PENGARUH TATA KELOLA PERUSAHAAN, KEPUTUSAN PENDANAAN, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

Established companies have clear goals and objectives. There are several aspects that raise the purpose of
establishing a company. The company has several objectives, while one of the main objectives of the company is
to increase the value of the company. The increasing value of the company can attract investors to invest their
capital. This study aims to examine the influence of corporate governance, funding decisions, and dividend
policies the LQ-45 firm value. Corporate governance is measured by audit committees, independent
commissioners, institutional ownership, and managerial ownership. While funding decisions are measured by
debt to equity ratio, and dividend policy is measured by dividend payout ratio. This type of research is
quantitative research. The sample in this study was obtained by using purposive sampling method, which is the
selection of samples with predetermined criteria. Based on the purposive sampling method, there were 18 samples
from 45 LQ-45 companies listed on the Indonesia Stock Exchange during 2015-2017. The analytical method
used is multiple linear regression analysis using the SPSS version 24 program. The results of this study indicate
that audit committees, institutional ownership, managerial ownership, and funding decisions do not affect the
value of the company. While independent commissioners and dividend policies have a positive effect on firm
value.
Keywords: corporate governance mechanism, funding decision, dividend policy, company value