PENGARUH KEBIJAKAN MANAJEMEN KEUANGAN DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to find out the effect of financial management policy which consist of investment decision measured by ratio capital expenditure to book value of an asset, funding decision measured by debt to equity ratio and dividend policy measured by dividend payout ratio also financial performance measured by return on the asset on the firm value. The population of this research used manufacturing companies listed in Indonesia Stock Exchange (IDX) periods of 2015 until 2019. Furthermore, this research correlated with a quantitative approach. The data collection technique used secondary data sources in the Indonesia Stock Exchange database (IDX). The sample collection of this sample used purposive sampling. Meanwhile, the number of research samples used 225 observations on 45 companies during five years. Additionally, this research's analysis method usee multiple linear regressions analysis with the instrument of SPSS application. The research result showed that investment decision, funding decision, and financial performance positively affected the firm value. Meanwhile, dividend policy did not have any effect on the firm value.
Keywords: investment decision, funding decision, dividend policy, financial performance, firm value