PERAN KEBIJAKAN DIVIDEN MEMEDIASI PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN SEKTOR BARANG KONSUMEN PRIMER DI INDONESIA
DOI:
https://doi.org/10.24843/EJMUNUD.2026.v15.i10.p07Keywords:
dividend policy; firm value; liquidity; profitability; signaling theory.Abstract
Nilai perusahaan mencerminkan penilaian pasar terhadap kinerja dan prospek perusahaan serta menjadi tujuan utama manajemen. Pada periode 2022 sampai 2025, rata-rata Price to Book Value dan Price Earnings Ratio perusahaan sektor barang konsumen primer menurun, sedangkan Current Ratio meningkat. Perbedaan arah tersebut menjadi dasar pengujian faktor-faktor yang memengaruhi nilai perusahaan. Penelitian ini bertujuan menganalisis pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan serta peran kebijakan dividen sebagai variabel mediasi. Penelitian menggunakan pendekatan kuantitatif asosiatif dengan desain kausalitas pada perusahaan sektor barang konsumen primer yang terdaftar di Bursa Efek Indonesia periode 2022 sampai 2025. Data sekunder diperoleh dari laporan keuangan perusahaan dan dianalisis menggunakan regresi data panel serta uji Sobel dengan EViews 13. Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh positif terhadap nilai perusahaan dan negatif terhadap kebijakan dividen. Likuiditas tidak berpengaruh terhadap nilai perusahaan maupun kebijakan dividen, sedangkan kebijakan dividen tidak berpengaruh terhadap nilai perusahaan. Kebijakan dividen juga tidak memediasi pengaruh profitabilitas maupun likuiditas terhadap nilai perusahaan. Temuan ini menunjukkan bahwa profitabilitas lebih relevan dalam penilaian pasar dibandingkan likuiditas dan kebijakan dividen. Perusahaan perlu meningkatkan efektivitas pengelolaan aset untuk menghasilkan laba yang lebih tinggi dan meningkatkan nilai perusahaan.
Firm value reflects market assessments of a company's performance and prospects and is a primary objective of management. From 2022 to 2025, the average Price to Book Value and Price Earnings Ratio of consumer non-cyclicals companies declined, while the Current Ratio increased. This divergence provides a basis for examining the factors affecting firm value. This study aims to analyze the effects of profitability and liquidity on firm value and the mediating role of dividend policy. The study employed an associative quantitative approach with a causal research design involving consumer non-cyclicals companies listed on the Indonesia Stock Exchange from 2022 to 2025. Secondary data were obtained from financial statements and analyzed using panel data regression and the Sobel test with EViews 13. The results show that profitability has a positive effect on firm value and a negative effect on dividend policy. Liquidity has no effect on firm value or dividend policy, while dividend policy has no effect on firm value. Dividend policy also does not mediate the effects of profitability or liquidity on firm value. These findings indicate that profitability is more relevant to market valuation than liquidity and dividend policy. Companies should improve asset management efficiency to generate higher profitability and enhance firm value.
References
Abdurahman, K., & Jubaedah. (2022). The Effect of Profitability and Capital Structure on the Share Price of Idx Non-Cyclical Sector Companies on the Indonesia Stock Exchange. Budapest International Research and Critics sInstitute-Journal, 5(3), 20011–20021. https://doi.org/10.33258/birci.v5i3.6020
Adiputra, I. G., & Hermawan, A. (2020). The Effect of Corporate Social Responsibility, Firm Size, Dividend Policy and Liquidity on Firm Value: Evidence from Manufacturing Companies in Indonesia. International Journal of Innovation, Creativity and Change, 11(6), 325–338.
Arsyad, M., Haeruddin, S. H., Muslim, & Pelu, M. F. A. R. (2021). The Effect Of Activity Ratios, Liquidity, And Profitability On The Dividend Payout Ratio. Indonesia Accounting Journal, 3(1), 36–44.
Bramaputra, E. D., Musfitria, A., & Triastuti, Y. (2022). Pengaruh Likuiditas, Leverage, Pertumbuhan Perusahaan, dan Profitabilitas terhadap Kebijakan Dividen pada Perusahaan Manufaktur Makanan Minuman yang Terdaftar pada Bursa Efek Indonesia Periode 2013-2015. El-Mal Jurnal Kajian Ekonomi & Bisnis Islam, 3(3), 424–439. https://doi.org/1047467/elmal.v3i3.901
Brealey, R. A. ., Myers, S. C. ., Allen, Franklin., & Edmans, Alex. (2023). Principles of corporate finance (14th ed.). McGraw Hill.
Brigham, E. F. ., & Houston, J. F. . (2020). Fundamentals of Financial Management (10th ed.). Cengage Learning.
Chakraborty, B., & Maruf, Md. Y. H. (2023). Are Liquidity, Dividend Policy, Leverage, And Profitability The Determinants Of Firm Value: Evidence From The Listed Firms? Copernican Journal of Finance & Accounting, 12(1), 47–63.
Chen, S., Siera, Tanudjaya, F., Damanik, R. P. B., & Rahmi, N. U. (2021). Influence of Company Size, Profitability, Dividend Policy, and Liquidity on Company Value in Manufacturing Companies. Journal of Economics, Finance and Management Studies, 4(8), 1559–1565.
Feizal, D. A., Sudjono, & Saluy, A. B. (2021). The Effect of Profitability, Leverage and Liquidity on Dividend Policy for Construction Issuers in 2014-2019. Dinasti International Journal of Economics, Finance and Accounting, 2(2), 171–184.
