Faktor-Faktor yang Berpengaruh terhadap Nilai Perusahaan dengan Return on Asset (ROA) sebagai Variabel Moderating (Studi Empiris pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di BEI Periode 2020-2024)
DOI:
https://doi.org/10.35870/jemsi.v11i5.4668Keywords:
Firm Value, Dividend Policy, Leverage, Sales Growth, Return on Assets (ROA)Abstract
Firm value reflects investors’ perception of a company’s performance and future prospects, serving as a positive signal of operational success. This study aims to examine the influence of dividend policy, leverage, and sales growth on firm value, with Return on Assets (ROA) acting as a moderating variable. The research focuses on consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. A total of 100 observations were selected using purposive sampling. Data were analyzed using panel regression with SPSS. The findings indicate that: (1) dividend policy has a positive and significant effect on firm value; (2) leverage has a negative and significant effect; (3) sales growth has a negative but insignificant impact; (4) ROA strengthens the effect of dividend policy; (5) ROA weakens the effect of leverage; and (6) ROA also strengthens the influence of sales growth on firm value.
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