Pengaruh Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Mediasi

Main Article Content

Muslichah
Oniber Subana Hauteas

Abstract

This study aims to analyze the direct and indirect effect of profitability and dividend policy on the value of the company. Objects in this research are companies incorporated in LQ 45 in the period of 2015-2017. Samples are taken using purposive sampling method. Data of this study was analyzed using path analysis. The results of the study show four important findings: (1) the effect of profitability on firm value is positive and significant, (2) the direct effect of dividend policy on firm value is not significant, (3) the effect of profitability and dividend policy on capital structure is positive and significant (4) capital structure mediates the effect of profitability and dividend policy on firm value

Article Details

How to Cite
Muslichah, & Hauteas, O. S. (2019). Pengaruh Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Mediasi. Jurnal Manajemen Dan Keuangan, 8(2), 177-192. https://doi.org/10.33059/jmk.v8i2.1414
Section
Articles

References

Anjarwati, kenti. Mochammad Chabachib dan Irene Rini Demi P. 2016. Pengaruh Profitabilitas, Size, Dan Likuiditas Terhadap Nilai Perusahaan Manufaktur Di Indonesia Dengan Struktur Modal Sebagai Variabel Intervening Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2015. Masters Thesis Manajemen Universitas Diponogoro, Semarang.
Azhagaiah, Ramachandran and Candasamy Gavoury. 2011. The Impact of Capital Structure on Profitability with Special Reference to IT Industry in India. Managing Global Transitions, 9 (4): 371–392.
Ben-Naceur, Samy dan Mohamed Goaied. 2002. The Relationship Between Dividend Policy, Financial Structure, Profitability and Firm Value. Applied Financial Economics, 12 (12): 843-849.
Brigham, Eugene E. and Michael C. Ehrhardt 2005. Financial Management Theory and
Practice 11th Edition. South Western: Cengage Learning
Brigham Eugene F dan Houston, Joel 2011. DasarDasar Manajemen Keuangan Edisi 11.
Terjemahan oleh Ali Akbar Yulianto. Jakarta: Salemba Empat
Budagaga, A. (2017). Dividend Payment and Its Impact on The Value of Firms Listed on Istanbul Stock Exchange: A Residual Income Approach. International Journal of Economics and Financial Issues, 7(2), 370-376.
Chen, Shun-Yu. Chen, Li-Jun. 2011. Capital Structure Determinants: An empirical Study in Taiwan. African Journal of Business Management, 5 (27): 10974-10983.
Egbeonu, O. C., Edori, I. S., & Edori, D. S. (2016). Effect Of Dividend Policy on The Value of Firms: Empirical Study of Quoted Firms In Nigeria Stock Exchange. Research Journal of Finance and Accounting, 7(3), 17-24.
Fauzi, Nohammad Nur. 2015. Pengaruh Kebijakan Dividen dan Pertumbuhan Perusahaan terhadap Struktur Modal dan Profitabilitas. Jurnal Administrasi Bisnis, 24 (1): 1 -10.
Gunawan, I Made Adi, Endar Pituringsih, Erna Widyastuti, (2018). The Effect Of Capital Structure, Dividend Policy, Company Size, Profitability And Liquidity On Company Value (Study At Manufacturing Companies Listed on Indonesia Stock Exchange 2014-2016), International Journal of Economics, Commerce and Management, Vol. VI, Issue 6, pp. 405-422
Hermuningsih, Sri. 2012. Pengaruh Profitabilitas, Size Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening. Journal Siasat Bisnis, 16 (2): 232-242.
Indriyatni, Lies. 2012. Analisis Faktor-Faktor yang Mempengaruhi Nilai Perusahaan Dengan Struktur Modal Sebagai Mediasi Pada Perusahaan Development Property yang Terdaftar Di Bursa Efek Indonesia 2007-2010. Fokus Ekonomi, 7 (1): 57-69.
Kontesa, Maria. 2015. Capital Structure, Profitability, And Firm Value. Whats New?. Research Journal of Finance and Accounting, 6 (20): 185-192.
Khoirianto, Redy. 2016. Pengaruh Profitabilitas dan Kebijakan Dividen terhadap Nilai Perusahaan dengan Struktur Modal Sebagai Variabel Intervening. Jurnal Ilmiah Ilmu- ilmu Ekonomi, 9 (1): 1-14.
