THE INFLUENCE OF PROFITABILITY, LIQUIDITY, DIVIDEND POLICY AND FIRM SIZE ON FIRM VALUE
Keywords:
Profitability, Liquidity, Dividend Policy, Firm Size, Firm Value
Abstract
This study aims to examine and analyze the effect of profitability, liquidity, dividend policy and firm size on firm value. The population of mining companies listed on the Indonesia Stock Exchange in 2017-2021 is 47 companies. This type of research is causal associative research. Non-probability sampling technique with purposive sampling technique. Documentation data collection techniques. The data analysis technique is multiple linear regression analysis. The findings of profitability, liquidity, dividend policy and firm size have no effect on firm value. This research can be a reference and add useful information for investors to be more selective in investing.
References
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Azizah, D. G., & Widyawati, D. (2021). The Effect of Financial Performance and Firm Size on Firm Value in Food and Beverages Companies on the IDX. Journal of Accounting Science And Research, 10(1), 1–18.
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Dewi, L. A., & Praptoyo, S. (2019). The Effect of Firm Size, Profitability, and Leverage on Firm Value. Journal of Accounting Science and Research, 8(September), 1–17.
Dewi, L. S., & Abundanti, N. (2019). The Effect of Profitability, Liquidity, Institutional Ownership and Managerial Ownership on Firm Value. E-Journal of Management, 8(10), 6099–6118. https://doi.org/https://doi.org/10.24843/EJMUNUD.2019.v08.i10.p12
Dwiputra, T., & Viriany. (2020). Effect of Profitability, Liquidity, Leverage, Firm Size and Dividend Policy on Firm Value. Journal of Multiparadigm Accounting Tarumanagara, 2, 982–990.
Farizki, FI, Suhendro, S., & Masitoh, E. (2021). Effect of Profitability, Leverage, Liquidity, Firm Size and Asset Structure on Firm Value. Economics: Journal of Economics and Business, 5(1), 17. https://doi.org/10.33087/ Ekonomis.v5i1.273
Hendraliany, S. (2019). The Effect of Profitability, Company Size, Company Growth, Dividend Policy and Investment Decisions on Company Value (Empirical Study on Property and Real Estate Companies Listed on the Indonesia Stock Exchange 2013-2017 Period). Journal of Economics and Management, 8(1), 47–58.
Indrayani, N. kadeki, Endiana, IDM, & Pramesti, IGAA (2022). Effect of Firm Size, Profitability, Dividend Policy, Leverage and Liquidity on Firm Value. Journal of Kharisma, 11(1), 1. https://doi.org/10.24114/niaga.v11i1.28449
Irawan, D., & Kusuma, N. (2019). Effect of Capital Structure and Firm Size on Firm Value. STIE Trisna Negara Actual Journal, 17(1), 66–81. https://doi.org/10.47232/aktual.v17i1.34
Janie, DNA (2012). Descriptive statistics & multiple linear regression with SPSS (A. Dr. Hj. Ardiani Ika S., SE, MM (ed.)). Semarang University Press.
Jayanti, FD (2018). The Effect of Profitability, Capital Structure, Liquidity and Firm Size on Firm Value. Journal of Economic Frames, 3(2), 34–44.
Jenali, S. D. E., & Amanah, La. (2019). Debt Policy, Dividend Policy, Profitability and Free Cash Flow on Company Value. Journal of Accounting Science And Research, 8(1), 1–16.
Kalalo, M. C. Y., VSaerang, I. S., & Maramis, J. B (2020). The Effect of Firm Size and Profitability on Capital Structure and Value of Plastic and Packaging Companies Listed in BEI Period 2013-2017. Journal of EMBA: Journal of Economic Research, Management, Business and Accounting, 8(4), 467–474. https://doi.org/10.35794/emba.v8i4.30861
Komala, P. S., Endiana, I. D. M., Kumalasari, P. D., & Rahindayati, N. M. (2021). The Effect of Profitability, Solvency, Liquidity, Investment Decisions and Funding Decisions on Firm Value. KARMA (Accounting Student Research Work), 1(1), 40–50.
