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THE INFLUENCE OF DIVIDEND POLICY, LIQUIDITY AND COMPANY SIZE ON COMPANY VALUE IN THE METALS AND MINERALS INDUSTRY LISTED ON THE INDONESIAN STOCK EXCHANGE FOR THE 2019-2023 PERIOD

Abstract

This study aims to examine the influence of dividend policy, liquidity, and firm size on
firm value in the metal and mineral industry sector listed on the Indonesia Stock
Exchange (IDX) during the period from 2019 to 2023. The research applies a descriptive
quantitative method and utilizes secondary data. The sampling technique employed is
purposive sampling, resulting in a total sample of 14 companies from the metal and
mineral industry over a five-year period, producing 70 data points. After addressing
outliers, 34 data entries were excluded from the analysis. The study focuses on three
independent variables: dividend policy, liquidity, and firm size, while the dependent
variable is firm value. To analyze the data, multiple linear regression analysis was used,
with the assistance of SPSS version 22 as the statistical software. The results of the
regression analysis indicate that both dividend policy and firm size do not have a
significant effect on firm value. However, liquidity is found to have a significant influence
on firm value. Furthermore, based on the F-test results, it can be concluded that
collectively, the variables dividend policy, liquidity, and firm size have a significant
impact on the firm value of companies in the metal and mineral sector listed on the
Indonesia Stock Exchange during the 2019–2023 period.