The Effect of Leverage, Profitability, and Investment Opportunity Set on Company Value with Dividend Policy as a Moderating Variable
Study on Non-Financial Companies in 2019-2022
DOI:
https://doi.org/10.54066/ijmre-itb.v2i4.2236Keywords:
Leverage, Profitability, Investment Opportunity Set, Company Value, Dividend PolicyAbstract
Corporate value is an important concept for investors in evaluating the overall performance of a company for shareholders and other stakeholders. The value of a company that is proxied to the stock price makes the company try to maximize the value of the company by maximizing the stock market price. The company's value also takes into account external factors that affect the company's performance. These are such as market conditions, industrial competition, and government regulations. The purpose of this study is to determine the influence of leverage, profitability, and investment opportunity set, on the value of companies with dividend policy as a moderator. The population of this study is 719 non-financial companies listed on the Indonesia Stock Exchange in 2019-2022. The selection of samples in this study was carried out using the purposive sampling method so that the number of samples in this study amounted to 204 samples. The data analysis technique uses Moderated Regression Analysis (MRA). The results of the study show that partially the variables of leverage, profitability, and investment opportunity set affect the company's value. Meanwhile, the interaction between the variables of disclosure of leverage, profitability, investment opportunity set and dividend policy variables shows that leverage, profitability, and investment opportunity set are not able to moderate the influence of leverage, profitability, and investment opportunity set on the value of companies in non-financial companies listed on the Indonesia Stock Exchange for the 2019-2022 period.
References
Ajani, A., Irawati, A., Fazli, M., & Sam, M. (2019). The Influence of Leverage, Profitability, Dividend Policy and Investment Opportunity Set on The Company Value. Jurnal Damajaya (2019). https://jurnal.darmajaya.ac.id/index.php/icitb/issue/view/118
Albab, F. S. U., Norisanti, N., & Danial, R. D. M. (2022). Analisis Kebijakan Dividen dalam Memoderasi Profitabilitas, Likuiditas dan Leverage terhadap Nilai Perusahaan. Journal of Economic, Bussines and Accounting Vol 6 No 1. (2022) https://journal.ipm2kpe.or.id/index.php/COSTING/issue/view/191.
Anggraini, R., & Yan Nyale, M. H. (2022). Pengaruh Profitabilitas, Solvabilitas dan Investment Opportunity Set terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 130–137. https://doi.org/10.47065/ekuitas.v4i1.2051
Anjani, A. S., & Badjuri, A. (2024). Dividend Policy As Moderating The Effect Of Capital Structure, Profitability And Leverage On Firm Value. Management Studies and Entrepreneurship Journal (Vol. 5, Issue 1). http://journal.yrpipku.com/index.php/msej
Apriliani, B. Y. (2020).Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi (Studi Kasus pada Perusahaan Sektor Property, Real Estate, dan Building Construction yang Telah Listing di BEI Tahun 014-2018). Jurnal Akuntansi UIN Syarif Hidayatullah Jakarta (2020) https://repository.uinjkt.ac.id/dspace/handle/123456789/54279
Ariesco Wijaya, R., & Suganda, R. (2020). Pengaruh investment opportunity set, kinerja keuangan, dan intangible asset terhadap nilai perusahaan. Journals of Economics and Business Mulawarman (JEBM), 17(2), 1–215. http://journal.feb.unmul.ac.id/index.php/AKUNTABEL
Arum, & Rahayu. (2022). Pengaruh Dividend Payout Ratio dan Dividend Yield terhadap Nilai Perusahaan Properti di Bursa Efrek Indonesia (BEI) Periode Tahun 2017-2019. Jurnal Manajemen Diversifikasi, Vol. 2 No. 1. https://doi.org/10.24127/diversifikasi.v2i1.1015.