Kurnia, D. (2019). The Effect of Profitability, Dividend Policy and Stock Prices on Company Value. Journal of Accounting: Scientific Study of Accounting (JAK), 6(2), 178. https://doi.org/10.30656/jak.v6i2.1433
Kurniawan, M. Z (2020). Analysis of Investment Decisions, Funding Decisions, and Dividend Policy on Company Value Lq-45 Index. Ekonika: Journal of Economics, Kadiri University, 5(1), 113. https://doi.org/10.30737/ekonika.v5i1.847
Laksono, B. S., & Rahayu, Y. (2021). The Effect of Profitability, Investment Decision, and Firm Size on Firm Value. Journal of Accounting Science And Research, 10(1), 1–17.
Lubis, I. L., Sinaga, BM, & Sasongko, H. (2017). The effect of profitability, capital structure, and liquidity on firm value. Journal of Business and Management Applications, 3(3), 458–465.
Lusia, B. (2017). The Effect of Profitability (ROE), Liquidity (CR) and Solvency (DER) on Firm Value (PBV) in Manufacturing Sector Companies Listed on the Indonesia Stock Exchange. Journal of FinAcc, 2(1), 169–180.
Midu, S., Machmud, R., & Ishak, IM (2021). The Effect of Dividend Policy and Firm Size on Company Value in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Stock Exchange Indonesian Company Value 2015 – 2018. Journal of Accounting and Business Krisnadwipayana, 8(3), 125–134. https://doi.org/10.35137/jabk.v8i3.593
Muslichah, & Bahri, S. (2021). Management Accounting Theory and Applications (First). Media Discourse Partner Publisher. http://www.mitrawacanamedia.com
Oktaviarni, F., & Murni, Y. (2019). The Effect of Profitability, Liquidity, Leverage, Dividend Policy and Company Size on Firm Value (Empirical Study of Real Estate, Property, and Building Construction Companies Listed on the Indonesia Stock Exchange 2014-2016). Journal of Accounting, 9(1),
Oktiwiati, E. Dela, & Nurhayati, M. (2020). The Effect of Profitability, Capital Structure, and Investment Decisions on Company Value (In the Pharmaceutical Sector Listed on the Indonesia Stock Exchange 2013-2017). Scientific Journal of Management, 10(2), 196–209. https://doi.org/10.22441/mix.2020.v10i2004
Putra, A. N. D. A., & Lestari, PV (2016). Effect of Dividend Policy, Liquidity, Profitability and Firm Size on Firm Value. E-Journal of Unud Management, 5(7), 4044–4070. Rahayu, DS (2021). Effect of Intellectual Capital and Dividend Policy on Firm Value. Business Innovation & Entrepreneurship Journal, 3(1), 8–15.
Raningsih, N. K., & Artini, LGS (2018). The Effect of Profitability on Firm Value With Corporate Social Responsibility as Moderating Variable. E-Jurnal of Economics and Business, Udayana University, 6(2), 1997. https://doi.org/10.24843/eeb.2018.v07.i08.p03
Robiyanto, Nafiah, I., Harijono, H., & Inggarwati, K. (2020). The Effect of Profitability on the Value of Hospitality and Tourism Companies with Capital Structure as an Intervening Variable. Scientific Journal of Asian Business and Economics, 14(1), 46–57. https://doi.org/10.32812/jibeka.v14i1.153
Ross, S. A. (1997). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485.
Sari, D. K., & Wahidahwati. (2021). The Effect of Sustainability Report Disclosure, Company Size, Profitability, and Leverage on Firm Value. Journal of Accounting Science And Research, 10(4), 1–19. https://lib.unnes.ac.id/39075/
Sari, M., & Jufrizen. (2019). Effect of Price To Earning Ratio, Debt To Equity Ratio, Return on Assets and Price To Book Value. KRISNA Journal: Accounting Research Collection, 10(2), 196–203. https://ejournal.warmadewa.ac.id/index.php/krisna
Sarif, U., & Suprajitno, D. (2021). The Influence of Investment Decisions, Funding Decisions and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Scientific Journal of Management, Business and Accounting Students (JIMMBA), 3(2), 239–250. https://doi.org/10.32639/jimmba.v3i2.782
Sembiring, S., & Trisnawati, I. (2019). Factors Affecting Company Value. Journal of Business And Accounting, 21(1), 173–184. http://jurnaltsm.id/index.php/JBA
Setiawan, K., Novitasari, NLG, & Widhiastuti, NLP (2021). The Influence of Firm Size on Firm Value with Corporate Social Responsibility as a moderating variable. Journal of Charisma, 3(1), 302–312.
Sondakh, P., Saeran, I., & Samadi, R. (2019). The Effect of Capital Structure (ROA, ROE and DER) on Firm Value (PBV) in Property Companies Listed on the IDX (2013-2016 Period). EMBA Journal: Journal of Economic Research, Management, Business And Accounting, 7(3), 3079–3088.
