PENGARUH KEPUTUSAN PENDANAAN, INVESTASI DAN KEBIJAKAN DEVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of funding decisions measured by the Debt to Equity Ratio (DER), investment measured by the Ratio of Capital Expenditure to Book Value of Asset (RCE/BVA), and dividend policy measured by the Dividend Payout Ratio (DPR) on the firm value. Moreover, the research population used manufacturing companies listed on Indonesia Stock Exchange (IDX) in the 2017-2019 periods. This research was correlational research with a quantitative approach. Meanwhile, the data collection was conducted by data sources, i.e., secondary data. The data source was taken from Indonesia Stock Exchange Gallery (GIBEI) database STIESIA Surabaya. Meanwhile, the research sample collection method used purposive sampling. On the other hand, the research sample amount was 159 observations within three years. Moreover, the reserach analysis used multiple linear regressions with the SPSS application (Statistical Product and Services Solution). The model feasibility test showed that funding decisions, investment decisions, and dividend policy were feasible to use in this research on the firm value. The t-test showed that the funding decision had a positive effect on the firm value, while the investment decision had a positive effect on the firm value, and dividend policy did not affect the firm value.