The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable (Studies in Manufacturing Companies for the 2014-2018 Period)

This study aims to analyze the effect of leverage and profitability on firm value with dividend policy as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange from 2014 to 2018. The population in this study amounted to 158 manufacturing companies, using purposive sampling techniques to obtain samples 21 manufacturing companies. This type of research is causal associative. The technique used in this research is inferential statistical analysis technique using the SPSS 24 program. This study results in that profitability has a significant positive effect on firm value, leverage has a negative effect on firm value. And for the effects of dividend moderation found that, dividend policy is not able to moderate the effect of profitability on firm value. Then the dividend policy is able to moderate the effect of leverage on corporate value in the negative direction. Dividend policy is also defined as pure moderator on the effect of leverage and profitability on firm value.