PENGARUH LIKUIDITAS DAN KEPEMILIKAN INSTITUSIONAL TERHADAP NILAI PERUSAHAAN DIMODERASI OLEH KEBIJAKAN DIVIDEN PADA PERUSAHAAN PERTAMBANGAN TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

This study aims to examine and analyze liquidity and institutional ownership of firm value and to analyze whether dividend policy can be a moderating variable. The population in this study increased by 49 mining companies in all sectors on the Indonesia Stock Exchange. The sampling technique used was purposive sampling method, so that obtained 11 sample companies in 4 observation periods (2015-2018) and produced 44 observation data. Data obtained from financial statements that have been collected on the Indonesia Stock Exchange website and company website. Data analysis techniques used are inferential statistical analysis and multiple linear regression analysis. The process of data analysis is descriptive statistics, classic assumption tests, multiple linear regression analysis then testing hypotheses with non-parametric inferential statistics. The results showed that institutional ownership had a significant positive effect on firm value, while liquidity had no significant positive effect on firm value. The results of simultaneous liquidity and institutional ownership have a significant positive effect on firm value. The results of moderate studies show that dividend policy is not significant in moderating the relationship between institutional ownership of firm value and dividend policy is not significant in moderating the relationship between liquidity and firm value.