PENGARUH PERTUMBUHAN PENDAPATAN DAN LEVERAGE TERHADAP NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

This research examines the effect of income growth and leverage on the firm value through dividend policy. The income growth was measured by Income Growth, leverage was measured by DER (Debt Equity to Ratio), dividend policy was measured by DPR (Dividend Payout Ratio), and firm value was measured by PBV (Price to Book Value). The research applies quantitatively. Furthermore, the population consists of Property and Real Estate listed on the Indonesia Stock Exchange (IDX). The data collection technique used purposive sampling, with 11 companies as the samples. Moreover, the data were taken for 5 years (2019-2023) with 55 data samples in total. The data analysis technique used path analysis. The result shows that income growth has an insignificant effect on firm value. However, leverage has a negative and significant effect on firm value. Meanwhile, dividend policy has a positive and significant effect on firm value. Similarly, income growth has a positive and significant effect on dividend policy. In contrast, leverage has a negative and significant effect on dividend policy. Additionally, income growth has a positive and significant effect on firm value through dividend policy. On the contrary, leverage has a negative and significant effect on firm value through dividend policy.