Dividend Policy As A Moderator of The Effect of Liquidity and Leverage on Firm Value

Sianggi Narina Sukmajaya ; Dewa Gede Wirama
International Journal of Economics, Management and... 📅 2025 Vol 2, No 4 🔗 DOI: 10.61132/ijema.v2i4.868
Abstract
Firm value refers to the price a prospective buyer is willing to pay if the company were to be sold. It serves as an economic metric to assess the overall financial position of a company, reflecting how valuable the firm is in terms of its assets, earnings, growth potential, and other relevant factors. This study aims to analyze dividend policy as a moderating variable in the relationship between liquidity, leverage, and firm value among organizations listed on the Indonesia Stock Exchange (IDX) in 2023. The data employed in this study is secondary information sourced from annual financial reviews published through the reliable IDX website or the companies’ individual websites. Liquidity is estimated using the current ratio, leverage is estimated using the debt-to-equity ratio, firm value is calculated using the price-to-book value, and dividend policy is calculated using the dividend payout ratio. The sample consists of 248 companies, selected using the Slovin sampling technique. The findings reveal that liquidity and leverage have no impact on firm value. Dividend policy does not slight the impact of liquidity on firm value. However, dividend policy does moderate the effect of leverage on firm value.
Keywords
Dividend Policy; Firm Value; Leverag; Liquidity
How to Cite

Sianggi Narina Sukmajaya & Dewa Gede Wirama (2025). Dividend Policy As A Moderator of The Effect of Liquidity and Leverage on Firm Value. International Journal of Economics, Management and Accounting, 2(4). https://doi.org/10.61132/ijema.v2i4.868

Sianggi Narina Sukmajaya; Dewa Gede Wirama, "Dividend Policy As A Moderator of The Effect of Liquidity and Leverage on Firm Value," International Journal of Economics, Management and Accounting, vol. 2, no. 4, 2025.

Sianggi Narina Sukmajaya; Dewa Gede Wirama. "Dividend Policy As A Moderator of The Effect of Liquidity and Leverage on Firm Value." International Journal of Economics, Management and Accounting, vol. 2, no. 4, 2025.

Sianggi Narina Sukmajaya; Dewa Gede Wirama. "Dividend Policy As A Moderator of The Effect of Liquidity and Leverage on Firm Value." International Journal of Economics, Management and Accounting 2, no. 4 (2025).

Sianggi Narina Sukmajaya & Dewa Gede Wirama (2025) 'Dividend Policy As A Moderator of The Effect of Liquidity and Leverage on Firm Value', International Journal of Economics, Management and Accounting, 2(4). doi: 10.61132/ijema.v2i4.868.

Sianggi Narina Sukmajaya; Dewa Gede Wirama. Dividend Policy As A Moderator of The Effect of Liquidity and Leverage on Firm Value. International Journal of Economics, Management and Accounting. 2025;2(4).

Artikel Terkait

The Effect of Corporate Social Responsibility (CSR) Disclosure and Political Connection on Corporate Tax Avoidance: A Study from Indonesia’s Mining Sector Listed Companies

Kinanti Ranum Falina; Retno Yuni Nur Susilowati

Do Ethical Standards Matter? Evidence on Auditor Behavior and Audit Quality

Yohanes Sri Guntur; Maria Goretti Kentris Indarti; Pancawati Hardiningsih; Jacobus Widiatmoko

The Impact of Electronic Word-of-Mouth (eWOM) on Consumer Purchase Intention: The Mediating Role of Trust

Chengxuan Wang; Yaqi Zhang

Patient Engagement and Self-Efficacy Effects on Quality of Life,the Mediating Role of Accessibility

Aulia Putri Evindra; Kemala Rita; Sandra Dewi

Enhancing Organizational Performance Through Strategic Human Resource Management in Public Sector Organizations

A.M Fadli Mappisabbi; Mursalin Mursalin; Nurasia Natsir

The Role of Work-Life Balance, Motivation, and Work Environment on Employee Performance of PT Pupuk Indonesia (Persero) Regional 2

Riska Putri Utami; Raden Ayu Aminah Rizkia Puspita Sari; Artha Febriana; Haunan Damar
Tren Sitasi Jurnal