PENGARUH KEBIJAKAN DIVIDEN, KEPEMILIKAN INSTITUSIONAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

Abstract

The research is aimed to examine the influence of dividend policy, institutional ownership and the
profitability of the firm value of manufacturing companies which are listed in Indonesia Stock
Exchange (IDX). To measure the dividend policy, institutional ownership and corporate profitability,
the ratios which have been applied are: dividend payout ratio, institutional ownership and the return
on assets. The data analysis has been done by using multiple linear regression with the independent
variables are: dividend policy, institutional ownership and profitability and the dependent variable is
firm value. The population is all manufacturingcompanies which are listed in Indonesia Stock
Exchange (IDX). The research samples have been selected by using purposive sampling technique and
there are 9 manufacturing companies in 2012-2015 periods have been selected as samples so that there
are 36 financial statements which meet the criteria of the sample. Based on the analysis and the
hypothesis test it shows that dividend policy does not give any influence to the firm value whereas
institutional ownership and profitability give positive significant influence to the firm value.

Keywords: Dividend policy, institutional ownership, profitability and firm value.