PENGARUH KEBIJAKAN HUTANG, DIVIDEN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

Abstract

The main of Componies is maximizing the firm value. This study aims to analyze the impact of the debt policy which is measured by the DER, the divident policy which is measured by the DPR, and the profitability which is measured by the ROA toward the firm value which is measured by the PBV in the Consumer Non-Cyclicals companies that are registered in Indonesia’s Stock Exchange in 2014-2018 period. The type of this study is a quantitative research. The samples of this study applies the purposive sampling method with 12 comppanies. This study applies multiple linier regression with SPSS version 24. Based on the result of the data analysis, it concludes that the debt policy (DER) gives positive and significant impact to the firm value with 3.463 and 0,001 significancy, so the first hypotesis is accepted. The divident policy (DPR) gives negative impact to the firm value with 0,522 and 0,604 significancy, so the second hypotesis is rejected. The profitability gives positive impact to the firm value with 11.637 and 0,000 significancy, so the third hypotesis is accepted.
Keyword: the debt policy, the divident policy, the profitability, the firm value