PENGARUH RASIO KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi pada Perusahaan Manufaktur di BEI Periode Tahun 2012-2016)

Abstract

This study aims to analyze the financial ratio to the company value (Tobin's Q) in manufacturing companies that are listed on the Indonesia Stock Exchange in the period of 2012-2016. The independent variables used in the study are profitability ratio (ROA), leverage ratio (DER), liquidity ratio (CR), and activity ratio (TATO), with dividend policy (DPR) as an intervening variable. The population used in this study are all manufacturing companies listed on the Indonesia Stock Exchange in the period of 2012-2016. This study using purposive sampling with a total sample of 20 companies and a total data amount of 100 research data. The method of data analysis used in this study is multiple linear regression analysis. The results showed that profitability ratios and liquidity ratio have a positive and significant effect on dividend policy, leverage ratios have a negative and insignificant effect to dividend policy, the ratio of activity has a negative and significant effect to dividend policy. Profitability ratios, liquidity ratios, and dividend policies have a positive and significant effect on firm value, while leverage ratios and activity ratios have a positive and insignificant effect on firm value. The dividend policy is not able to mediate the effect of profitability ratios, leverage ratios, liquidity ratios, and activity ratios to firm value.