rajawali Pers.

Sari, D., & Nofiyanti, R. (2022). Ukuran Perusahaan Sebagai Pemoderasi Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sub Sektor Makanan Dan Minuman). Jurnal Ilmiah Ekonomi Bisnis, 27(3), 375–390. https://doi.org/10.35760/eb.2022.v27i3.6391

Sitanggang, A. V., Purnomo, L. I., & Agustina, F. (2021). Pengaruh Struktur Kepemilikan, Kebijakan Dividen, Dan Cash Holding Terhadap Nilai Perusahaan. Proaksi, 1(1), 658–672. https://doi.org/10.30596/liabilities.v7i3.20862

Sugiyono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D (ed. 21). Alfabeta

Supriandi, S., & Iskandar, Y. (2021). ANALISIS NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR (Studi Nilai Perusahaan pada 10 Perusahaan Manufaktur BEI). Jurnal Ilmu Manajemen Dan Akuntansi, 9(1), 23–30. Retrieved from https://jurnal.unitri.ac.id/index.php/refrensi/article/view/2292

Sutrisno, Y. A. E., & Riduwan, A. (2022). Pengaruh Ukuran Perusahaan, Umur Perusahaan, KepemilikanInstitusional, Dan Kepemilikan Manajerial Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu Dan Riset Akuntans, 11(11), 1–22.

Trisnawan, A. B., Sholikhan, M., & Koerniawan, I. (2026). Analyzing the Role of Enterprise Information Systems in Driving Organizational Innovation: A Multi Method Study. Information System Analysis, Design and Development, 1(1), 41-50.