Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Variabel Moderasi Dividen

Najah Shufi Adzqiaus Salam


Abstract. This study aims to determine and analyze the effect of financial performance proxied by current ratio, return on assets, total assets turnover, economic value added, and market value added to firm value with dividend payout ratio as the moderating variable. The population in this study is Infrastructure companies listed on the Indonesia Stock Exchange (IDX) 2016-2020. Sample selection used purposive sampling technique by determining certain criteria which resulted in 20 companies as samples. This research data is taken from the financial statements of companies in the infrastructure sector. This study uses several tests, including: classic assumption test, panel data regression test, and MRA test. The results of this study are that financial peroformance has a negative significant on firm value, economic value added has no significant positive effect on firm value, and market value added has a positive significant effect on firm value. The results of the moderating variable used by dividend payout ratio are that financial performance can strengthen the effect of financial performance on firm value proxied by current ratio and return on assets. Meanwhile dividend payout ratio does not moderate the effect of total assets turnover, economic value added, and market value added on firm value.


Keywords. Financial Performance; Firm Value; Dividend Payout Ratio.


Abstrak. Penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh kinerja keuangan yang diproksikan dengan current ratio, return on assets, total assets turnover, economic value added, dan market value added terhadap nilai perusahaan dengan dividend payout ratio sebagai variabel moderasi. Populasi dalam penelitian ini adalah perusahaan Infrastruktur yang terdaftar di Bursa Efek Indonesia (BEI) 2016-2020. Pemilihan sampel menggunakan teknik purposive sampling dengan menentukan kriteria tertentu yang menghasilkan 20 perusahaan sebagai sampel. Data penelitian ini diambil dari laporan keuangan perusahaan di sektor infrastruktur. Penelitian ini menggunakan beberapa pengujian, antara lain: uji asumsi klasik, uji regresi data panel, dan uji MRA. Hasil penelitian ini adalah kinerja keuangan berpengaruh negatif signifikan terhadap nilai perusahaan, nilai tambah ekonomi berpengaruh positif tidak signifikan terhadap nilai perusahaan, dan nilai tambah pasar berpengaruh signifikan positif terhadap nilai perusahaan. Hasil dari variabel pemoderasi yang digunakan oleh dividend payout ratio adalah bahwa kinerja keuangan dapat memperkuat pengaruh kinerja keuangan terhadap nilai perusahaan yang diproksikan dengan current ratio dan return on assets. Sedangkan dividend payout ratio tidak memoderasi pengaruh total assets turnover, economic value added, dan market value added terhadap fitm value.


Kata kunci. Kinerja Keuangan; Nilai Perusahaan; Dividend Payout Ratio.

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