KEBIJAKAN DIVIDEN, KINERJA KEUANGAN, STRUKTUR KEPEMILIKAN, DAN NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of dividend policy and financial performance of the firm value, with ownership structure as moderate variable. While, the sample was some manufacturing which were listed on Indonesia Stock Exchange. Here the sample as follows: 51 companies in 2015, 56 companies in 2016, and 62 companies in 2017 that listed on BEI and taken by purposively, techniques of sampling that used certain criterias. Moreover, the data analysis technique used multiple linear regression. In addition, the research result concluded as follows: (a) the dividend policy had positive effect on the firm value; (b) the financial performance had positive effect on the firm value; (c) the managerial ownership had positive moderated effect of the dividend policy on the firm value. At this point, the high dividend to the stakeholders had affected on the firm value in which the investors had increased; (4) the managerial ownership had negative moderated effect of the financial performance on the firm value. At this point, negative direction from the result of this study indicate if the percentage of high managerial ownership in the company will have an impact on the tendency of managers to act for their own interests, because of the stronger power possessed by the insider in policy making resulting in owners unable to run the control mechanism properly, which results in a decrease in the value of a company.
Keywords : Dividend Policy, Financial Performance, Firm Value, Ownership Structure