PENGARUH KEBIJAKAN DEVIDEN, KEBIJAKAN HUTANG, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

Abstract

The research aimed to examine the effect of dividend policy, debt policy, and profitability on the firm value. While, dividend policy was measured by dividend payout ratio (DPR), debt policy was measured by debt to equity ratio (DER), and profitability was measured by return on equity (ROE). Moreover, the firm value was measured by price to book value (PBV). The research was quantitative. The data collection technique used purposive sampling in which the collection based on criteria given. In line with, there were 65 samples from 13 manufacturing companies which were listed on Indonesia Stock Exchange 2013-2017. In addition, the data analysis technique used multiple linear regression with SSPS 21.The research result concluded dividend policy had positive effect on the firm value since the fluctuation of shared dividend become one of the indicators of investor consideration in decision making. Besides, debt policy had positive effect on the firm value. It happened as the high debt which was used by the company showed the company had good future. Moreover, profitability had positive effect on the firm value. In other words, the higher profit, the better future prospect will company have. As consequence, it would give high return for the stakeholders.
Keyword: dividend policy, debt policy, profitability, firm value