PENGARUH PROFITABILITAS DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN

Abstract

This research is meant to find out the influence of profitability and investment decision to the firm value with the
use of dividend policy as the intervening variable. The population is all manufacturing companies which are
listed in Indonesia Stock Exchange (IDX) in 2011-2014 periods. The sample collection technique has been done
by using purposive sampling and 20 manufacturing companies have been selected as samples. The analysis
technique has been carried out by using path analysis method. The result of this research shows that profitability
does not give any significant influence to the dividend policy. Profitability has positive to the firm value.
Investment decision give positive influence to the dividend policy. Investment decision give positive influence to
the firm value. The dividend policy give negative influence to the firm value. Profitability does not give any
influence to the dividend policy whereas the dividend policy give negative influence to the firm value, so that the
dividend policy cannot mediate the profitability to the firm value. Investment decision give positive influence to
the dividend policywhereas the dividend policy give negative influence to the firm value, so that the dividend
policy can mediate the investment decision to the firm value.
Keywords: firm value, profitability, investment decision, dividend policy