ANALYSIS OF THE EFFECT OF FINANCIAL RATIO AND DIVIDEND POLICY ON COMPANY VALUE IN MANUFACTURING COMPANIES ERA 2018-2022
DOI:
https://doi.org/10.30738/ja.v12i2.4417Keywords:
Leverage, Liquidity, Profitability, Dividend Policy, Company Value.Abstract
Main Purpose - This research was conducted with the aim of testing the effect of leverage, liquidity, profitability on company value. The research population is manufacturing companies listed on the Indonesia Stock Exchange (BEI) 2018-2022. Design/methodology/approach - The sample obtained was 18 manufacturing companies based on purposive sampling criteria. Data analysis used descriptive statistics, multiple linear regression analysis, normality test and hypothesis testing with SPSS version 22.0. Main Findings - Based on the case phenomenon experienced by PT. Wijaya Karya (Persero) Tbk (WIKA) experienced a decline in performance due to a decrease in net profit generated by the company which resulted in the value per share decreasing. So the research results show that leverage has a positive effect on company value, liquidity has no effect on company value, profitability has a positive effect on company value and dividend policy has a positive effect on company value. Theory and Practical Implications - So the implication in this research is to know the level of increase or decrease in company value based on the company's ability to fulfill its obligations, earn profits and distribute dividends by the company which are taken into consideration when investing in the company. The level of company liquidation does not influence investors to invest because investors usually consider the profits generated by the company. NoveltyWith a different manufacturing research object and research period than previous research
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References
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Anggraeni, MDP (2020). THE EFFECT OF PROFITABILITY, LIQUIDITY, AND LEVERAGE ON COMPANY VALUE WITH DIVIDEND POLICY AS A MODERATING VARIABLE (Study on Manufacturing Companies Listed on the Indonesia Stock Exchange in 2016-2018). State Islamic University of Maulana Malik Ibrahim, 2013–2015.
Anita, N., Putry, C., Wardani, DK, & Jati, DP (2020). The Influence of Self-Efficacy on Entrepreneurial Interest Through Motivation as an Intervening Variable. 6, 14–24.
Ardianto, MJ, Chabachib, M., & Mawardi, W. (2017). The Effect of Institutional Ownership, DER, ROA, and Current Ratio on Company Value with Dividend Policy as an Intervening Variable (Study on Manufacturing Companies on the IDX for the Period 2011-2015). Journal of Diponegoro University, 7(2), 107–115. http://eprints.undip.ac.id/58425/
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Dessriadi, GA, Harsuti, H., Muntahanah, S., & Murdijaningsih, T. (2022). The Effect of Dividend Policy, Leverage and Profitability on the Value of LQ-45 Companies Listed on the Indonesia Stock Exchange. Ekonomis: Journal of Economics and Business, 6(1), 195. https://doi.org/10.33087/ekonomis.v6i1.506
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Fauzi, A., & Nurmatias, N. (2015). The Effect of Profitability and Leverage on Company Value with Dividend Policy as an Intervening Variable in Companies Listed on the IDX in 2013. Economics and Business, 2(2), 177–202. https://doi.org/10.35590/jeb.v2i2.719
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Heliani, Nur Hidayah K Fadhilah, & Meutia Riany. (2023). Analysis of the Influence of Profitability, Company Size and Leverage on Company Value. Journal of Assets: Accounting and Financial Research, 5(1), 16–31. https://doi.org/10.52005/aktiva.v5i1.177
Hermuningsih, S., & Wardani, DK (2009). Factors Affecting Company Value in Companies Listed on the Malaysia Stock Exchange and the Indonesia Stock Exchange. Journal of Business Strategy, 13(2), 173–183. https://doi.org/10.20885/jsb.vol13.iss2.art5
Hidayat, WW (2019). The Effect of Company Size, Return on Equity and Leverage on Company Value in Manufacturing Companies in Indonesia. Faculty of Economics, 21(1), 67–75. http://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI
Hutama, JFD (2022). The Effect of Capital Structure, Company Size, Profitability, and Dividend Policy on the Company Value of the Lq45 Index (2015-2019). Parsimonia - Journal of Economics and Business, 8(1), 1–11. https://doi.org/10.33479/parsimonia.2021.8.1.1-11
Indriyani, E. (2017). The Effect of Company Size and Profitability on Company Value. Accountability, 10(2), 333–348. https://doi.org/10.15408/akt.v10i2.4649
Irawan, A., Setiawan, S., & Andini, RD (2022). The Effect of Profitability, Leverage, and Dividend Policy on Company Value in LQ45 Companies. JPEKA: Journal of Economic, Management and Financial Education, 6(1), 1–14. https://doi.org/10.26740/jpeka.v6n1.p1-14
Jariah, A. (2016). Liquidity, Leverage, Profitability and Their Influence on Manufacturing Company Value in Indonesia Through Dividend Policy. Indonesian Accounting and Finance Research, 1(2), 108–118. https://doi.org/10.23917/reaksi.v1i2.2727
Kumalasari, KP, & Sudarma, M. (2013). A Critical Perspective towards Agency Theory. Multiparadigma Accounting Journal, 4. https://doi.org/10.18202/jamal.2013.08.7197
Luh, N., Gayatri, P.R., & Ketut Mustanda, I. (2019). The Influence of Capital Structure, Dividend Policy and Investment Decisions on Firm Value. Business Management, 1, 1700–1718.