Sudiani and Darmayanti. (2016). Effect of Profitability, Liquidity, Growth, and Investment Opportunity Set on Firm Value. E-Jurnal of Unud Management, 5(2302–8912), 4545–4574.
Susilowati, D., Saiful Bahri, HM, Vidiyastutik, ED, & Amani, T. (2019). The Effect of Financial Performance, Capital Structure and Company Size on Company Value in Pharmaceutical Companies Listed on the IDX in 2013-2017. Assets: Scientific Journal of Accounting, Finance and Tax, 3(2), 86–92. https://doi.org/10.30741/assets.v3i2.444
Suwardi, I. N. A., & Mustanda, IK (2017). The Effect of Leverage, Company Size, Company Growth and Profitability on Firm Value in Industrial Companies. Unud Management E-Journal, 6(3), 1248–1277.
Thaharah, N., & Asyik, NF (2016). The Effect of Corporate Governance Mechanisms and Financial Performance on Firm Value LQ 45. Journal of Accounting Science and Research, 5(2), 1–18.
Yanti, I. G. A. D., & Darmayanti, NPA (2019). The Effect of Profitability, Company Size, Capital Structure and Liquidity on the Value of Food and Beverage Companies. E-Journal of Management, 8(4), 2297–2324. https://doi.org/10.24843/EJMUNUD.2019.v8.i4.p15
Zujeny, K. F., Andriyani, I., Zanariah, M., & Nargis, L. (2020). The Effect of Liquidity, Leverage, and Profitability on Firm Value in Cement Manufacturing Sector Companies on the Indonesia Stock Exchange for the 2016-2020 Period. Journal of Business And Accounting, 10(2), 1–10.
Arvinda, KK, & Heru, S. (2021). The Influence of Capital Structure, Profitability, and Dividend Policy on Property and Real Estate Company Values in the 2013 – 2019 Period. Journal of Management Science and Research, 10, 1–18.
Azizah, D. G., & Widyawati, D. (2021). The Effect of Financial Performance and Firm Size on Firm Value in Food and Beverages Companies on the IDX. Journal of Accounting Science And Research, 10(1), 1–18.
Bahri, S. (2018). Research Methodology (E. Risanto (ed.); I). PublisherANDI.
Bahri, Syaiful. (2022a). The Effect of Murabahah, Mudharabah, and Musyarakah Financing on Profitability. JAS (Journal of Sharia Accounting), 6(1), 15–27. https://doi.org/10.46367/jas.v6i1.502
Bahri, Syaiful. (2022b). Profitability, Liquidity, and Firm Size Determinants of Firm Value. MDP STUDENT CONFERENCE (MSC) 2022, 212–216.
Bahriah, I. S., Norisanti, N., & Danial, R. D. M. (2017). The Effect of Capital Structure and Profitability on Company Value in the Food and Beverage Sector Listed on the Indonesia Stock Exchange in 2017-2019. Journal of Economics, Business and Accounting, 4, 1–14.
Dewi, L. A., & Praptoyo, S. (2019). The Effect of Firm Size, Profitability, and Leverage on Firm Value. Journal of Accounting Science and Research, 8(September), 1–17.
Dewi, L. S., & Abundanti, N. (2019). The Effect of Profitability, Liquidity, Institutional Ownership and Managerial Ownership on Firm Value. E-Journal of Management, 8(10), 6099–6118. https://doi.org/https://doi.org/10.24843/EJMUNUD.2019.v08.i10.p12
Dwiputra, T., & Viriany. (2020). Effect of Profitability, Liquidity, Leverage, Firm Size and Dividend Policy on Firm Value. Journal of Multiparadigm Accounting Tarumanagara, 2, 982–990.
Farizki, FI, Suhendro, S., & Masitoh, E. (2021). Effect of Profitability, Leverage, Liquidity, Firm Size and Asset Structure on Firm Value. Economics: Journal of Economics and Business, 5(1), 17. https://doi.org/10.33087/ Ekonomis.v5i1.273
Hendraliany, S. (2019). The Effect of Profitability, Company Size, Company Growth, Dividend Policy and Investment Decisions on Company Value (Empirical Study on Property and Real Estate Companies Listed on the Indonesia Stock Exchange 2013-2017 Period). Journal of Economics and Management, 8(1), 47–58.
