ANALYSIS DETERMINANT OF DIVIDEND PAYOUT RATIO AND ITS IMPACT TO THE FIRM VALUE (EMPIRICAL STUDY ON FOOD AND BEVERAGE INDUSTRY ISSUER 2016-2019)

Abstract

The purpose of this research is to Analyze Determinant of Dividend Payout Ratio and Its Impact to The Firm Value (Empirical Study on Food And Beverage Industry Issuer 2016-2019). The samples in the form of secondary data as many as 16 companies collected from financial statements listed on the Indonesia Stock Exchange (IDX). In this study, nine research hypotheses were formulated. The analysis design used is quantitative data with panel data regression method which is processed with Eviews 9 with a random effect model. Hypothesis testing using F test, T test, and Sobel test (Path Analysis). The results showed that partially direct financial performance as proxied by the current ratio, debt equity ratio and return on assets had a positive effect on firm value, and partially current ratio, debt equity ratio and return on assets had a positive effect on dividend payout ratio. Simultaneously, the current ratio, debt equity ratio and return on assets have a positive effect on firm value. Indirectly, the dividend payout ratio is able to strengthen the relationship between the current ratio, debt equity ratio and return on assets to firm value.