Analisis Pengaruh Profitabilitas dan Leverage terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Intervening pada Perusahaan Indeks Bisnis-27 Periode 2016-2019

Abstract

The objective of this research is to analyze the effect of Profitability and Leverage on Firm Value with Dividend Policy as an Intervening Variable in Business-27 Index Companies. The period in this research is 2016-2019. This is a descriptive qualitative research type. The population in this research is the Business-27 Index on the Indonesia Stock Exchange. The sampling method is the purposive sampling, where each population company has sample criteria. This research uses secondary data. The data analysis method in this research employs SEM or Structural Equation Modelling with the Smart PLS 3 analysis tool. The research results find that profitability directly has a positive and significant effect on firm value on the Business-27 Index. Leverage has no direct effect on Firm Value and Dividend Policy has a direct positive and significant effect on Firm Value. Profitability has a direct effect on Dividend Policy and Leverage has no significant direct effect on Dividend Policy. Moreover, indirectly, Profitability through Dividend Policy has a significant effect on Firm Value while Leverage through Dividend Policy has no significant effect on Firm Value on the Business-27 Index of the 2016-2019 period