Indrayani, N. kadeki, Endiana, IDM, & Pramesti, IGAA (2022). Effect of Firm Size, Profitability, Dividend Policy, Leverage and Liquidity on Firm Value. Journal of Kharisma, 11(1), 1. https://doi.org/10.24114/niaga.v11i1.28449
Irawan, D., & Kusuma, N. (2019). Effect of Capital Structure and Firm Size on Firm Value. STIE Trisna Negara Actual Journal, 17(1), 66–81. https://doi.org/10.47232/aktual.v17i1.34
Janie, DNA (2012). Descriptive statistics & multiple linear regression with SPSS (A. Dr. Hj. Ardiani Ika S., SE, MM (ed.)). Semarang University Press.
Jayanti, FD (2018). The Effect of Profitability, Capital Structure, Liquidity and Firm Size on Firm Value. Journal of Economic Frames, 3(2), 34–44.
Jenali, S. D. E., & Amanah, La. (2019). Debt Policy, Dividend Policy, Profitability and Free Cash Flow on Company Value. Journal of Accounting Science And Research, 8(1), 1–16.
Kalalo, M. C. Y., VSaerang, I. S., & Maramis, J. B (2020). The Effect of Firm Size and Profitability on Capital Structure and Value of Plastic and Packaging Companies Listed in BEI Period 2013-2017. Journal of EMBA: Journal of Economic Research, Management, Business and Accounting, 8(4), 467–474. https://doi.org/10.35794/emba.v8i4.30861
Komala, P. S., Endiana, I. D. M., Kumalasari, P. D., & Rahindayati, N. M. (2021). The Effect of Profitability, Solvency, Liquidity, Investment Decisions and Funding Decisions on Firm Value. KARMA (Accounting Student Research Work), 1(1), 40–50.
Kurnia, D. (2019). The Effect of Profitability, Dividend Policy and Stock Prices on Company Value. Journal of Accounting: Scientific Study of Accounting (JAK), 6(2), 178. https://doi.org/10.30656/jak.v6i2.1433
Kurniawan, M. Z (2020). Analysis of Investment Decisions, Funding Decisions, and Dividend Policy on Company Value Lq-45 Index. Ekonika: Journal of Economics, Kadiri University, 5(1), 113. https://doi.org/10.30737/ekonika.v5i1.847
Laksono, B. S., & Rahayu, Y. (2021). The Effect of Profitability, Investment Decision, and Firm Size on Firm Value. Journal of Accounting Science And Research, 10(1), 1–17.
Lubis, I. L., Sinaga, BM, & Sasongko, H. (2017). The effect of profitability, capital structure, and liquidity on firm value. Journal of Business and Management Applications, 3(3), 458–465.
Lusia, B. (2017). The Effect of Profitability (ROE), Liquidity (CR) and Solvency (DER) on Firm Value (PBV) in Manufacturing Sector Companies Listed on the Indonesia Stock Exchange. Journal of FinAcc, 2(1), 169–180.
Midu, S., Machmud, R., & Ishak, IM (2021). The Effect of Dividend Policy and Firm Size on Company Value in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Stock Exchange Indonesian Company Value 2015 – 2018. Journal of Accounting and Business Krisnadwipayana, 8(3), 125–134. https://doi.org/10.35137/jabk.v8i3.593
Muslichah, & Bahri, S. (2021). Management Accounting Theory and Applications (First). Media Discourse Partner Publisher. http://www.mitrawacanamedia.com
Oktaviarni, F., & Murni, Y. (2019). The Effect of Profitability, Liquidity, Leverage, Dividend Policy and Company Size on Firm Value (Empirical Study of Real Estate, Property, and Building Construction Companies Listed on the Indonesia Stock Exchange 2014-2016). Journal of Accounting, 9(1),
Oktiwiati, E. Dela, & Nurhayati, M. (2020). The Effect of Profitability, Capital Structure, and Investment Decisions on Company Value (In the Pharmaceutical Sector Listed on the Indonesia Stock Exchange 2013-2017). Scientific Journal of Management, 10(2), 196–209. https://doi.org/10.22441/mix.2020.v10i2004
Putra, A. N. D. A., & Lestari, PV (2016). Effect of Dividend Policy, Liquidity, Profitability and Firm Size on Firm Value. E-Journal of Unud Management, 5(7), 4044–4070. Rahayu, DS (2021). Effect of Intellectual Capital and Dividend Policy on Firm Value. Business Innovation & Entrepreneurship Journal, 3(1), 8–15.
