Keputusan Investasi dan Kebijakan Dividen dengan Profitabilitas Sebagai Moderasi dalam Mempengaruhi Nilai Perusahaan pada Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia

Muhamad Imam Rusdi; Risal Rinofah; Alfiatul Maulida

doi:10.30640/digital.v3i4.3713

Authors

Muhamad Imam Rusdi Universitas Sarjanawiyata Tamansiswa
Risal Rinofah Universitas Sarjanawiyata Tamansiswa
Alfiatul Maulida Universitas Sarjanawiyata Tamansiswa

DOI:

https://doi.org/10.30640/digital.v3i4.3713

Keywords:

Investment Decisions, Dividend Policy, Profitability, Company Value

Abstract

This study aims to determine the effect of investment decisions and dividend policy with profitability as moderation in affecting the value of the company. This study is a quantitative study in which the data is processed with SPSS 25. The population in this study is a manufacturing company that is listed and publishes financial statements on the Indonesia Stock Exchange during the period 2019 to 2023. Determination of samples using purposive sampling method. In this study there are 80 samples of companies. This study used Moderated Regression analysis (MRA). The results showed that (1) investment decisions affect the value of the Company, (2) dividend policy affects the value of the Company, (3) profitability is not able to moderate investment decisions on the value of the Company, (4) profitability is able to moderate the dividend policy on the value of the company, (5) investment decisions and dividend policy simultaneously affect the value of the company.

References

Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124

Alghifari, E. S., Gunardi, A., Suteja, J., Nisa, I. K., & Amarananda, Z. (2022). Investment Decisions of Energy Sector Companies on the Indonesia Stock Exchange : Theory and Evidence. International Journal of Energy Economics and Policy, 12(6), 73–79. https://doi.org/10.32479/ijeep.13642

Amalia, P. R., & Machdar, N. M. (2024). Pengaruh Investment Opportunity Set , Kebijakan Dividen , Dan Financial Risk Terhadap Nilai Perusahaan Yang Dimoderasi Profitabilitas. Jurnal Manajemen, Bisnis Dan Akuntansi, 3(1), 137–148. https://doi.org/10.58192/profit.v3i1.1667

Aryantini, S., & Jumono, S. (2021). Profitability and value of firm: An evidence from manufacturing industry in Indonesia. Accounting, 7(4), 735–746. https://doi.org/10.5267/j.ac.2021.2.011

Assa, J. F., Kawulur, A., & Keintjem, M. (2021). Pengaruh Kebijakan Hutang, Kebijakan Deviden Yang Di Moderasi Oleh Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2019. MANAJEMEN & KEWIRAUSAHAAN, 2(1), 46–65.

bi.go.id. (2024). Prompt Manufacturing Index - BI Triwulan IV 2023: Kinerja Industri Pengolahan Tetap Kuat. Bi.Go.Id. https://www.bi.go.id/en/publikasi/ruang-media/newsrelease/Pages/sp_261124.aspx

bps.go.id. (2024). Pertumbuhan Ekonomi Triwulan IV 2023. Bps.Go.Id. https://www.bps.go.id/id/statistics-table/2/MTA0IzI=/pertumbuhan-ekonomi--triwulan-iv-2023.html

Effendi, B. (2022). Urgensi Nilai Perusahaan: Antara Relevansi Earning Per Share, Struktur Modal dan Kebijakan Dividen. Owner (Riset Dan Jurnal Akuntansi), 7(1), 123–130. https://doi.org/10.33395/owner.v7i1.1372

Harmono. (2014). Manajemen Keuangan: Berbasis Balance Scorecard (1st ed.). Bumi Askara. Jakarta.

Hendrani, A., & Septyanto, D. (2021). The Effect of Return on Asset, Debt to Equity Ratio and Company Size on Company Value in Manufacturing Companies in the Food and Beverage Sub-Sector on the IDX for 2014-2018. KnE Social Sciences, 681–693. https://doi.org/10.18502/kss.v5i5.8851

Hidayat, T., Yahya, A., Hardiyanti, P., & Permatasari, M. D. (2022). The Influence Of Divident Policies, Debt Policies, and Investment Decicions on Company Value. EKOMABIS: Jurnal Ekonomi Manajemen Bisnis, 3(1), 57–68. https://doi.org/10.37366/ekomabis.v3i01.438

Jensen, M. C. (2001). Value Maximisation, Stakeholder Theory, and the Coporate Objective Function. European Financial Management, 7(3), 297–317. https://doi.org/10.1111/1468-036X.00158

Kemenprin.go.id. (2023). Triwulan III Sektor Manufaktur Tumbuh Lampaui Pertumbuhan Ekonomi. Kemenprin.Go.Id. https://www.kemenperin.go.id/artikel/24424/Triwulan-III,-Sektor-Manufaktur-Tumbuh-Lampaui-Pertumbuhan-Ekonomi

Komdigi.go.id. (2023). Realisasi Investasi Triwulan I Tahun 2023. Komdigi.Go.Id. https://www.komdigi.go.id/content/detail/48706/realisasi-investasi-triwulan-i-tahun-2023/0/artikel_gpr

Lestari, A. S. A., & Suhardi. (2020). Pengaruh Keputusan Investasi, Ukuran Perusahaan, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Food And Beverange yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Manajemen STIE Pertiba Pangkalpinang, 6(1), 60–73. https://journal.stiepertiba.ac.id/index.php/jem/article/view/91

Mappadang, A. (2021). MANAJEMEN INVESTASI & PORTOFOLIO. In Pena Persada. Jakarta. PT. Pena Persada Kerta Utama.

