Proceedings of the 4th International Conference on Management and Business (ICOMB 2025)

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The Effect of Liquidity and Dividend Policy on Firm Value with Profitability as a Moderating Variable in Food and Beverage Sub-Sector Companies

Authors
Renaldi Dwi Wahyudi1, *, Sri Hermuningsih1, Alfiatul Maulida1
1Universitas Sarjanawiyata Tamansiswa, Yogyakarta, Indonesia
*Corresponding author. Email: renaldidwiwahyudi@gmail.com
Corresponding Author
Renaldi Dwi Wahyudi
Available Online 24 April 2026.
DOI
10.2991/978-94-6239-656-2_2How to use a DOI?
Keywords
Liquidity; Dividend Policy; Firm Value; Profitability
Abstract

This study aims to analyze the effects of liquidity and dividend policy on company value, with profitability as a moderating variable, for food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The research method is quantitative, with secondary data from companies’ annual financial reports. The sampling technique used was purposive sampling, yielding 18 companies as the sample, with a total of 90 observations. Data analysis was performed using Moderated Regression Analysis (MRA) in SPSS version 27. The results showed that liquidity had a significant effect on firm value, whereas dividend policy did not. Meanwhile, profitability was found to moderate the relationship between liquidity and firm value, but it did not moderate the relationship between dividend policy and firm value.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 4th International Conference on Management and Business (ICOMB 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
24 April 2026
ISBN
978-94-6239-656-2
ISSN
2352-5428
DOI
10.2991/978-94-6239-656-2_2How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Renaldi Dwi Wahyudi
AU  - Sri Hermuningsih
AU  - Alfiatul Maulida
PY  - 2026
DA  - 2026/04/24
TI  - The Effect of Liquidity and Dividend Policy on Firm Value with Profitability as a Moderating Variable in Food and Beverage Sub-Sector Companies
BT  - Proceedings of the 4th International Conference on Management and Business (ICOMB 2025)
PB  - Atlantis Press
SP  - 3
EP  - 18
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-656-2_2
DO  - 10.2991/978-94-6239-656-2_2
ID  - Wahyudi2026
ER  -