PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

The purpose of this research is to examine the influence of investment decisions (PER), funding
decisions (DER) and the dividend policy (DPR) to the firm value (PBV) of manufacturing companies which are
listed in Indonesia Stock Exchange. The length of period which has been applied in this research is four years
from 2012 to 2015. The Samples have been selected by using purposive sampling method. The population is all
manufacturing companies which are listed in Indonesia Stock Exchange in 2012-2015 periods. From a
population 15 of 144 manufacturing companies with a 4 years observation period (2012-2015) have been selected
as samples. The data has been analyzed by using multiple linear regression analysis. Based on the result of model
feasibility test research (Godness of Fit) states that investment decision (PER), funding decisions (DER), and
dividend policy (DPR) is the variables which are feasible to be used to explain firm value (PBV). The result of ttest
shows that investment decision (PER) and funding decision (DER) gives positive influence to the firm value
(PBV) whereas dividend policy (DPR) does not give any influence to the firm value (PBV).
Keywords: firm value, investment decision, financing decision, dividend policy.