KEPUTUSAN INVESTASI, KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN DAN TINGKAT SUKU BUNGA TERHADAP NILAI PERUSAHAAN

Abstract

The objective of the company is to increase the prosperity of the stakeholders which can be achieved by
maximizing firm value which is influenced by investment decision, debt policy, dividend policy, and interest
rates. This research is meant to find out the influence of investment decision, debt policy, dividend policy, and
interest rates to the firm value. The population of this research is all pharmaceutical companies which are listed
in Indonesia Stock Exchange in 2011-2015 periods. The sample collection has been conducted by using
purposive sampling, so that 6 companies have been selected as samples. The source of the secondary data of this
research is originated from Indonesia Stock Exchange. The analysis technique has been carried out by using
multiple regressions model with the analysis test consist of classic assumption test, model feasibility test,
determination coefficient, and hypothesis test. The result of this research shows that investment decision (PER),
Debt policy (DER), and interest rates of Bank Indonesia (SBI) do not give any significant influence to the firm
value (PBV) whereas dividend policy (DPR) give significant influence to the firm value (PBV) in goodness of fit
test. The determination coefficientis 66.3% which means it can explain the variation onfirm value (PBV) while
the remaining can be explained by other variables which are not included in this regressions model.

Keywords: investment decision (PER), debt policy (DER), dividend policy (DPR), interest rates (SBI), firm
value (PBV).