PENGARUH KEBIJAKAN DIVIDEN, KEPUTUSAN INVESTASI, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

Abstract

This research aims to examine the effect of dividend policy, investment decision, and capital structure on firm value. While dividend policy was measured by dividend payout ratio, investment decision was measured by total asset growth, and capital structure was measured by debt to equity ratio. Meanwhile, firm value was measured by price to book value.The research was conducted with quantitative approach. Moreover, the data collection technique used non-probability sampling. Furthermore, the sampling technique used purposive sampling, in which the sample was based on criteria given. In line with that, there were 55 samples from 11IDX30 manufacturing companies, which were listed on Indonesia Stock Exchange during 2016-2020. Additionally, the data analysis technique used multiple regression with SPSS (Statistical Product and Service Solution).The research result concluded that dividend payout ratio did not affect and had a negative effect on price to book value. On the other hand; total asset growth had a negative effect on price to book value. In contrast, debt to equity ratio had a positive effect on price to book value.
Keywords: dividend policy, investment decision, capital structure, firm value