Aruna, & Tessalonika. (2023). Pengaruh Leverage, Investment Opportunity Set dan Cash Holding Terhadap Nilai Perusahaan pada Perusahaan Sub Sektor makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2021. Journal Economic and Business Medan Area University (2023). https://repositori.uma.ac.id/handle/123456789/22171
Aryani, L. D. (2018). Pengaruh Ukuran Perusahaan dan Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2012-2016). Jurnal Dinamika Manajemen (Vol. 110, Issue 9) (2020). http://lib.unnes.ac.id/id/eprint/37948
Basuki, A. T. (2021). Analisis Data Panel Dalam Penelitian Ekonomi Dan Bisnis (1st Ed., Vol. 1). BPFE UMY.
Candra, I., Putra, D., Hermuningsih, S., & Wiyono, G. (2016). The Effect of Liquidity, Profitability and Leverage on Company Value with Dividends as a Moderation Variable in a Company Included in the LQ45 Index on the Indonesia Stock Exchange. Jurnal Bisnis dan Manajemen (Vol. 3, Issue 2). http://ejurnal.unim.ac.id/index.php/bisman/article/view/755
Denata, F., Medinal, & Panjaitan, F. (2021). Analisis Pengarugh Return on Assets (ROA), Return on Equity (ROE) dan Investment Opportunity Set (IOS) terhadap Nilai Perusahaan Jurnal Akuntansi Bisnis dam Keuangan (Vol. 8, Issue 1). JABK. www.stie-ibek.ac.id
Devi, D. A. Y., & Suardana, K. A. (2022). Dividend Policy Moderated the Influence of Profitability, Company Size, Liquidity on the Value of Banking Companies 2016–2020. European Journal of Business and Management Research, 7(3), 327–334. https://doi.org/10.24018/ejbmr.2022.7.3.1394
Dewi, & Noviari. (2017). Pengaruh Ukuran Perusahaan, Leverage, Profitabilitas dan Corporate Social Responsibility Terhadap Penghindaran Pajak (Tax Avoidence). E-Jurnal Akuntansi Universitas Udayana, Vol.21.1, 830–859. https://jurnal.harianregional.com/akuntansi/id-34029
Eka Nopiyani, P., Made Wulan Sari Sanjaya, N., & Made Rianita, N. (2018a). Pengaruh IOS pada Nilai Perusahaan dengan Kualitas Laba sebagai Variabel Moderasi. In Jurnal Ilmiah Akuntansi (Vol. 3, Issue 1). https://doi.org/10.23887/jia.v3i1.16627
Fajarian, A. Z., & Isnalita. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research, 6(10). https://doi.org/10.20431/2349-0349.0610005
Febrianty, N. N. A., & Mertha, I. M. (2021). Effect of Profitability, Investment Opportunity Set and Good Corporate Governance on Company Value. In American Journal of Humanities and Social Sciences Research (Issue 5). www.ajhssr.com
Frederica, D. (2019). The Impact of Investment Opportunity Set and Cost of Equity Toward Firm Value Moderated by Information Technology Governance. International Journal of Contemporary Accounting, 1(1), 1–12. https://doi.org/10.25105/ijca.v1i1.5181
Gregorius, P. T., & Dominicius, D. B. S. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. In Research Journal of Finance and Accounting www.iiste.org ISSN (Vol. 8, Issue 18). https://iiste.org/Journals/index.php/RJFA/issue/view/3163
Harahap, R. M., & Halim, E. H. (2022). Analisis Pengaruh Leverage dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi. Jurnal Administrasi Bisnis Terapan, 5(1). https://doi.org/10.7454/jabt.v5i1.1040
Hariyani, S. R. (2023). Pengaruh Profitabilkitas, Leverage, Investment Opportunity Set dan Firm Size Terhadap Kebijakan Dividen. Jurnal Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/issue/view/207
Hariyanti, N., & Pangestuti, I. R. D. (2021). Pengaruh Ukuran Perusahaan dan Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2012-2016). Diponegoro Journal of Management (Vol 10, No3, Tahun 2021) https://ejournal3.undip.ac.id/index.php/djom/issue/view/1590
Heliani, F. N. H. K. R. meutia. (2023). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, dan Leverage Terhadap Nilai Perusahaan. Jurnal Aktiva : Riset Akuntansi dan Keuangan 5(1): 16–31.