Kusuma, G. I., Suhadak, dan Z. Arifin. 2013. Analisis Pengaruh Profitabilitas (Profitability) dan Tingkat Pertumbuhan (Growth) Terhadap Struktur Modal dan Nilai Perusahaan (Sudi pada Perusahaan Real Estate and Property yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2007-2011). Jurnal Profit, 7 (2): 1-15.
Lestari, Sisil Ayu dan Suwardi Bambang Hermanto. 2015. Pengaruh Kepemilikan Saham dan Rasio Keuangan terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi, 4 (3): 1- 21.
Mahapsari, Nunky Rizka dan Abdullah Taman. 2013. Pengaruh Profitabilitas, Struktur Aktiva, dan Pertumbuhan Penjualan terhadap Harga Saham dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Nominal, 2 (1): 137-158.
Munawaroh, Aisyatul. Priyadi, Maswar Patuh. 2014. Pengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Corporate Socia; Responsibility Sebagai Variabel Moderating. Jurnal Ilmu dan Riset Akuntansi, 3 (4): 1-17.
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and The Theory of Investment. The American, 1, 3.
Nadzirah. Fridayana Yudiaatmaja dan Wayan Cipta. 2016. Pengaruh Ukuran Perusahaan dan Profitabilitas terhadap Struktur Modal. E-Journal Bisma Universitas Pendidikan Ganesha, 4 (1): 1-13.
Nwamaka, O. C., & Ezeabasili, V. (2017). Effect of Dividend Policies on Firm Value: Evidence From Quoted Firms In Nigeria. International Journal of Management Excellence, 8(2), 956-967.
Prastuti, Ni Kadek Rai dan I Gede Merta Sudiartha. 2016. Pengaruh Struktur Modal, Kebijakan Deviden, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 5 (3): 1572-1598.
Rakhimsyah, Leli Amnah. Gunawan, Barbara. 2011. Pengaruh Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividend dan Tingkat Suku Bunga Terhadap Nilai Perusahaan. Jurnal Investasi, 7 (1): 31-45.
Ramdan, Imad Zeyad.1996. panel Data Approach of the Firm’s Value Determinants : Evidence from the Jordanian Industrial Firms. Modern Applied Science; Vol. 10,No.5. ISSN 1913-1844 E-ISSN 1913-1852.
Rehman, Obaid Ur. 2016. Impact of Capital Structure and Dividend Policy on Firm Value. Journal of Poverty, Investment and Development., 21: 40-57.
Rizqia, Dwita Ayu, Siti Aisjah and Sumiati. 2013. Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Journal of Finance and Accounting, 4 (1): 120-130.
Rudangga, I Gusti Ngurah Gede dan Gede Merta Sudiarta. 2016. Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, 5 (7): 4394-4422.
Sabrin. Buyung Sarita. Dedy Takdir. S, Sujono. 2016. The Effect of Profitability on Firm Value inManufacturing Company at Indonesia Stock Exchange. The International Journal Of Engineering And Science (IJES), 5 (10): 81-89.
Siahaan, Uke Marius. Suhadak. Siti Ragil Handayani dan Solimun. 2014. The Influence of Company Size and Capital Structure Towards Liquidity, Corporate Performance and Firm Value, for Large and Small Group Companies. European Journal of Business and Management, 6 (18): 148-156.
Sulong, Zunaidah dan Fauzias Mat Nor. 2008. Dividends, Ownership Structure and Board Governance on Firm Value: Empirical Evidence From Malaysian Listed Firms. Malaysian Accounting Review, 7 (2): 55-94.
Santoso, Defvi Lavinia dan Anindhyta Budiarti. 2017. Faktor-faktor yang Mempengaruhi Struktur Modal Pada Perusahaan Food and Beverages. Jurnal Ilmu dan Riset Manajemen, 6 (2): 1-16.
Velnampy, T dan J.A. Niresh. 2012. The Relationship between Capital Structure and Profitability. Global Journal of Management and Business Research, 12 (13): 66-74.
Wahyuni, Indah Ayu Tri dan Ni Putu Santi Suryantini. 2014. Pengaruh Ukuran Perushaaan, Profitabilitas dan Penghematan Pajak Terhadap Struktur Modal. E-Jurnal Manajemen Universitas udayana, 3 (5): 1457-1470.
Winarto, Jacinta. 2015. The Determinants of Manufacturer Firm Value in Indonesia Stock Exchange. International Journal of Information,Business and Management, 7 (4): 323-349.
Yuanita. Missy. Budianto. Slamet Riyadi. 2016. Influence Of Capital Structure, Size And Growth On Profitability And Corporate Value. International Journal of Business and Finance Management Research, 4: 80-101