PENGARUH KEPUTUSAN INVESTASI, LEVERAGE DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of investment decision, leverage and dividend policy on firm value.
While,investment decision was measured by Capital Addition to Book Value Assess (CAPBVA), leverage was
measured by Debt to Asset Ratio (DAR), dividend policy was measured by Dividend Payout Ratio (DPR) and
firm value was measured by Price book Value (PBV). The research was quantitative. Moreover, the population
was 71 manufacturing companies which were listed on Indonesia Stock Exchange during 2015 – 2018.
Furthermore, the data collection technique used purposive sampling, in which the sample was based on criteri
given. In line with, there were 181 research data obtained as sample. In addition, the data analysis technique
used multiple linear regression with SPSS. The research result concluded investment decision ha positive effect
on firm value, since having investment could provide positive signal on firm growth. As consequence, it
increased stock price and firm value. Likewise, dividend policy had positive effect on firm value. It happened,
when companie distributed dividend to the shareholders, it increased firm value. On the other hand, leverage had
negative effect on firm value as the higher the leverage ratio, the higher the investment risk would be. As
consequence, the investors were very concerned on the investment risk.
Keywords : firm value, investment decision, dividend policy, leverage