Hidayah, & Nurul. (2015). Pengaruh Investment Opportunity Set (IOS) dan Kepemilikan Manajerial terhadap Nilai Perusahaan pada Perusahaan Property dan Real Estat di Bursa Efek Indonesia. Jurnal Aktiva : Riset Akuntansi Dan Keuangan, 5(1), 16-31 https://doi.org/10.52005/aktiva.v5i1.177
Husna, R., & Rahayu, Y. (2020). Pengaruh Pertumbuhan Perusahaan, Kebijakan Dividen dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/issue/view/108
IDX-IC. (2021). Peluncuran Indeks Sektoral IDX-IC (IDX Industrial Classification). Http://Www.Bei.Co.Id.
Ihsan, M., Munthe, I. L. S., & Manik, T. (2019). Pengaruh Likuiditas, Leverage dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Yang Listing di Bursa Efek Indonesia Tahun 2015 – 2017. 1-19
Istri Wahyuniyasanti, C., & Mertha, M. (2022). Profitabilitas, Likuiditas, Leverage, Corporate Social Responsibility dan Nilai Perusahaan. Jurnal Akuntansi Unud Vol 32 No 3 (2022) https://doi.org/10.24843/EJA.2022.v
Junaid, A. (2018). Effect Of Dividend Policy Moderating In Effect Of Investment Decisions On Company Value (Empirical Study on Indonesian Islamic Index Company (JII) in Indonesia Stock Exchange). In YUME : Journal of Management (Vol. 1, Issue 3). https://journal.stieamkop.ac.id/index.php/yume
Juwinta, S., Muis, M., & Pono, M. (2021). The Effect of Debt Policy, Provitability, and Investment Decisions on Firm Value using Dividend Policy as a Moderating Variable on Pharmaceutical Sub-Sector Companies in the Indonesian Stock Exchange. Journal of Innovative Science and Research Technology, 6(12), 874–878.
Kanta, A. G. A., Hermanto, & Surasni, N. K. (2021). The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable (Studies in Manufacturing Companies for the 2014-2018 Period). International Journal of Multicultural and Multireligious Understanding (IJMMU) Vol 8, No 1, (2021) https://doi.org/10.18415/ijmmu.v8i1.2202
Khasanah, N. (2021). Pengaruh Keputusan Investasi dan Keputusan Pendanaan terhadap Nilai Perusahaan Dengan Kebijakan Dividen sebagai Variabel Moderating pada Perusahaan Property dan Real Estate Tahun 2015-2019. Akuntabel, 17(1), 14–28.
Kolamban, D., Murni, S., Baramuli, D., Kolamban, D. V, Murni, S., Baramuli, D. N., Ekonomi Dan Bisnis, F., & Manajemen Universitas Sam Ratulangi Manado, J. (2020). Analisis Pengaruh Leverage, Profitabilitas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Industri Perbankan yang Terdaftar di BEI. 8(3), 174–183.
Kolibu, N. N., & Saerang, I. S. (2020). Analisis Investment Opportunity Set, Corporate Governance, Risiko Bisnis dan Profitabilitas terhadap Nilai Perusahaan Consumer Goods dengan High Leverage di Bursa Efek Indonesia. Maramis… 202 Jurnal EMBA, 8(1), 202–211.
Kusuma, A. K., Hariyani, D. S., & Sulistyowati, L. N. (2022). Investment Opportunity Set and Corporate Social Responsibility on Company Value. Governance and Corporate social responsibility journal, 1(2), 76–81. https://doi.org/10.47709/governors.v1i2.1677
Kusaendri, D., & Mispiyanti. (2022). Pengaruh Profitabilitas, Keputusan Investasi, dan Keputusan Pendanaan Terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi, 4(5), 613. https://doi.org/10.33050/jmari.v3i1.2165
Lestari, W., & Triyani, Y. (2018). Analisis Pengaruh Investment Opportunity Set dan Komponen Corporate Governance terhadap nilai Perusahaan. Jurnal Akuntansi, https://jurnal.kwikkiangie.ac.id/index.php/JA/issue/view/53.
