PENGARUH KEPUTUSAN INVESTASI, KEBIJAKAN HUTANG DAN KEBIJAKAN DIVIDEN TERHADAP KINERJA KEUANGAN

Abstract

This research aimed to examine the effect of (1) investment decisions, (2) debt policy, and (3)
dividend policy on financial performance. The investment decisions were measured by Price Earning
Ratio (PER), debt policy was measured by Debt to Equity Ratio (DER), dividend policy was measured
by Dividend Payout Ratio (DPR), and financial performance was measured by Return On Asset (ROA).
The research was quantitative. Moreover, the data collection technique used purposive sampling. In
line with that, there were 25 companies that fulfilled the criteria as the sample. Furthermore, the
population was LQ-45 index companies listed on the Indonesia Stock Exchange for 3 years during 2019-
2021. In total, there were 75 data samples. However, after doing data management, there were 18
outlier data. Therefore, there were 57 samples that would be analyzed. Additionally, the data analysis
technique used multiple linear regression wth SPSS 26. The result concluded that as follows: (1)
investment decisions had a negative effect on financial performance, (2) debt policy had a negative
effect on financial performance, and (3) dividend policy did not affect financial performance.