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Journal : JURNAL MANAJEMEN BISNIS

The Interaction of Dividend Policy in Moderating the Relationship between Liquidity, Profitability, and Leverage on Firm Value Sutisna, Entis; Noch, Muhammad Yamin; Kartim, Kartim; Sonjaya, Yaya; Prasetianingrum, Septyana
Jurnal Manajemen Bisnis Vol. 13 No. 1 (2026): March
Publisher : Pusat Penerbitan dan Publikasi Ilmiah, FEB, Universitas Muslim Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33096/gf3te932

Abstract

This study aims to examine the role of Dividend Policy in moderating the relationship between Liquidity, Profitability, and leverage on Company Value in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX). This study uses a quantitative approach with moderated regression analysis. The population in this study comprises 12 pharmaceutical companies listed on the IDX, with a sample of 6 selected through purposive sampling. Data collection was conducted using documentation methods through the company's financial reports. Data analysis included classical assumption testing, descriptive analysis, hypothesis testing, moderation regression, and coefficient of determination using Statistical Product and Services Solutions (SPSS) software. The results of the study indicate that Dividend Policy strengthens the influence of Liquidity, Profitability, and Leverage on Firm Value. The positive relationship found indicates that the higher the level of Liquidity, Profitability, and Leverage reinforced by Dividend Policy, the higher the Company Value. This finding emphasizes the importance of dividend policy in increasing investor confidence and attracting investment, thereby increasing company value. This study contributes theoretically to the understanding of the role of Dividend Policy as a moderating variable. Practically, the results of this study can be used by pharmaceutical company managers to formulate appropriate dividend policies to increase company value and to provide guidance for investors in making investment decisions.
Co-Authors Abdul Rasyid Adriani Lande Ahmad Aminudin Ahmad Idrus Albertho, Michael Fransiscus Ali Kusrijadi Andri Irawan Andriani Alimin Annifah, Riri Uswatun Arry Pongtiku Asep B.D. Nandiyanto Asep Kadarohman Asep Supriatna Ashfiya, Putri Sayyida Atep Rian Nurhadi Auliyah, Iriana Aziz, Hafiz Aji Candra Kurniawan Cecep Jaenudin Cuyun Suslianti Dedi Haryadi Dewi Miftahurrahmah Dr. Hendrawan Eli Hendrik Sanjaya Entar Sutisman Entis Sutisna Entis Sutisna Entis Sutisna Ermawati, Yana Fitri Khoerunnisa Fuji Ilyadi Hana Rohana Hani Halimah Fauzani Harry Firman Heli Siti Halimatul Hendrawan Hendrawan HERNANI - Husen, Sjamsiar Iasha, Yurin Karunia Apsha Albaina Iasya, Yurin Karunia Apsha Albaina Ibrahim, Muhdi B. Hi. Idrus, Achmad Iin Maemunah Ijang Rohman Indah Sari Iqbal Musthapa Irfan Abdulrachman Mubaroq Jayawarsa, A.A. Ketut Juliyanti Sidik Tjan Kartim Kartim Kartim Kartim, Kartim khusnul khotimah Kooh, Ricky Phylemon Labo, Irwan Adam M. Aldrin Akbar M. Muslim M. Yamin Noch Maji, Rusta Marihi, La Ode Marlindo, Indo Matelda Samori Momo Rosbiono Mr Ali Kusrijadi Mr Sjaeful Anwar Mr Yayan Sunarya Muh Yamin Noch Muhamad Nurul Hana Muhamad Yamin Noch Muhammad Ridhwansyah Pasolo Muhammad Ridwan Rumasukun Muhammad Yamin Noch Mursalam Salim Muslim Muslim Muslim Muslim Najmia Fajri Astuti Noch, Muh Yamin Noch, Muhammad Yamin NOY, Ismail R. Nurhayati, Mita Nurwijayanti Omay Sumarna Pasolo, Fahrudin Pasolo, Muhammad Ridwansyah Pingky Chandra Priyanka Ridhwansyah Pasalo, Muhammad Rizki Deli Hasanah Sabet, Eli Saeful Anwar Sarfa, Muhammad Bayu Dermawan Septyana Prasetianingrum Septyana Prasetianingrum Siti Mariani Basannang Soja Siti Fatimah Sri Iswati Sumartono Sumartono Sumartono, Sumartono Suratini, Suratini Syafei M. Nur, Imran Taotubun, Najaradin Tauny Akbari Tete, Johni Tome, Sriyanti Triannisa Rahmawati Usman Pakasi Wamo, Steven Widiyanti, Silvia Wiji Adji Wiji Wiji Wilman Rahmat Nugraha Wombaibabo, Moses Yayan Sunarya Zakaria Zakaria Zakaria Zakaria