Pengaruh Likuiditas dan Profitabilitas Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening: Studi Empiris pada Perusahaan Properti, Real Estate dan Kontruksi

Abstract

The purpose of this study is to determine the effect of Liquidity and Profitability on Company Value with Dividend Policy as an Intervening Variable. The sample in this study used property, real estate and construction sector companies listed on the Indonesia Stock Exchange for the 2017-2021 period. The sample selection method uses Purposive Sampling. The samples obtained were as many as 9 companies. Data analysis is carried out quantitatively and the analysis methods used are linear regression and classical assumption tests. Data processing using the SPSS program version 20.0. Hypothesis testing is carried out with multiple linear regression tests, R coefficient of determination test, t–test, Model Feasibility Test and Path Analysis. Dividend Policy Results as a denpendent variable indicate that the Profitability variable affects dividend policy, while liquidity has no effect on dividend policy. Then for the Company Value variable as a dependent variable, it is produced that Profitability and Dividend Policy affect the Company Value, while the Liquidity variable does not affect the company's value. Meanwhile, the results of research on the influence of mediation show that profitability and liquidity do not affect the Company's Value through Dividend Policy.