Lumoly, S., Murni, S., & Untu, VN (2018). The Effect of Liquidity, Company Size and Profitability on Company Value (Study on Metal Companies and the Like Listed on the Indonesia Stock Exchange). EMBA Journal, 6(3), 1108–1117.
Muharramah, R., & Hakim, MZ (2021). Company Size, Profitability to Company Value. Proceedings of the National Seminar on Economics and Business, 2017, 569–576.
Munzir, M., Andriyan, Y., & Hidayat, R. (2023). Consumer Goods: The Effect of Profitability and Leverage on Company Value Mediated by Corporate Social Responsibility. Journal of Accounting and Governance, 3(2), 153. https://doi.org/10.24853/jago.3.2.153-165
Prastuti Ni, I. gede S. (2016). Faculty of Economics and Business, Udayana University, Bali, Indonesia INTRODUCTION The purpose of the company is to gain maximum profit, to prosper the shareholders or company owners, and then aim to maximize the company's value. Unud Management Journal, 5(3), 1572–1598.
Pratama, G., & Nurhayati, I. (2014). As a Moderating Variable. Journal of Economics and Business, 1(2), 51–66.
Rahmasari, DR, Suryani, E., & Oktaryani, S. (2019). The Effect of Leverage and Liquidity on Company Value with Dividend Policy as an Intervening Variable. Journal of Socioeconomics and Humanities, 5(1), 66–83. https://doi.org/10.29303/jseh.v5i1.34
Rai Prastuti, N., & Merta Sudiartha, I. (2016). The Influence of Capital Structure, Dividend Policy, and Company Size on Company Value in Manufacturing Companies. None, 5(3), 254202.
Robiyanto, R., Nafiah, I., Harijono, H., & Inggarwati, K. (2020). The Effect of Profitability on the Value of Hotel and Tourism Companies with Capital Structure as an Intervening Variable. Asian Journal of Business and Economics, 14(1), 46–57. https://doi.org/10.32812/jibeka.v14i1.153
Sambora, MN, Handayani, SR, & Rahayu, SM (2014). The Effect of Leverage and Profitability on Firm Value (Study on Food and Beverages Companies Listed on the Stock Exchange for the Period of 2009-2012). Journal of Business Administration (JAB), 8(1), 1–10.
Senata, M. (2016). The Effect of Dividend Policy on the Value of Companies Listed on the LQ-45 Index of the Indonesia Stock Exchange. Jurnal Wira Ekonomi Mikroskil, 6(1), 73–84. https://doi.org/10.55601/jwem.v6i1.276
Solikahan, EZ ., Ratnawati, K ., & Helmy, AD (2013). The Effect of Leverage and Investment on Company Value The Effect of Leverage and Investment on Company Value (A Study on Food and Beverage Companies on the Indonesia Stock Exchange). Journal of Management Applications, 11(3), 427–433.
Sugiyono, D. (2010). Qualitative quantitative research methods and R&D. In Alfabeta Publisher.
Suwardika and Mustanda. (2017). Faculty of Economics and Business, Udayana University (Unud), Bali, Indonesia Generally, a company will always try to achieve its goals, both long-term goals, for example, being able to increase the company's value and prosper shareholders. 6(3), 1248–1277.
Utomo, NA (2016). Factors Affecting Company Value in LQ45 Index Companies in Brsa Efek Indonesia. Dynamics of Accounting, Finance and Banking, 5(1), 82–94. https://www.unisbank.ac.id/ojs/index.php/fe9/article/view/5573
Wardani, DK, & Susilowati, WT (2020). The Effect of Agency Cost on Company Value with Information Transparency as a Moderating Variable. Maranatha Accounting Journal, 12(1), 1–12. https://doi.org/10.28932/jam.v12i1.2289
Agustiningsih, W., & Septiani, ND (2022). The effect of company size, leverage, and profitability on company value. Fair Value: Scientific Journal of Accounting and Finance, 5(3), 1433–1440. https://doi.org/10.32670/fairvalue.v5i3.2465
Ali, J., Faroji, R., & Ali, O. (2021b). The Effect of Profitability on Company Value (Empirical Study of Consumer Goods Industry Sector Companies on the Indonesia Stock Exchange in 2017-2019). Journal of Civilization, 1(2), 128–135.
