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All Journal Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Rini Tri Hastuti
Universitas Tarumanagara Jakarta
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Nilai Perusahaan : Moderasi Volatilitas Harga pada Sektor Komoditas Raka Hanantio Handoko; Rini Tri Hastuti
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 8 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i8.12522

Abstract

This study aims to examine the effect of profitability, liquidity, and leverage on firm value, with commodity price volatility serving as a moderating variable, in commodity sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample consisted of 77 companies selected using the purposive sampling method. Secondary data were analyzed using Moderated Regression Analysis (MRA) with EViews 12. The results indicate that profitability has no significant effect on firm value, liquidity has a positive and significant effect, while leverage has a negative and significant effect on firm value. Commodity price volatility moderates the relationship between profitability and firm value as well as between leverage and firm value, but does not moderate the relationship between liquidity and firm value.
Analisis Moderasi Cash Position Terhadap Profitabilitas dan Likuiditas pada Kebijakan Dividen Jerico Dennis; Rini Tri Hastuti
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 8 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i8.12553

Abstract

This study aims to examine and analyze the role of cash position as a moderating variable in the relationship between profitability and liquidity on dividend policy in banking sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. Profitability is proxied by Return on Equity (ROE), liquidity by Current Ratio (CR), cash position by Cash Position (CP), and dividend policy by Dividend Payout Ratio (DPR). This research employs a descriptive-causal quantitative approach using purposive sampling, resulting in a final sample of 8 banking companies with 40 observations. The findings reveal that profitability has a positive and significant effect on dividend policy, while liquidity does not have a significant effect. Furthermore, cash position is not proven to moderate the influence of either profitability or liquidity on dividend policy. These results indicate that dividend decisions in the banking sector are primarily profit-driven, with cash position serving merely as a technical payment instrument rather than a strategic determinant of dividend policy.
Co-Authors Jerico Dennis Raka Hanantio Handoko