Ludiyono, S., & Sutrisno. (2022). The Effect of Profitability and Leverage on Firm Value with Dividend Policy as Moderating Variable: Cases on Lq-45 Listed Company. International Journal of Economics, Business and Management Research, 06(07), 91–106. https://doi.org/10.51505/ijebmr.2022.6707
Mahdalena, & Endang. (2023). Pengaruh Struktur Modal Terhadap Profitabilitas Serta Dampaknya pada Nilai Perusahaan yang Dimoderasai oleh Ukuran Perusahaan Studi pada Perusahaan Sektor Non Keuangan yang terdaftar di BEI 2019-2022. Institutional Repositories & Scientific Journals. http://repository.unpas.ac.id/id/eprint/66501
Maitriyadewi, N. L. R. P., & Noviari, N. (2020). Manajemen Laba, Profitabilitas dan Kepemilikan Keluarga dan Tax Avoidance. E-Jurnal Akuntansi, 30(6), 1382. https://doi.org/10.24843/eja.2020.v30.i06.p04
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of Profitability, Leverage, and Liquidity to the Firm Value. DIJEFA: Dinasti International Journal of Economics, Finance, & Accounting, Volume 1, Issue 1, 83-94. https://doi.org/10.31933/DIJEFA
Matruty, D. J., Loppies, L. S., & Lawalata, M. J. (2023). The Effect of Return on Asset, Debt to Equity Ratio and Current Ratio on Price to Book Value (Case Study on Food ando Beverage Subsector Companies Listed on the Indonesian Stock Exchange Period 2019-2022). Jurnal Ekonomi, 12, (2023). http://ejournal.seaninstitute.or.id/index.php/Ekonomi
Miraningrum, T., & Wendy. (2023). Pengaruh Keputusan Pendanaan dan Keputusan Investasi terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Pemoderasi. Prosiding Management Business Innovation Conference https://jurnal.untan.ac.id/index.php/MBIC/issue/view/2125
Monika, & Utami, S. E. (2023). Analisis Pengaruh Profitabilitas, Likuiditas, Kebijakan Dividen, dan Keputusan Investasi Terhadap Nilai Perusahaan pada Perusahaan Sekor Industri Farmasi di Bursa Efek Indonesia. Jurnal Pendidikan Manajemen Perkantoran, 2(2). https://doi.org/10.17509/jpm.v2i2.8111
Nadalia, U., Wibowo A.S, R. E., & Ridwan, M. (2023). Kebijakan Deviden Memoderasi Pengaruh Profitabilitas, Kebijakan Utang dan Keputusan Investasi Terhadap Nilai Perusahaan Periode 2019-2022. Prosiding Seminar Nasional UNIMUS (Volume 6, 2023)
Oktaria, M., & Alexandro, R. (2020). Analysis of the Influence of Capital Structure, Investment Opportunity Set and Profitability to Value Companies in Manufacturing Companies Before and During Pandemic COVID-19. Jurnal Ilmiah Mahasiswa Akuntansi, 11(1), 126–131.
Prambanan, C. (2022). Analisis Pengaruh Investment Opportunity Set, Free Cash Flow, dan Sales Growth terhadap Nilai Perusahaan pada Perusahaan Sektor Industri Barang dan Konsumsi di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Akuntansi Vol 5, No 10 https://journal.widyadharma.ac.id/index.php/finacc/issue/view/141
Pratama, G., & Nurhayati, I. (2022). Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi. Jurnal Ilmiah Mahasiswa Akuntansi Undiksha Vol 13, No 22 https://ejournal.undiksha.ac.id/index.php/S1ak/issue/view/2257
Prihanta, S. M., Hapsari, I., Santoso, S. B., & Wibowo, H. (2023). Effect of Profitability, Leverage, and Liquidity on Company Value with Dividend Policy as A Moderation Variable (In IDX High Dividend Companies 20 Period 2017 – 2021). Formosa Journal of Applied Sciences, 2(1), 1–24. https://doi.org/10.55927/fjas.v2i1.2393
Pujiati, A., Akuntansi, J., & Bandung, P. N. (2020). Analisis Pengaruh Profitabilitas, Kebijakan Dividen, Inflasi dan Nilai Tukar terhadap Nilai Perusahaan Analysis of the influence of profitability, dividend policy, inflation and exchange rate on firm value Fatmi Hadiani. Journal of Applied Islamic Economics and Finance, 1(1), 160–170.
