PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN HUTANG SEBAGAI VARIABEL INTERVENING

Abstract

This research aimed to examine the effect of managerial ownership, institutional ownership, and dividend policy
which was measured by Dividend Payout Ratio (DPR), on firm value which was measured by Price to Book Value
(PBV) with debt policy as an intervening variable; which was measured by Debt Equity Ratio (DER). The
population was 83 consumption goods industries listed on the IndonesiaStock Exchange during 2017-2021.
Moreover, the data collection technique used purposive sampling. In line with that, there were 90 companies as
the sample with5 years of observation (2017-2021). The result identified that (1) managerial ownership had a
positive effect onfirm value, (2) institutional ownership did not affect firm value, (3) dividend policyhad a positive
effect on firm value, (4) debt policy had a positive effect on firm value, (5) managerial ownership had a positive
effect on debt policy, (6) institutional ownership had a negative effect on debt policy, (7) dividend policy did not
affect debt policy, (8) managerial ownership had a positive effect on firm value through debt policy, (9) institutional
ownership did not affect firm value through debt policy, and (10) dividend policy did not affect firm value through
debt policy.