Anggraeni, MDP (2020). THE EFFECT OF PROFITABILITY, LIQUIDITY, AND LEVERAGE ON COMPANY VALUE WITH DIVIDEND POLICY AS A MODERATING VARIABLE (Study on Manufacturing Companies Listed on the Indonesia Stock Exchange in 2016-2018). State Islamic University of Maulana Malik Ibrahim, 2013–2015.
Anita, N., Putry, C., Wardani, DK, & Jati, DP (2020). The Influence of Self-Efficacy on Entrepreneurial Interest Through Motivation as an Intervening Variable. 6, 14–24.
Ardianto, MJ, Chabachib, M., & Mawardi, W. (2017). The Effect of Institutional Ownership, DER, ROA, and Current Ratio on Company Value with Dividend Policy as an Intervening Variable (Study on Manufacturing Companies on the IDX for the Period 2011-2015). Journal of Diponegoro University, 7(2), 107–115. http://eprints.undip.ac.id/58425/
Azhar, ZA, & Wijayanto, A. (2018). The Effect of Profitability on Company Value Through Dividend Policy as an Intervening Variable (Study on Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2012-2016). Journal of Business Administration, 7(4), 137–146. https://ejournal3.undip.ac.id/index.php/jiab/article/view/21918/0
cnbcindonesia. (2022). Wijaya Karya (WIKA) Profit Drops 36% in 2021. In Cnbcindonesia.Com. https://www.cnbcindonesia.com/market/20220315093853-17-322810/duh-laba-wijaya-karya--wika--anjlok-36-pada-2021/amp
Dessriadi, GA, Harsuti, H., Muntahanah, S., & Murdijaningsih, T. (2022). The Effect of Dividend Policy, Leverage and Profitability on the Value of LQ-45 Companies Listed on the Indonesia Stock Exchange. Ekonomis: Journal of Economics and Business, 6(1), 195. https://doi.org/10.33087/ekonomis.v6i1.506
Fakhrana Oktaviarni, Yetty Murni, & BS (2019). The Effect of Profitability, Liquidity, Leverage, Dividend Policy, and Size on Company Value. Journal of Accounting, 9(1), 1–16. https://jurnal.unej.ac.id/index.php/JAUJ/article/view/8992
Fauzi, A., & Nurmatias, N. (2015). The Effect of Profitability and Leverage on Company Value with Dividend Policy as an Intervening Variable in Companies Listed on the IDX in 2013. Economics and Business, 2(2), 177–202. https://doi.org/10.35590/jeb.v2i2.719
Firlana, A., & Irhan, F. (2020). The Effect of Company Size, Profitability and Liquidity on Dividend Policy and Company Value in Manufacturing Companies Listed on the Indonesia Stock Exchange. Scientific Journal of Management Economics Students, 5(1), 62–81. http:jim.unsyiah.ac.id/ekm
Heliani, Nur Hidayah K Fadhilah, & Meutia Riany. (2023). Analysis of the Influence of Profitability, Company Size and Leverage on Company Value. Journal of Assets: Accounting and Financial Research, 5(1), 16–31. https://doi.org/10.52005/aktiva.v5i1.177
Hermuningsih, S., & Wardani, DK (2009). Factors Affecting Company Value in Companies Listed on the Malaysia Stock Exchange and the Indonesia Stock Exchange. Journal of Business Strategy, 13(2), 173–183. https://doi.org/10.20885/jsb.vol13.iss2.art5
Hidayat, WW (2019). The Effect of Company Size, Return on Equity and Leverage on Company Value in Manufacturing Companies in Indonesia. Faculty of Economics, 21(1), 67–75. http://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI
Hutama, JFD (2022). The Effect of Capital Structure, Company Size, Profitability, and Dividend Policy on the Company Value of the Lq45 Index (2015-2019). Parsimonia - Journal of Economics and Business, 8(1), 1–11. https://doi.org/10.33479/parsimonia.2021.8.1.1-11
Indriyani, E. (2017). The Effect of Company Size and Profitability on Company Value. Accountability, 10(2), 333–348. https://doi.org/10.15408/akt.v10i2.4649
Irawan, A., Setiawan, S., & Andini, RD (2022). The Effect of Profitability, Leverage, and Dividend Policy on Company Value in LQ45 Companies. JPEKA: Journal of Economic, Management and Financial Education, 6(1), 1–14. https://doi.org/10.26740/jpeka.v6n1.p1-14
Jariah, A. (2016). Liquidity, Leverage, Profitability and Their Influence on Manufacturing Company Value in Indonesia Through Dividend Policy. Indonesian Accounting and Finance Research, 1(2), 108–118. https://doi.org/10.23917/reaksi.v1i2.2727
Kumalasari, KP, & Sudarma, M. (2013). A Critical Perspective towards Agency Theory. Multiparadigma Accounting Journal, 4. https://doi.org/10.18202/jamal.2013.08.7197
Luh, N., Gayatri, P.R., & Ketut Mustanda, I. (2019). The Influence of Capital Structure, Dividend Policy and Investment Decisions on Firm Value. Business Management, 1, 1700–1718.
