Pengaruh likuiditas, tax avoidance, leverage, dan profitabilitas terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi

Iskandar, Gerardus Mario (2023) Pengaruh likuiditas, tax avoidance, leverage, dan profitabilitas terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini dilakukan dengan tujuan untuk menguji pengaruh likuiditas, tax avoidance, leverage, dan profitabilitas terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi. Likuiditas diproksikan dengan current ratio, tax avoidance diproksikan dengan effective tax rate, leverage diproksikan dengan debt to equity ratio, dan profitabilitas diproksikan dengan return on assets. Sedangkan nilai perusahaan menggunakan proksi Tobin’s Q dan kebijakan dividen menggunakan proksi dividend payout ratio. Penelitian menggunakan sebanyak 63 perusahaan yang berada dalam kawasan Asia Tenggara (ASEAN 5) yang termasuk dalam industri manufaktur pada S&P Capital IQ selama periode 2018-2022. Teknik pengumpulan sampel dalam penelitian menggunakan purposive random sampling method. Penelitian ini mengungkapkan hasil bahwa hanya likuiditas yang berpengaruh terhadap nilai perusahaan, variabel independen lainnya tidak berpengaruh terhadap nilai perusahaan. Dalam penelitian ini ditemukan juga bahwa, kebijakan dividen sebagai variabel moderasi dapat memperkuat hubungan antara tax avoidance dan leverage terhadap nilai perusahaan, tetapi merperlemah likuiditas dan profitabilitas terhadap nilai perusahaan. / This research was conducted with the aim of testing the influence of liquidity, tax avoidance, leverage, and profitability on company value with dividend policy as a moderating variable. Liquidity is proxied by the current ratio, tax avoidance is proxied by the effective tax rate, leverage is proxied by the debt to equity ratio, and profitability is proxied by return on assets. Meanwhile, company value uses the Tobin's Q proxy and dividend policy uses the dividend payout ratio proxy. The research used 63 companies in the Southeast Asia region (ASEAN 5) which are included in the manufacturing industry in S&P Capital IQ during the 2018-2022 period. The sample collection technique in the research used a purposive random sampling method. This research reveals the results that only liquidity influences company value, other independent variables have no effect on company value. In this research, it was also found that dividend policy as a moderating variable can strengthen the relationship between tax avoidance and leverage on company value but weaken liquidity and profitability on company value.

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