PENGARUH KEBIJAKAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN YANG DIMODERASI OLEH PROFITABILITAS

Abstract

This research aimed to examine the investment decision, funding decision, and operation decision on the firm value with profitability as the moderating variable. The population was manufacturing companies which were listed on Indonesia stock exchange (IDX) 2013-2017. While, the data collection technique used purposive sampling in line with there were 4 samples of company from 87 companies each years with total of 435 firms years. Moreover, the data analysis technique used multiple linear regression with SPSS 20. The research result concluded investment decision which was referred to capital expenditure to book value of asset, and operation decision which was referred to total assets turnover did not affect the firm value. Furthermore, the funding decision which was referred to debt to equity had negative effect on the firm value. On the other hand, profitability had positive effect on the firm value. In brief, profitability was not able to moderate the investment decision on the firm value. Besides, it reduced the effect of operation decision on the firm value.
Keywords: Investment Decision. Funding Decision, Operation Decision, Profitability, Firm Value