Lumoly, S., Murni, S., & Untu, VN (2018). The Effect of Liquidity, Company Size and Profitability on Company Value (Study on Metal Companies and the Like Listed on the Indonesia Stock Exchange). EMBA Journal, 6(3), 1108–1117.
Muharramah, R., & Hakim, MZ (2021). Company Size, Profitability to Company Value. Proceedings of the National Seminar on Economics and Business, 2017, 569–576.
Munzir, M., Andriyan, Y., & Hidayat, R. (2023). Consumer Goods: The Effect of Profitability and Leverage on Company Value Mediated by Corporate Social Responsibility. Journal of Accounting and Governance, 3(2), 153. https://doi.org/10.24853/jago.3.2.153-165
Prastuti Ni, I. gede S. (2016). Faculty of Economics and Business, Udayana University, Bali, Indonesia INTRODUCTION The purpose of the company is to gain maximum profit, to prosper the shareholders or company owners, and then aim to maximize the company's value. Unud Management Journal, 5(3), 1572–1598.
Pratama, G., & Nurhayati, I. (2014). As a Moderating Variable. Journal of Economics and Business, 1(2), 51–66.
Rahmasari, DR, Suryani, E., & Oktaryani, S. (2019). The Effect of Leverage and Liquidity on Company Value with Dividend Policy as an Intervening Variable. Journal of Socioeconomics and Humanities, 5(1), 66–83. https://doi.org/10.29303/jseh.v5i1.34
Rai Prastuti, N., & Merta Sudiartha, I. (2016). The Influence of Capital Structure, Dividend Policy, and Company Size on Company Value in Manufacturing Companies. None, 5(3), 254202.
Robiyanto, R., Nafiah, I., Harijono, H., & Inggarwati, K. (2020). The Effect of Profitability on the Value of Hotel and Tourism Companies with Capital Structure as an Intervening Variable. Asian Journal of Business and Economics, 14(1), 46–57. https://doi.org/10.32812/jibeka.v14i1.153
Sambora, MN, Handayani, SR, & Rahayu, SM (2014). The Effect of Leverage and Profitability on Firm Value (Study on Food and Beverages Companies Listed on the Stock Exchange for the Period of 2009-2012). Journal of Business Administration (JAB), 8(1), 1–10.
Senata, M. (2016). The Effect of Dividend Policy on the Value of Companies Listed on the LQ-45 Index of the Indonesia Stock Exchange. Jurnal Wira Ekonomi Mikroskil, 6(1), 73–84. https://doi.org/10.55601/jwem.v6i1.276
Solikahan, EZ ., Ratnawati, K ., & Helmy, AD (2013). The Effect of Leverage and Investment on Company Value The Effect of Leverage and Investment on Company Value (A Study on Food and Beverage Companies on the Indonesia Stock Exchange). Journal of Management Applications, 11(3), 427–433.
Sugiyono, D. (2010). Qualitative quantitative research methods and R&D. In Alfabeta Publisher.
Suwardika and Mustanda. (2017). Faculty of Economics and Business, Udayana University (Unud), Bali, Indonesia Generally, a company will always try to achieve its goals, both long-term goals, for example, being able to increase the company's value and prosper shareholders. 6(3), 1248–1277.
Utomo, NA (2016). Factors Affecting Company Value in LQ45 Index Companies in Brsa Efek Indonesia. Dynamics of Accounting, Finance and Banking, 5(1), 82–94. https://www.unisbank.ac.id/ojs/index.php/fe9/article/view/5573
Wardani, DK, & Susilowati, WT (2020). The Effect of Agency Cost on Company Value with Information Transparency as a Moderating Variable. Maranatha Accounting Journal, 12(1), 1–12. https://doi.org/10.28932/jam.v12i1.2289
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2024-12-31
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