PENGARUH PROFITABILITAS, LEVERAGE, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN INDEKS LQ-45 DI BURSA EFEK INDONESIA

Abstract

The share price is the reflection of the firm value. The high demand of the shares will raise the firm value. The aim of this study is to analyze the impact of the profitability which is proxied by the return on asset and the return on equity. The leverage is proxied by the debt to assets ratio and the debt to equity ratio, and the dividend policy toward the firm value The type of the study is quantitative with the companies which are registered in LQ-45 index of Indonesia's Stock Exchange in 2016-2019. 27 samples are collected by applying the purposive sampling. The applied data are secondary data, they are the financial statements and the annual reports. The analysis applies the multiple linear regression. The result of the study, it shows that the return on asset and the debt to equity ratio give negative and significant impact tot the firm value. The return on equity and the dividend payout ratio give positive and significant impact to the firm value, while the debt to equity ratio does not impact to the firm value. Based on the ANOVA test, all of the independent variabels are simultaneously impact the firm value.
Keywords: profitability, leverage, divident policy, firm value