The Effect of Liquidity and Dividend Policy on Firm Value with Profitability as a Moderating Variable in Food and Beverage Sub-Sector Companies

Renaldi Dwi Wahyudi (), Sri Hermuningsih and Alfiatul Maulida
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Renaldi Dwi Wahyudi: Universitas Sarjanawiyata Tamansiswa
Sri Hermuningsih: Universitas Sarjanawiyata Tamansiswa
Alfiatul Maulida: Universitas Sarjanawiyata Tamansiswa

A chapter in Proceedings of the 4th International Conference on Management and Business (ICoMB 2025), 2026, pp 3-18 from Springer

Abstract: Abstract This study aims to analyze the effects of liquidity and dividend policy on company value, with profitability as a moderating variable, for food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The research method is quantitative, with secondary data from companies’ annual financial reports. The sampling technique used was purposive sampling, yielding 18 companies as the sample, with a total of 90 observations. Data analysis was performed using Moderated Regression Analysis (MRA) in SPSS version 27. The results showed that liquidity had a significant effect on firm value, whereas dividend policy did not. Meanwhile, profitability was found to moderate the relationship between liquidity and firm value, but it did not moderate the relationship between dividend policy and firm value.

Keywords: Liquidity; Dividend Policy; Firm Value; Profitability (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6239-656-2_2

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DOI: 10.2991/978-94-6239-656-2_2

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