PENGARUH KEBIJAKAN KEUANGAN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Abstract

This research aims to examine the influence of financial policy consisting of debt policy, investment policy, dividend policy and profitability to company value. The population of this research is a manufacturing company which is listed in the Indonesia Stock Exchange period 2013-2016.The population in this research using the method of porposive sampling, so that can be obtained a sample of 41 companies with the number of observations as many as 164 observations. The analysis method that been used is multiple linear regression analysis.From the test results showed that the debt policy has a positive and significant influence on the company value it means that the assets that been used by companies most of them financed with debt has been used effectively. Investment policy has a positive and significant influence on the company value it means that the company's investment policy indicates that the assets that will used in the future in the form of investment will produce optimal performance. Dividend policy does not influenced the company value it means that the size of the dividend for investors does not require dividends to convert stocks into capital gains. Profitability has a positive and significant influence on the company value it means that higher the profit generated, higher the company value that shows the prospect of good corporate growth in the future so that investors are interested in investing capital.
Keywords: debt policy, investment policy, dividend policy, profitability,company value.