PENGARUH KEBIJAKAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN YANG DIMEDIASI PROFITABILITAS

Abstract

This research aimed to examine the effect of investment policy, operational policy, and debt policy on firm value; as profitability as intervening variable of Property and Real Estate companies which were listed on Indonesia Stock Exchange. Moreover, the research was quantitative with path analysis. Furthermore, the data collection technique used purposive sampling. Additionally, there were 31 companies as the sample. In total, there were 155 samples. In addition, the research result concluded that investment policy, operational activities and debt policy had a positive effect on profitability. On the other hand, investment decision had a positive effect on firm value. In contrast, operational policy did not affect firm value. Meanwhile, debt policy had a negative effect on firm value. On the contrary, profitability had a positive effect on firm value. In addition, profitability could intervene the effect of investment policy on firm value, the effect of operational policy on firm value and debt policy on firm value.
Keywords: investment decision, operational policy, debt policy, profitability, firm value