Meutia, R., Apridar, Mursidah, Mastuti, R., & Fuad, M. (2021). Investment decisions, financing and dividends to increase firm value: a case study of manufacturing companies in Indonesia. Economic Annals-XXI, 194(11–12), 67–72. https://doi.org/10.21003/ea-v194-08

Mulyani, R., & Oktaviani, R. F. (2022). Analysis of Funding and Investation Decisions To the Value of Company With Profitability As Moderation in Pharmacy Sub-Sector Companies Before and During the Covid-19 Pandemic. JESKaPe : Jurnal Ekonomi Syariah, Akuntansi Dan Perbankan, 6(2), 224–236. https://journal.iainlhokseumawe.ac.id/index.php/jeskape/article/view/515

Niya, E. A. (2019). Pengaruh Kebijakan Perusahaan Terhadap Nilai Perusahaan Yang Di Moderasi Oleh Profitabilitas. Jurnal Ilmu Dan Riset Akuntansi, 8(4), 1–23.

Nugroho, M., & Pristiana, U. (2020). Analysis of manufacturing industry firm value listed on the Indonesian stock exchange. International Journal of Innovation, Creativity and Change, 11(8), 270–292. https://www.ijicc.net/images/vol11iss8/11820_Nugroho_2020_E_R.pdf

Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner (Riset Dan Jurnal Akuntansi), 4(2), 331–336. https://doi.org/10.33395/owner.v4i2.247

Putri, N., & Budyastuti, T. (2021). The Effect of Investment Decisions, Dividend Policy and Profitability on Firm Value in the Indonesian Manufacturing Companies. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(4), 47–53. www.ajhssr.com

Safitri, J., Fuady, M., Wahyudi, S., Mawardi, W., & Utomo, M. N. (2020). The Influence Of Dividend Policy, Investment Opportunity And Capital Adequacy To Firm Value: Evidence In Indonesia Banking Companies. International Journal of Scientific and Technology Research, 9(2), 764–767. https://eprints2.undip.ac.id/id/eprint/1331/

Saleh, M. (2020). Pengaruh Kebijakan Hutang, Profitabilitas, dan Keputusan Investasi terhadap nilai perusahaan dangan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Manajemen & Organisasi Review (Manor), 2(1), 1–14. https://journal.unifa.ac.id/index.php/manor/article/view/174

Santoso, B. T. (2021). Pengaruh Corporate Social Responsibility (CSR), Kepemilikan Institusional, Kepemilikan Manajerial, Profitabilitas Dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Arastirma, 1(2), 226–238. https://doi.org/10.32493/arastirma.v1i2.12361

Saputri, D. R., & Bahri, S. (2021). The Effect Of Leverage, Profitability, And Dividend Policy On Firm Value. International Journal of Educational Research & Social Sciences, 2(6), 1316–1324. https://doi.org/10.51601/ijersc.v2i6.223

Sari, M. A., Wait, L. N., & Rahardjo, B. (2020). Peran Profitabilitas Dalam Memoderasi Pengaruh Struktur Modal dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Akuntansi, 9(1), 1–13. https://doi.org/10.37932/ja.v9i1.92

Setiawati. (2021). Analisis Pengaruh Kebijakan Deviden Terhadap Nilai Perusahaan Pada Perusahaan Farmasi Di BEI. Jurnal Inovasi Penelitian, 1(8), 1581–1590. https://stp-mataram.e-journal.id/JIP/article/view/308/261

Silaturahmi, G., & Novitasari, M. (2022). Pengaruh Kebijakan Dividen Dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Industri Sektor Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. SIMBA: Seminar Inovasi Manajemen Bisnis Dan Akuntansi, 4, 1–16. http://prosiding.unipma.ac.id/index.php/SIMBA/article/view/3497

Sugita, I. B. A., & Putra, I. B. A. (2023). Moderasi Profitabilitas dan Leverage Terhadap Pengaruh Kebijakan Dividen pada Nilai Perusahaan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 12(07), 1369–1377. https://ojs.unud.ac.id/index.php/EEB/

Sugiyono. (2014). Metode penelitian pendidikan : Pendekatan kuantitatif, kualitatif, dan R&D. Bandung : Alfabeta.

Suteja, J., Gunardi, A., Alghifari, E. S., Susiadi, A. A., Yulianti, A. S., & Lestari, A. (2023). Investment Decision and Firm Value: Moderating Effects of Corporate Social Responsibility and Profitability of Non-Financial Sector Companies on the Indonesia Stock Exchange. Journal of Risk and Financial Management, 16(1). https://doi.org/10.3390/jrfm16010040

Waryudhiansyah, M. B. D. (2021). Pengaruh Keputusan Dividen, Keputusan Utang, dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. UIN Syarif Hidayatullah Jakarta.

Wiyono, G. (2020). Merancang Penelitian Bisnis dengan alat Analisis SPSS 25 & SmartPLS 3.2.8, edisi kedua. UPP STIM YKPN.

Worthington, S., & Welch, P. (2011). Banking without the banks. International Journal of Bank Marketing, 29(2), 190–201. https://doi.org/10.1108/02652321111107657