Pengaruh Profitabilitas, Kebijakan Dividen, Ukuran Perusahaan dan Likuiditas Terhadap Nilai Perusahaan Pada Sektor Pertambangan

Nabila Putri Maharani, animah animah, Paradisa Sukma

Abstract


This study aims to analyze the influence of profitability, dividend policy, firm size, and liquidity on firm value in mining companies listed on the Indonesia Stock Exchange (IDX). This research employs a quantitative approach with panel data regression. The sample consists of mining companies listed on the IDX from the 2019–2023 period, selected using a purposive sampling method. Firm value is proxied by Price to Book Value (PBV), profitability by Return on Assets (ROA), dividend policy by Dividend Payout Ratio (DPR), firm size by Ln Total Assets, and liquidity by the Current Ratio (CR). Data analysis was conducted using EViews with classical assumption tests, the F-test, and the t-test. The results indicate that profitability and dividend policy have a significant positive influence on firm value. Meanwhile, firm size also has a positive influence but it is not significant. Conversely, liquidity has a negative and insignificant influence on firm value. This study is limited to mining companies listed on the IDX during the 2019–2023 period; therefore, the results may not be generalizable to other sectors. Future research could extend the observation period, make comparisons across industries, or add other variables not covered in this research model.

Keywords


Profitabilitas, Kebijakan Dividen, Ukuran Perusahaan, Likuiditas, Nilai Perusahaan.

Full Text:

PDF

References


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. Www.Ijicc.Net, 11(6), 2020. www.ijicc.net

Al-Omari, R., Oroud, Y., Makhlouf, M. H., Alshehadeh, A. R., & Al-Khawaja, H. A. (2024). The impact of profitability and asset management on firm value and the moderating role of dividend policy: Evidence from Jordan. Asian Economic and Financial Review, 14(1), 1–11. https://doi.org/10.55493/5002.v14i1.4937

Andreas, A., Christin, C., Wijaya, S. W., & Sembiring, J. C. (2021). Effect of Liquidity, Asset Management, Leverage and Dividend Policy on Firm Value at Food and Beverages Companies Listed on the Indonesia Stock Exchange. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(2), 2695–2701. https://doi.org/10.33258/birci.v4i2.1977

Anggraini, S., & Widhiastuti, R. N. (2020). Analisis Pengaruh Profitabilitas, Likuiditas, Leverage, Dan Aktvitas Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Sektor Pertambangan Di Bursa Efek Indonesia (BEI) Periode 2015 – 2018. Jurnal Kompleksitas, IX.

Anisa, N., Budiyanti, H., Nurman, Ramli, A., & Aslam, A. P. (2024). Analisis Pengaruh Kebijakan Dividen dan Kebijakan Hutang Terhadap Nilai Perusahaan. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 10(1), 381–391. https://doi.org/10.35870/jemsi.v10i1.1996

Aryaningsih, L. K., Novitasari, N. L. G., & Widhiastuti, N. L. P. (2022). Pengaruh Ukuran Perusahaan, Corporate Social Responsibility, Solvabilitas, Dan Likuiditas Terhadap Kinerja Keuangan. JURNAL KARMA (Karya Riset Mahasiswa Akuntansi), 2(1).

Banks, G. C., Fischer, T., Gooty, J., & Stock, G. (2021). Ethical leadership: Mapping the terrain for concept cleanup and a future research agenda. Leadership Quarterly, 32(2). https://doi.org/10.1016/j.leaqua.2020.101471

Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405

Chitnomrath, T. (2020). The Effects of Financial Decisions on Market Value of Thai Listed Companies in The Set Clmv Exposure Index (SETCLMV). Suthiparithat Journal, 34.

Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2021). Impact of dividend policy on corporate value: Experiment in Vietnam. International Journal of Finance and Economics, 26(4), 5815–5825. https://doi.org/10.1002/ijfe.2095

Dau, N. H., Nguyen, D. van, & Diem, H. T. T. (2024). Annual report readability and firms’ investment decisions. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2023.2296230

Dewi, K. Y., & Rahyuda, H. (2020). Pengaruh Profitabilitas, Likuiditas Dan Kebijakan Dividen Terhadap Nilai Perusahaan Sektor Industri Barang Konsumsi di BEI. E-Jurnal Manajemen Universitas Udayana, 9(4), 1252. https://doi.org/10.24843/ejmunud.2020.v09.i04.p02

Hertina, D., Hidayat, M. B. H., & Mustika, D. (2019). Ukuran Perusahaan, Kebijakan Hutang Dan Profitabilitas Pengaruhnya Terhadap Nilai Perusahaan. Jurnal Ecodomica, 3(1).

Jaya, S. (2020). Pengaruh Ukuran Perusahaan (Firm Size) dan Profitabilitas (ROA) Terhadap Nilai Perusahaan (Firm Value) Pada Perusahaan Sub Sektor Property dan Real Estate di Bursa Efek Indonesia (BEI). Jurnal Manajemen Motivasi, 16(1), 38. https://doi.org/10.29406/jmm.v16i1.2136

Juhandi, N., Fahlevi, M., Abdi, M. N., & Noviantoro, R. (2019). Liquidity, Firm Size and Dividend Policy to The Value of The Firm (Study in Manufacturing Sector Companies Listed on Indonesia Stock Exchange). Advances in Economics, Business and Management Research. www.IDX.co.id.

