THE EFFECT OF DIVIDEND POLICY AND CAPITAL POLICY ON COMPANY VALUE WITH PROFITABILITY AS A MODERATING VARIABEL IN THE FOOD AND BEVERAGE SUB-SECTOR LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) 2019-2023 PERIOD
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This study aims to determine the effect of dividend policy and capital policy on company value with profitability as a moderating variable in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 period. The population in this study was 95 companies included in the food and beverage sub-sector listed on the Indonesia Stock Exchange for the 2019-2023 period. This study used a sampling technique, namely purposive sampling and obtained a sample of 19 companies. The analysis method used in this study is panel data regression analysis using eviews software version 13. In this study, the dependent variable is Company Value (Y) in the form of Tobin's Q and the independent variable Dividend Policy (X1) in the form of Dividend Payout Ratio, Capital Policy (X2) in the form of Working Capital Turnover and Profitability (Z) in the form of Return On Assets. The results of the study stated that dividend policy (DPR), capital policy (WCTO) and profitability (ROA) have a simultaneous effect on company value (Tobin's Q). Partially, dividend policy (DPR) has no effect on firm value (Tobin's Q), capital policy (WCTO) has no negative effect on firm value (Tobin's Q) and profitability (ROA) has an effect on firm value (Tobin's Q). In the moderation variable, profitability (ROA) is able to moderate dividend policy (DPR) on firm value and profitability (ROA) is able to moderate capital policy (WCTO) on firm value.
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