PENGARUH KEBIJAKAN HUTANG DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN INSTITUSIONAL SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to analyse and examine the effect of debt policy and profitability on the firm value. Besides,
it aimed to find out whether institutional ownership could moderate the relationship between debt policy and
profitability on the firm value. Debt policy was measured by Debt to Equity Ratio (DER), profitability was
measured by Return On Asset (ROA), and firm value was measured by Price Book Value (PBV). The
populations is consumer goods manufacturing companies which were listed on Indonesia Stock Exchange 2015 –
2018. The data collection technique used purposive sampling, there were 50 sample with 114 observations from
33 consumer goods company on criteria given. The data analysis technique used hypothesis test, multiple
regression and moderate variable test used Moderated Regression Analysis (MRA). According to the research
result, it concluded debt policy had negative effect on the firm value and profitability had positive effect on the
firm value. In additional, insititutional ownership could moderate the relationship between debt policy and firm
value. Meanwhile, institutional ownership was not a moderating variabel in the relationship between
profitability and firm value.
Keyword: debt policy, profitability, institutional ownership, firm value