Raningsih, N. K., & Artini, LGS (2018). The Effect of Profitability on Firm Value With Corporate Social Responsibility as Moderating Variable. E-Jurnal of Economics and Business, Udayana University, 6(2), 1997. https://doi.org/10.24843/eeb.2018.v07.i08.p03
Robiyanto, Nafiah, I., Harijono, H., & Inggarwati, K. (2020). The Effect of Profitability on the Value of Hospitality and Tourism Companies with Capital Structure as an Intervening Variable. Scientific Journal of Asian Business and Economics, 14(1), 46–57. https://doi.org/10.32812/jibeka.v14i1.153
Ross, S. A. (1997). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485.
Sari, D. K., & Wahidahwati. (2021). The Effect of Sustainability Report Disclosure, Company Size, Profitability, and Leverage on Firm Value. Journal of Accounting Science And Research, 10(4), 1–19. https://lib.unnes.ac.id/39075/
Sari, M., & Jufrizen. (2019). Effect of Price To Earning Ratio, Debt To Equity Ratio, Return on Assets and Price To Book Value. KRISNA Journal: Accounting Research Collection, 10(2), 196–203. https://ejournal.warmadewa.ac.id/index.php/krisna
Sarif, U., & Suprajitno, D. (2021). The Influence of Investment Decisions, Funding Decisions and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Scientific Journal of Management, Business and Accounting Students (JIMMBA), 3(2), 239–250. https://doi.org/10.32639/jimmba.v3i2.782
Sembiring, S., & Trisnawati, I. (2019). Factors Affecting Company Value. Journal of Business And Accounting, 21(1), 173–184. http://jurnaltsm.id/index.php/JBA
Setiawan, K., Novitasari, NLG, & Widhiastuti, NLP (2021). The Influence of Firm Size on Firm Value with Corporate Social Responsibility as a moderating variable. Journal of Charisma, 3(1), 302–312.
Sondakh, P., Saeran, I., & Samadi, R. (2019). The Effect of Capital Structure (ROA, ROE and DER) on Firm Value (PBV) in Property Companies Listed on the IDX (2013-2016 Period). EMBA Journal: Journal of Economic Research, Management, Business And Accounting, 7(3), 3079–3088.
Sudiani and Darmayanti. (2016). Effect of Profitability, Liquidity, Growth, and Investment Opportunity Set on Firm Value. E-Jurnal of Unud Management, 5(2302–8912), 4545–4574.
Susilowati, D., Saiful Bahri, HM, Vidiyastutik, ED, & Amani, T. (2019). The Effect of Financial Performance, Capital Structure and Company Size on Company Value in Pharmaceutical Companies Listed on the IDX in 2013-2017. Assets: Scientific Journal of Accounting, Finance and Tax, 3(2), 86–92. https://doi.org/10.30741/assets.v3i2.444
Suwardi, I. N. A., & Mustanda, IK (2017). The Effect of Leverage, Company Size, Company Growth and Profitability on Firm Value in Industrial Companies. Unud Management E-Journal, 6(3), 1248–1277.
Thaharah, N., & Asyik, NF (2016). The Effect of Corporate Governance Mechanisms and Financial Performance on Firm Value LQ 45. Journal of Accounting Science and Research, 5(2), 1–18.
Yanti, I. G. A. D., & Darmayanti, NPA (2019). The Effect of Profitability, Company Size, Capital Structure and Liquidity on the Value of Food and Beverage Companies. E-Journal of Management, 8(4), 2297–2324. https://doi.org/10.24843/EJMUNUD.2019.v8.i4.p15
Zujeny, K. F., Andriyani, I., Zanariah, M., & Nargis, L. (2020). The Effect of Liquidity, Leverage, and Profitability on Firm Value in Cement Manufacturing Sector Companies on the Indonesia Stock Exchange for the 2016-2020 Period. Journal of Business And Accounting, 10(2), 1–10.
Published
2022-12-19
How to Cite
Isdyantara, R., & Bahri, S. (2022). THE INFLUENCE OF PROFITABILITY, LIQUIDITY, DIVIDEND POLICY AND FIRM SIZE ON FIRM VALUE. Ecosia International Conference, 319-337. https://doi.org/10.32815/ecosia.vi.31
Section
Articles
Copyright (c) 2022 Riska Isdyantara, Syaiful Bahri
This work is licensed under a Creative Commons Attribution 4.0 International License.
