PENGARUH PROFITABILITAS, KEBIJAKAN DEVIDEN, DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of profitability, debt policy and dividend policy on firm value. While profitability was measured by Returm On Equity (ROE), debt policy was measured by Debt to Equity Ratio (DER) and dividend policy was measured by Dividend Payout Ratio (DPR). Meanwhile, firm value was measured by Price to Book Value (PBV). Moreover, the research was quantitative. Furthermore, the data collection technique used purposive sampling. In line with, there were 495 observation data from 99 manufacturing companies which were listed on Indonesia Stock Exchange during 2015-2019. Additionally, the data analysis technique used multiple linear regression. In addition, the research result concluded as follows: (a) profitability had a positive and significant effect on firm value, as higher profitability gave positive signal to investors; which showed companies in good position. On the other hand, (b) debt policy did not affect on firm value. This meant, the companies tended to use their own capital rather than debts. In contrast, (c) dividend policy had a positive and significant effect on firm value, since higher dividend sharing would increase stock price in the capital market. As a consequence, the firm value increased.
Keywords: profitability, debt policy, dividend policy, firm value