Does Dividend Policy Moderate The Relationship between Profitability, IOS, and Liquidity toward Firm Value?

ABSTRACT : This study aimed to interpret the effect of profitability, investment opportunity set, liquidity, anddividend policy on firm value of property, real estate, and construction companies in the Indonesia StockExchange that distribute dividends in the 2015-2017. Saturated sampling is used to determine the sample. Thisresearch used quantitative method with analysis technique using moderated regression analysis (MRA). Basedon the results of the analysis shows that: profitability has a negative and significant impact on the firm value,investment opportunity set (IOS) has a positive and significant effect on firm value, liquidity does not affect onfirm value, dividend policy strengthens the effect of profitability on firm value, dividend policy weakens theeffect of IOS on firm value, and dividend policy is unable to moderate the effect of liquidity on firm value.

Keywords: dividend policy, firm value, MRA