PENGARUH STRUKTUR MODAL, CASH HOLDINGS, DAN INVESTEMENT OPPORTUNITY TERHADAP NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN

Abstract

This research aimed to examine and anlyze the effect of capital structure, cash holding, and investment opportunity
on dividend policy and firm value. Besides, it aimed to examine and analyze the effect of capital structure, cash
holdings, and investment opportunity on firm value through dividen policy. The data collection technique used
purposive sampling. The data were secondary in the form of annual report of Consumption Good of manufacturing
companies during 2015-2018. The data analysis technique used path analysis with two structural equations in
order to examine direct and indirect effect from independent variables on dependent variable through intervening
variable. The research result, from structural equation 1, showed investment opportunity had positive effect on
dividend policy, capital structure and cash holdings did not affect dividend policy. The result of structural equation
2, showed capital structure and investment opportunity had positive effect on firm value, cash holding did not
affect the firm value. The result of intervening test showed dividend policy was able to intervene the effect of
investment opportunity on firm value, dividend policy was unable to intervene capital structure on firm value,
dividend policy wes unable to intervene cash holding on firm value.
Keywords: capital structure, cash holding, investment opportunity, firm value, dividend policy