THE EFFECT OF DIVIDEND POLICY ON FIRM VALUE IN THE PERSPECTIVE OF RETURN ON EQUITY RATIO, CURRENT RATIO, AND DEBT-TO-EQUITY RATIO (STUDY OF ENERGY SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE PERIOD 2016-2020)
Abstract
This study aims to analyze the effect of Dividend Policy on Firm Value, focusing on Return on Equity Ratio, Current Ratio, and Debt-to-Equity Ratio in energy sector companies listed on the Indonesia Stock Exchange during the 2016-2020 period. The sample selection method is purposive sampling, which results in 10 companies as samples. This study uses descriptive analysis and multiple linear regression, which is extended with path analysis. The results showed that Return on Equity Ratio, Current Ratio, and Debt-to-Equity Ratio partially had no significant effect on Dividend Payout Ratio. Meanwhile, Return on Equity Ratio has a positive influence on Price to Book Value. However, Current Ratio and Debt-to-Equity Ratio do not show a significant effect on Price to Book Value. Finally, Dividend Payout Ratio is proven to have a positive effect on Price to Book Value.
Keywords: Return on Equity Ratio, Current Ratio, Debt-to-Equity Ratio, Dividend Payout Ratio, Price to Book Value.
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DOI: http://dx.doi.org/10.33021/ideas.v3i2.5101
DOI (PDF): http://dx.doi.org/10.33021/ideas.v3i2.5101.g1798
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