PENGARUH KEPUTUSAN PENDANAAN, KEBIJAKAN DIVIDEN, DAN RISIKO BISNIS TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine (1) the effect of fund decisions on firm value, (2) the effect of dividend policy on firm value, and (3) the effect of business risks on firm value. The fund decisions were referred to as Debt to Equity Ratio (DER), dividend policy was referred to as Dividend Payout Ratio (DPR), and business risk was referred to as Degree of Operating Leverage (DOL). Moreover, the research was quantitative. The data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 45 data samples from 9 companies. Furthermore, the population was pharmaceutical companies listed on the Indonesia Stock Exchange during 2017-2021. The data analysis technique used multiple linear regression. Additionally, the result concluded as follows: (1) fund decisions had a positive effect on firm value, (2) dividend policy did not affect firm value, and (3) business risks had a positive effect on firm value.