PENGARUH STRUKTUR MODAL, GROWTH OPPORTUNITY, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

Optimazing firm value is one of the main goals of the company. When the firm value is high, the prosperity of
their stakeholder will be high as well. This research is aimed to find outthe influence of capital structure (is proxy by
DER), growth opportunity (is proxy by total assets), and dividend policy (is proxy by DPR) to the firm value (is
proxy by PBV).The research objectis manufacturing companies which are listed in Indonesia Stock Exchange. The
research data is the secondary data which has been obtained from the official sites of Indonesia Stock Exchange
(www.idx.co.id) in the form of financial statement during four-year periods (2011-2014). The hypothesis test has
been carried out by using multiple analisys technique and the instrument of SPSS (Statistical Product and Service
Solution). The sample has been done by using purposive sampling technique. Based on the criteria it is more specific
and the numbers of samples are 17 companies. The analysis method has been conducted by using classic assumption
test and then it is followed by multiple linear regression analysis.The result of the hypothesis test show that: 1)
Capital structure has negative influence to the firm value, so that the first hypothesis in denied; 2) Growth
opportunity has positive influence to the firm value, so that the second hypothesis is accepted; 3)Dividen policy has
positive influence to the firm value, so that the hypothesis is accepted.

Keyword : Capital structure, growth opportunity, dividen policy, firm value.