PENGARUH KEBIJAKAN DIVIDEN, STRUKTUR MODAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect od dividend policy, capital structure and profitability on firm value (PBV). While, research was quantitative. Moreover, the population was pharmaceutical companies, which were listed on indonesia Stock Exchange (IDX) during 2013-2018. Furthermore, the data collection technique used purposive samling, in which the sample was based on criteria given. In line with there were 6 pharmaceutical companies as the sample. In total, there 31 data from 6 years of observation. Additionally, the data were secondary which in the form of financial statements and annual report. In addition, the data analysis technique used multiple linear regression. The research result concluded that dividend policy (Dividend Payout Ratio) had a negative effect on firm value. This showed the higher the dividend policy was, the lower the firm value would be. It meant higher sales did not guarantee higher firm value as it still needed to pay some costs during operational activities. On the other hand, profitability (Return On Asset) had a positive effect on firm value. In other words, the higher capital structure was, the higher firm value would be.
Keywords: dividend policy, capital structure, profitability, firm value