PENGARUH KEBIJAKAN DIVIDEN, KEBIJAKAN HUTANG DAN CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN

Abstract

This research aims to examine the influence of dividend policy, debt policy and corporate governance on
corporate value. Dividend policy proxied by dividend payout ratio (DPR), the debt policy proxied by debt to
equity ratio (DER), while the corporate governance proxied with managerial ownership, institutional ownership
and independent commissioner. The company value proxied by price to book value (PBV). The population in this
research are all manufacturing companies which listed in the Indonesia Stock Exchange (BEI). Samples taken in
this research are manufacturing companies which listed in Indonesia Stock Exchange (IDX) during period of
2012 until 2016. Total sample of company in research is 30 manufacturing companies that taken by using
purposive sampling method. Analysis method using multiple regression analysis technique. The results of this
research indicate that (1) dividend policy has a positive influence on firm value, (2) debt policy has a positive
influence on firm value, (3) managerial ownership positively influence the firm value, (4) institutional
ownership positively influence the company value, (5) an independent commissioner has a positive influence on
the value of the company. So it can be concluded that dividend policy, debt policy and corporate governance used
in this research have a positive influence on corporate value.
Keywords: dividend policy, debt policy, corporate governance, corporate value