Puspitasari, & Novia. (2014). Faktor-Faktor yang Berpengaruh terhadap Kebijakan Dividen. DIPONEGORO JOURNAL OF ACCOUNTING, 3(2). http://ejournal-s1.undip.ac.id/index.php/accounting
Putra, Y. A. et. al. (2022). Profitabilitas, Struktur Modal, Ukuran Perusahaan, dan Kebijakan Dividen terhadap Nilai Perusahaan di BEI. Jurnal Ilmiah Komputer Akuntansi Vol 15, No 1, (2022), 110–121. http://journal.stekom.ac.id/index.php/kompak€page110
Ragil Saputri, D., & Bahri, S. (2021). The Effect Of Leverage, Profitability, And Dividend Policy On Firm Value. International Journal of Educational Research & Social Sciences. https://ijersc.org
Rahim, A., Hastuti, D., & Firmansyah. (2019). Aplikasi EViews 10 student lite dengan analisis data panel pada mahasiswa Program Studi Agribisnis.
Restukumala. (2017). Pengaruh Kebijakan Dividen dan Kepemilikan Institusional nterhadap Nilai Perusahaan pada Perusahaan Sektor Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Periode 2010-2014. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya. https://www.jtanzilco.com/blog/detail/758/slug/internal-control-coso
Reynanda, C. J. (2022). Pengaruh Ukuran Perusahaan, Leverage, Struktur Modal, dan Kepemilikan Manajerial terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Pemoderasi pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2020. Skripsi Universitas Widya Dharmahttp://repository.unwidha.ac.id:880/id/eprint/2919
Rizki, M. K., Agriyanto, R., & Farida, D. N. (2019). The Effect of Sustainability Report and Profitability on Company Value. Economica: Jurnal Ekonomi Islam, 10(1), 117–140. https://doi.org/10.21580/economica.2019.10.1.3747
Sa’diyah, H., Ayu, T., & Sari, M. (2021). Characteristic Board of Directors and Investment Opportunity Set on Firm Value. Jurnal Sustainable, 01(2). http://journal.um-surabaya.ac.id/index.php/sustainable/index
Sari Indah Ayu Roosiana dan Priyadi Patuh Maswar. 2016. Pengaruh Leverage, Profitabilitas, dan Growth Opportunity Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Manajemen. Vol 5. No 10 (2016). ISSN : 2461-0593.
Satria, H., Tinggi, S., Ekonomi, I., & Tanjungpinang, P. (2021). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating. Economic, Accounting Scientific Journal, Vol 4. No 02, (2021) https://doi.org/https://doi.org/10.52624/cash.v4i02.1802
Septianti. (2018). Pengaruh Likuiditas, Profitabilitas, dan Leverage terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi (Studi Empiris Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2021). Jurnal Institutional Repository UIN Syarif Hidayatullah. https://repository.uinjkt.ac.id/dspace/handle/123456789/71401
Setiawan, D. E., & Rahmawati, I. Y. (2020). The effect of Liquidity, Profitability, Leverage on Corporate Value with Dividend Policy and BI Rates as Moderated Variabels (Study of Banking Companies Listed on the Indonesia Stock Exchange in 2014-2017). Economics & Business Solutions Journal (Vol. 4, Issue 1).
Setyawati, L. W., & Lim, M. (2018). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Leverage, dan Pengungkapan Sosial Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015. Jurnal Akuntansi Atma Jaya, Vol 12, No 01 (2018) https://doi.org/https://doi.org/10.25170/jara.v12i1.57
Sherly. (2021). Pengaruh Leverage, Profitabilitas, dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2016-2019. Jurnal Multiparadigma Akuntansi, Volume III No. 4/2021: 1507-1516
Silvia, ., & Toni, N. (2020). The effect of profitability and capital structure against company value with dividend policy as moderator variable in consumption companies registered on the 2014-2018 IDX. Research, Society and Development, 9(11). https://doi.org/10.33448/rsd-v9i11.9260
