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All Journal E-Bisnis : Jurnal Ilmiah Ekonomi dan Bisnis
Tantri Nur Aisah
Universitas Sains dan Teknologi Komputer, Jawa Tengah
Economics, Econometrics & Finance

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Pengaruh Kebijakan Dividen, Likuiditas dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Farmasi dan Riset Kesehatan Terdaftar di BEI Periode 2018-2024 Tantri Nur Aisah; Eni Endaryati; Iwan Koerniawan
E-Bisnis : Jurnal Ilmiah Ekonomi dan Bisnis Vol 19 No 1 (2026): JURNAL ILMIAH EKONOMI DAN BISNIS
Publisher : LPPM Universitas Sains dan Teknologi Komputer

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51903/e-bisnis.v19i1.3599

Abstract

This study examines how dividend policy, liquidity, and profitability affect firm value within pharmaceutical and health research companies listed on the Indonesian Stock Exchange. Firm value is represented by Price to Book Value (PBV), while the independent variables consist of Dividend Payout Ratio (DPR), Current Ratio (CR), and Return on Assets (ROA). The population covers all firms in the sector, with 56 observations selected through purposive sampling. Data analysis is conducted using multiple linear regression supported by SPSS software. The findings indicate that, on a partial basis, DPR and CR do not exert a significant influence on PBV. In contrast, ROA demonstrates a positive and statistically significant effect, suggesting that profitability serves as a primary consideration for investors in evaluating firm value. Furthermore, the simultaneous test (F-test) reveals that DPR, CR, and ROA collectively have a significant impact on PBV, with a coefficient of determination (R²) of 47.9%. These results reinforce signaling theory, emphasizing that strong profitability performance sends a credible signal to the market in shaping firm value.
Co-Authors Eni Endaryati Iwan Koerniawan