PENGARUH STRUKTUR MODAL, KEBIJAKAN DIVIDEN, PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR

Abstract

Firm value shows the prosperity of the stockholders when the stock price increase. Firm value is
important because it reflects the company performance which is influenced by the perception of
investors to the company. This research is aimed to find out the influence of capital structure,
dividend policy, profitability to the firm value. The samples are manufacturing companies which are
listed in Indonesia Stock Exchange (IDX) in 2011-2015 periods and these companies have been
selected by using purposive sampling. The dependent variable is firm valuewhereas the variables of
this research are capital structure, dividend policy, and profitability. The statistic instrument test is
SPSS 23
version has been carried out by using classic assumption test, multiple linear regressions
analysis, and hypothesis test. Based on the result of normality test, multicollinearity test,
heteroscedasticity test, and autocorrelation test, the variable which deviates from classic assumption
has not been found. The result of the research shows that: (1) capital structure gives significant
influence to the firm value. (2) Dividend policy does not give any significant influence to the firm
value. (3) Profitability give significant influence to the firm value.

Keywords: capital structure, dividend policy, profitability, firm value.