KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, PROFITABILITAS DAN FREE CASH FLOW TERHADAP NILAI PERUSAHAAN

Abstract

This study aims to examine the effect of debt policy, dividend policy, profitability and free cash flow on firm value. Debt policy is measured by a debt to equity ratio (DER), dividend policy is measured by dividend payout ratio (DPR), profitability is measured by return on assets (ROA), free cash flow is measured by the ratio of free cash flow (FCF) while firm value is measured by price to book value (PBV). This study uses a moderating variabel, namely insider ownership (INS). The population in this study are manufacturing companies listed on the Indonesia Stock Exchange in the period 2013-2017. The sampling technique uses purposive sampling. While the analytical method used is a multiple linear regression analysis method. The results of this study indicate that the DER has an effect on PBV, the DPR does not influence PBV, ROA has an effect on PBV, FCF has no effect on PBV, INS is able to moderate the influence of DER on PBV, INS is not able to moderate the influence of DPR on PBV, INS is able to moderate the effect of ROA on PBV and INS are not able to moderate the effect of FCF on PBV.
Keywords: PBV, DER, DPR, ROA, FCF