THE EFFECT OF PROFITABILITY, LIQUIDITY AND CAPITAL STRUCTURE ON COMPANY VALUE WITH DIVIDEND POLICY AS AN INTERVENING VARIABLE IN FOOD & BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE

Abstract

This study aims to examine and analyze the valuation of companies within the food and beverage sub-sector listed on the Indonesia Stock Exchange. The variables under scrutiny encompass Profitability, Liquidity, and Capital Structure, while Dividend Policy serves as the intervening variable. Purposive sampling is employed as the sampling method. Secondary data from the official IDX website, www.idx.co.id, and the respective official websites of the companies are utilized. Findings indicate that profitability exhibits a positive yet statistically insignificant impact on company valuation, whereas liquidity and capital structure demonstrate a negative and statistically insignificant influence on company valuation. Profitability, liquidity, and capital structure show no significant influence on dividend policy, whereas dividend policy exhibits a positive impact on profitability. Moreover, dividend policy fails to mediate the influence of profitability, liquidity, and capital structure on company valuation.