PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI FAKTOR PEMODERASI BANK PEMBANGUNAN DAERAH TAHUN 2001-2011

Abstract

The purpose of this study was to determine the impact of liquidity, leverage
and profitability toward firm value and to determine the effect of dividend policy on
the relationship liquidity, leverage and profitability on firm value.The population in this
study is the Regional Development Banks registered in Bank Indonesia in 2001-2011 as
many as 24 banks. To determine sample were use purposive random sampling, there were
only 15 banks that meet the criteria and to analyze the data was used multiple linear
regression method.The study states that the leverage (DER) and profitability (ROA) revealed
a significant effect on firm value. While the liquidity variable (LDR) declared no
significant effect on firm value. For moderating variable dividend policy, the results showed
that leverage (DER) with a dividend policy as a moderating variable and profitability
(ROA) with dividend policy as a moderating variable declared significant effect on firm
value . While liquidity with the dividend policy as a moderating variable declared no
significant effect on firm value.