PENGARUH LEVERAGE, KEBIJAKAN DIVIDEN DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of leverage, dividend policy and company growth on the firm value. The variable of this research was proxy with debt to equity ratio (DER), dividend payout ratio (DPR), asset growth ratio (AGR) and price book value (PBV). This research used the causal comparative method. Furthermore, the research sample used a purposive sampling method, namely a sample selection with determine criteria. It obtained 30 samples from 6 automotive and components companies listed on Indonesia Stock Exchange in the 2015-2019 periods. Moreover, the data analysis technique of this research used multiple liniear regression analysis. The result of this research showed the leverage had a positive effect but insignificant on the firm value. Meanwhile, dividen policy had a positive and significant effect on the firm value. This showed that higher dividend was shared it affected the increase of stock request, therefore, the stock price would increase. On the other hand, the company’s growth positively and significantly affected the firm value. This showed that the higher the company’s growth opportunity, it assumed as a signal that the company had a good prospect in the future.
Keywords: leverage, dividend policy, company’s growth, firm value.