Kim, J. M., Yang, I., Yang, T., & Koveos, P. (2021). The impact of R&D intensity, financial constraints, and dividend payout policy on firm value. Finance Research Letters, 40. https://doi.org/10.1016/j.frl.2020.101802

Kusumawati, V. C., & Harijono, H. (2021). Profitability and Dividend Policy Affects Firm Value in The Infrastructure, Utility and Transportation Sector. International Journal of Social Science and Business, 5(1), 8–15. https://ejournal.undiksha.ac.id/index.php/IJSSB/index

Laksono, N. K. E., & Wahidahwati. (2024). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Kebijakan Dividen dan Keputusan Investasi Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 13.

Mariani, N. M. A., Widnyana, I. W., & Gunadi, I. G. N. B. (2022). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia. Jurnal EMAS, 3(7).

Martha, L., Sogiroh, N. U., Magdalena, M., Susanti, F., & Syafitri, Y. (2018). Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Benefita, 3(2), 227. https://doi.org/10.22216/jbe.v3i2.3493

Maulida, A., & Karak, M. E. (2021). The Effect of Company Size, Leverage, Profitability and Dividend Policy on Company Value on Manufacturing Companies Listed on The Indonesia Stock Exchange (IDX) for The 2014-2018 Period. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5. https://jurnal.stie-aas.ac.id/index.php/IJEBAR

Napitupulu, R. B., Simanjuntak, T. P., Hutabarat, L., Damanik, H., Harianja, H., Sirait, R. T. M., & Tobing, C. E. R. L. (2021). Penelitian Bisnis : Teknik dan Analisa Data dengan SPSS - STATA - EVIEWS. In Madenatera (Vol. 1). https://scholar.google.co.id/citations?view_op=view_citation&hl=id&user=T1nJQ0cAAAAJ&citation_for_view=T1nJQ0cAAAAJ:D03iK_w7-QYC

Nuraeni, Lau, E. A., & Haryadi, R. M. (2019). Pengaruh Leverage, Profitability, Market Value dan Ukuran Perusahaan terhadap Nilai Perusahaan Property. Ekonomia, 5(2), 1–10.

Nwamaka, C. O., & Ezeabasili. (2017). Effect of Dividend Policies on Firm Value: Evidence from quoted firms in Nigeria. International Journal of Management Excellence, 8(2).

Oktaviarni, F., Murni, Y., & Suprayitno, B. (2019). Pengaruh Profitabilitas, Likuiditas, Leverage, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi, 9(1), 1–16. https://doi.org/10.33369/j.akuntansi.9.1.1-16

Pramudita, A., & Gantino, R. (2023). The Influence Of Profitability Ratio, Liquidity Ratio, Firm Size And Inventory Turnover On Firm Value (Pbv) (Study On Food And Beverage And Cosmetics And Household Sub-Sector Manufacturing Companies Listed On The Indonesia Stock Exchange 2016-2021 Period). Journal of Economics, Finance and Management Studies, 06(01). https://doi.org/10.47191/jefms/v6-i1-04

Priyono, H., Aribowo, F., Stie, A., & Yogyakarta, Y. ". (2022). Pengaruh Manajemen Aset Terhadap Kinerja Keuangan Perusahaan Sektor Pertambangan Yang Terdaftar di Bursa Efek Indonesia. Prima Ekonomika, 13(2).

Putri, D. Y., Wahyuni, L., & Putri, R. D. (2025). Pengaruh Likuiditas dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di BEI 2020-2023). JURNAL ILMIAH RAFLESIA AKUNTANSI, 11(1). https://doi.org/https://doi.org/10.53494/jira.v11i1.869

Raharja, K. A. H., & Wiagustini, N. luh P. (2018). The Role of Dividend Policy and Investment Opportunity Set Mediating Free Cash Flow Effect on Firm Value. European Journal of Business and Management www.iiste.org ISSN, 10(30). www.iiste.org

Rahmah, D. M., & Fitri, A. (2020). Pengaruh Profitabilitas, Kebijakan Dividen, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Sektor Pertambangan Yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018. 20, 181–194.

Reni, F., Chandrayanti, T., & Silvera, D. L. (2024). Pengaruh Kinerja Lingkungan dan Pengungkapan Lingkungan Terhadap Nilai Perusahaan pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia tahun 2019-2021. Jurnal Riset Akuntansi, 2, 87–94.

Sudiani, N. K. A., & Wiksuana, I. G. B. (2018). Capital Structure, Investment Opportunity Set, Dividend Policy And Profitability as A Firm Value Determinants. Russian Journal of Agricultural and Socio-Economic Sciences, 81(9), 259–267. https://doi.org/10.18551/rjoas.2018-09.30

Suwardika, I. N. A., & Mustanda, I. K. (2017). Pengaruh Leverage, Ukuran Perusahaan, Pertumbuhan Perusahaan, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Properti. E-Jurnal Manajemen Unud, 6.

Thamrin, K. M. H., Sulastri, Mukhlis, Bashir, A., Lestari, H. T., & Isnurhadi. (2020). Financing Decision and Dividend Policy to Corporate Value. Advances in Economics, Business and Management Research, 142.

Wijaya, D., & Pakpahan, H. M. E. (2021). The Effect of Liquidity, Capital Structure, Dividen Policy on Firm Value Through Profitability as Intervening Variable. International Journal of Business, Economics and Law, 24(6). www.idx.co.id.

Yoppy, I., Hartono, I. A., & Pandingan, S. M. T. (2023). Influence Profitability, Policy debt, Policy Dividend, Investment Decision, And Firm Size to Company Value Manufacture Sub Sector Food And Drink Registered In the Indonesian Stock Exchange. International Journal of Economic Social and Technology, 2(3), 175–183.

Zuraida, I. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan. 4.


Refbacks

  • There are currently no refbacks.