Hadi, N., & Budiman, J. (2023). Pengaruh Profitabilitas, Likuiditas, dan Struktur Modal Terhadap Nilai Perusahaan Melalui Kebijakan Dividen. Widya Cipta: Jurnal Sekretari Dan Manajemen, 7(2), 160–168. https://doi.org/10.31294/widyacipta.v7i2.16213
Hasanuddin, R. (2021). The Influence of Investment Decisions, Dividend Policy and Capital Structure on Firm Value. Jurnal Economic Resources, 4, 39–48. https://doi.org/10.33096/jer.v4i1.845
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431.
Kartika, Y. E., & Wiagustini, N. L. P. (2024). The Effect Of Liquidity And Company Size On Company Value With Profitability As A Moderation Variable. Indonesian Journal of Multidisciplinary Science, 3(10), 1–8.
Margono, F. P., & Gantino, R. (2021). The Influence Of Firm Size, Leverage, Profitability, And Dividend Policy On Firm Value Of Companies In Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61.
Pattiruhu, J. R., & Paais, M. (2020). Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy. Journal of Asian Finance, Economics and Business, 7(10), 35–42.
Permana, A. A. N. B. A., & Rahyuda, H. (2019). Pengaruh Profitabilitas, Solvabilitas, Likuiditas, dan Inflasi terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, 8(3), 1577–1607. https://doi.org/DOI:https://doi.org/10.24843/EJMUNUD.2019.v8.i3.p15
Pratama, I. K. L. Y., & Candradewi, M. R. (2024). Pengaruh Profitabilitas, Struktur Modal, Likuiditas, Dan Rasio Aktivitas Terhadap Nilai Perusahaan. INNOVATIVE: Journal Of Social Science Research, 4(5), 1483–1495.
Putri, E., Ardiningrum, B. N., & Nursiam, N. (2022). The Influence Of Liquidity, Leverage, Profitability And Business Risk On The Dividend Policy Of Manufacturing Companies Listed On The IDX. JURNAL Riset Akuntansi Dan Keuangan Indonesia, 7(2), 244–250.
Putri, M. O. D., & Wiksuana, I. Gst. Bgs. (2021). The Effect Of Liquidity And Profitability On Firm Value Mediated By Dividend Policy. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 204–212.
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of Liquidity, Profitability, and Size of Companies on Firm Value. Utopía y Praxis Latinoamericana, 25(6), 325–331.
Rossa, P. A. E., Susandya, A. A. P. G. B. A., & Suryandari, N. N. A. (2023). Pengaruh Likuiditas, Profitabilitas, Pertumbuhan Perusahaan, Ukuran Perusahaan dan Struktur Modal terhadap Nilai Perusahaan Perusahaan Perbankan di BEI 2019-2021. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 5(1), 88–99.
Saputri, D. R., & Bahri, S. (2021). The Effect Of Leverage, Profitability, And Dividend Policy On Firm Value. International Journal of Educational Research & Social Sciences, 1316–1324.
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and Liquidity on Firm Value and Capital Structure as Intervening Variable. International Research Journal of Management, IT & Social Sciences, 7(1), 116–127.
Sari, I. M., & Aris, M. A. (2023). Effect of Ownership Structure, Debt Policy, Profitability, Asset Structure, Company Growth, and Liquidity on Dividend
Policy during the Pandemic. International Journal of Latest Research in Humanities and Social Science (IJLRHSS), 6(2), 273–280.
Setyani, A., & Djuminah. (2024). Determinan Profitabilitas Pada Perusahaan Sektor Konsumen Non-Siklis di Bursa Efek Indonesia. Prosiding National Seminar on Accounting, Finance, and Economics (NSAFE), 4(9), 15–27.
Sihotang, E. M. P., Wulandari, B., & Hasibuan, M. Z. (2026). Pengaruh ROA, DER, EPS dan Ukuran Perusahaan terhadap Harga Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 15(7), 793–811. https://doi.org/10.24843/EJMUNUD.2026.v15.i7.p04
Soewignyo, T. I. (2020). Analysis of the Effect of Profitability, Solvability, and Dividend Policy on Banking Firm Value. Human Behavior, Development and Society, 21(1), 28–37.
Sondakh, R. (2019). The Effect Of Dividend Policy, Liquidity, Profitability And Firm Size On Firm Value In Financial Service Sector Industries Listed In Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91–101.
Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (Sutopo, Ed.). Alfabeta.
Suzan, L., & Ramadhani, N. I. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership, And Profitability. Jurnal Akuntansi, 27(3), 401–420. https://doi.org/10.24912/ja.v27i3.1487
Triani, N., & Tarmidi, D. (2019). Firm Value: Impact of Investment Decisions, Funding Decisions and Dividend Policies. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(2), 158–163.
Utama, M. S. (2016). Aplikasi Analisis Kuantitatif. CV. Sastra Utama.
Utami, W. B. (2021). The Effect of Profitability, Liquidity, Investment Opportunity Set, and Company Size on Dividend Policy . International Journal of Seocology, 2(3), 103–114.
Wiagustini, N. L. P. (2014). Manajemen Keuangan (J. Atmaja, Ed.). Udayana University Press.
Wiwekananda, I. M. R., & Setiawan, P. E. (2026). Pengaruh Profitabilitas dan Leverage terhadap Harga Saham pada Perusahaan Sektor Teknologi yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 15(7). https://doi.org/10.24843/EJMUNUD.2026.v15.i7.p10
Zainuddin, & Manahonas, O. A. (2020). The Effect of Debt Policies, Profitability, Managerial Ownership Structure, and Liquidity on Dividend Policy. The Indonesian Journal of Accounting Research, 23(3), 411–428.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Ketut Arya Pringgandana, Henny Rahyuda
This work is licensed under a Creative Commons Attribution 4.0 International License.
