PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

This research is aimed to examine the influence of investment decisions (PER), funding decisions (DER) and
dividend policy (DPR) on firm value (PBV) on manufacturing companies which are listed in Indonesia Stock
Exchange in 2013-2015 periods. The samples have been selected by using purposive sampling technique, so that
43 manufacturing companies have been obtained as samples. The analysis method has been done by using
multiple linear regressions analysis. The result of the research shows that (1) investment decisions gives positive
influence to the firm value. It shows that the right investment decision will generate optimal performance so it
gives positive signal to the investors which will increase the stock price and the firm value; (2) funding decision
does not give any influence to the firm value. Because the funding decision is not the factor which directly
becomes the consideration of the investors to invest their capital to the company and it does not become the
reference of the external parties to give influence to the company assessment; (3) dividend policy gives positive
influence to the firm value. It shows that dividend payments to the shareholders can increase the firm value
because investors will invest their capital to the companies which will share their profits in the form of dividends
consistently.
Keywords: Investment Decisions, Funding Decisions, Dividend Policies, Firm Value