Pengaruh Profitabilitas, Ukuran Perusahaan, Kebijakan Dividen dan Modal Intelektual terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2011 – 2020

Abstract

This research aims at revealing and examining the effects of profitability, firm size, dividend policy, and intellectual capital on firm value in the food and beverage sub-sector manufacturing companies listed on Indonesia Stock Exchange, and examining whether good corporate governance is able to moderate effects of the independent variable on the dependent variables. This causal research employs secondary data. It takes all food and beverage sub-sector manufacturing companies listed on Indonesia Stock Exchange in the period 2011-2020 as its population, and by applying purposive sampling technique, a sample of 10 companies is obtained multiplied by 10 years of research, resulting in 100 observational data. Panel data regression analysis and moderating test by means of Eviews 10 software are employed as the analysis technique. The research findings demonstrate that, partially, profitability has negative and significant effects on firm value, firm size has positive and significant effects on firm value, dividend policy has positive and significant effects on firm value, and intellectual capital has negative and insignificant effects on firm values. The variable of good corporate governance is able to moderate the effects of dividend policy and intellectual capital on firm value and is unable to moderate the effects of profitability and firm size on firm value.