Abstract
This research aims to analyze the impact of profitability, liquidity and firm size to firm value through dividend policy as intervening on manufacturing companies listed on Indonesian Stock Exchange (IDX) which paid dividend for the period 2013 to 2017. The population on this study amounted 6 companies. The sampling method used in this study is cencus. Data were analyzed by path analysis technique and Sobel test. Analysis result found that profitability has a significant positive effect on dividend policy, while liquidity and firm size have negatively significant effect. On the second model, the result show that profitability and dividend policy have a significant positive effect on firm value, while liquidity and firm size have no significant effect. Based on Sobel test result found that dividend policy was able to mediate the effect of profitability on firm value, but unable to mediate the effect of liquidity and firm size effect on firm value.
 Keywords: firm value, dividend policy, profitability, likuidity, firm size
Highlights
This research aims to analyze the impact of profitability
on manufacturing companies listed on Indonesian Stock Exchange
The sampling method used in this study is cencus
Summary
Penelitian ini dilakukan untuk menganalisis pengaruh profitabilitas, likuiditas dan ukuran perusahaan terhadap nilai perusahaan melalui kebijakan dividen sebagai pemediasi pada perusahaan manufaktur di Bursa Efek Indonesia yang secara berturut-turut membagikan dividen pada periode 2013 sampai dengan 2017. Populasi pada penelitian ini terhitung sebanyak 6 perusahaan.Teknik pemilihan sampel yang digunakan adalah metode sensus. Data dianalisis dengan teknik analisis jalurserta uji sobel. Hasil analisis menemukan bahwa profitabilitas berpengaruh positif signifikan terhadap kebijakan dividen, sedangkan likuiditas dan ukuran perusahaan berpengaruh negatif signifikan. Pada model kedua,hasil menunjukkan profitabilitas dan kebijakan dividen berpengaruh positif signifikan terhadap nilai perusahaan, sedangkan likuiditas dan ukuran perusahaan tidak berpengaruh signifikan terhadap nilai perusahaan. Sesuai dengan hasil uji Sobel, ditemukan bahwa kebijakan dividen mampu memediasi pengaruh dari profitablitas terhadap nilai perusahaan, namun tidak mampu memediasi pengaruh likuiditas dan ukuran perusahaan terhadap nilai perusahaan.
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