PENGARUH STRUKTUR MODAL, KEBIJAKAN DIVIDEN, KEPUTUSAN INVESTASI DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of capital structure, dividend policy, investment decision, and profitability on the firm value. The research was quantitative. While, the data collection technique used purposive sampling, in which the sample was taken based on criteria given. In line wich, the were 120 samples from 30 manufacturing companies which were listed on Indonesia Stock Exchange 2014-2017. Moreover, the data analysis technique used multiple linear regression. The research result concluded the capital structure had positive effect on the firm value. It meant, the higher the debts used, the higher the interest the company would pay. As consequence, the firm value would like to increase. On the other hand, the dividend policy did not effect on the firm value. It showed the dividend which was determined by profits and its business risks. Similar with the capital structure, investment decision had positive effect on the firm value. In other words, the precise investment decision would give optimal. Besides, the profitability had positive on the firm value. Since the higher the profitability was, the higher the investors’ wealth would be.
Keyword: capital structure, dividend policy, investment decision, profitability, firm value