THE ANALYSIS OF FINANCIAL PERFORMANCE ON FIRM VALUE THROUGH DIVIDEND POLICY IN CONSUMER GOODS INDUSTRY

Author Name: 1. Widya Sari 2. Manuel Pasaribu 3. Henni Ramasta Saragih 4. Lilis Suryanti Br Manjuntak

Volume/Issue: 02/01

Country: Indonesia

DOI NO.: 08.2020-25662434 DOI Link: https://www.doi-ds.org/doilink/07.2021-15988382/UIJIR

Affiliation:

1. Lecturer of Universitas Prima Indonesia, Medan, Indonesia
2. Student of Universitas Prima Indonesia, Medan, Indonesia
3. Student of Universitas Prima Indonesia, Medan, Indonesia
4. Student of Universitas Prima Indonesia, Medan, Indonesia

ABSTRACT

The purpose of this study was to determine how the effect of Profitability (ROA, ROE), and Firm Growth on Firm Value and Dividend Policy as moderating variables. This research was conducted on companies in the consumer goods industry sector on the Indonesia Stock Exchange for the 2015-2019 period. The population used in conducting this study was obtained from the consumer goods industrial sector companies listed on the Indonesia Stock Exchange which have a total of 53 companies. Sampling was carried out using purposive sampling method and 9 companies were selected as samples that met the criteria of 53 publicly listed companies on the Indonesia Stock Exchange. The data analysis method in this study used Multiple Linear Regression Analysis and Moderation Regression. The type of data used was secondary data obtained from www.idx.co.id, company web-sites and other research-related sites. The results showed that partially Return on Assets with a value of tcount>ttable (3,424>2,01954) had an effect on firm value. Simultaneously ROA, ROE and Firm Growth have an effect on firm value with the results obtained Fcount>Ftable (5,323>2,84). By using dividend policy as a moderating variable, the ROA, ROE and Firm Growth simultaneously affect firm value with a value of Fcount>Ftable (2,850>2,61). Meanwhile, the Coefficient of Determination obtained the Adjusted R² value of 0,228 or 22,8% and with the moderating variable of dividend policy the Adjusted R² value changed to 0,201 or 20,1%.

Key words: Firm Value, Profitability (ROA, ROE), Firm Growth, Dividend Policy.