PENGARUH PROFITABILITAS, LEVERAGE, KEBIJAKAN DIVIDEN, DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of profitability, leverage, dividend policy, and investment decision on the firm value. Profitability was measured by Return On Assets (ROA), leverage measured by Debt to Equity Ratio (DER), dividend policy measured by Dividend Payout Ratio (DPR), and investment decision measured with capital expenditure to book value of an asset (CAP/BVA). Furthermore, the firm value of this research used the Price-Book Value (PBV) ratio. This research was quantitative with secondary data in the form financial statements and the company’s annual reports. The research sample used the purposive sampling method, i.e., a sample selection with spesific criteria. The purposive sampling method obtained 40 samples from 8 companies in the milling sector listed on The Indonesia Stock Exchange during the year of 2016-2020 period. Moreover, the research analysis method used multiple linier regressions analysis with the SPSS program 26 version. The research results concluded that profitability (ROA) had a positive and significant effect on the firm value, and leverage (DER) had a negative and significant effect on the firm value. Meanwhile, the dividend policy (DPR) had a negative and insignificant effect on the firm value, and investment decision (CAP/BVA) had a positive and insignificant on the firm value.