PENGARUH PROFITABILITAS, KEBIJAKAN DIVIDEN DAN LEVERAGE TERHADAP NILAI PERUSAHAAN

Abstract

This research was used to test the effect of profitability, dividend policy, and leverage on the firm
value. Profitability was measured by proxy of Return On Assets (ROA), dividend policy was measured
by proxy of Dividend Payout Ratio (DPR) and Leverage as measured by proxy of Debt Equity Ratio
(DER). The research sample used a purposive sampling method i.e., sample collection with certain
determined criteria. The research purposive sampling method obtained 9 companies as the samples.
Furthermore, the research samples used pharmaceutical companies listed on Indonesia Stock
Exchange (IDX) in the 2016-2020 periods. The research result showed that : (a) the profitability did not
affect the firm value, it show that investors did not consider the company's profitability in investment
decisions making; (b) the dividend policy had a positive effect on the firm value; it showed that
investors were considered the amount of dividend shared with the company in investment decisions
making; (c) leverage had a positive effect on the firm value, it showed that the amount of leverage was
considered as the factor which able to increase the financial performance in the future.