PENGARUH KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING

Abstract

This research is aimed to examine the influence of debt policy to the firm value with financial performance as the intervening variable through the annual financial statements which have been prepared by LQ45 companies which are listed in Indonesia Stock Exchange. The populations has been obtained by using purposive sampling method to the LQ45 companies which are listed in Indonesia Stock Exchange (IDX) in 2013-2016 periods and based on the predetermined criteria, 25 companies have been selected as samples. The analysis method has been done by using multiple linier regressions analysis and the SPSS (Statistical Product and Service Solutions) application tool. The results show that (a) Debt policy does not give any influence to the financial performance and shows non-unidirectional correlation. (b) Debt policy does not give any influence to the value and it indicates unidirectional relationship. (d) Finansial performances as the intervening variable can mediate the influence of debt policy to the firm value.
Keywords: debt policy, financial performance, firm value.