PENGARUH KEBIJAKAN DIVIDEN, PROFITABILITAS, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN MANUFAKTUR

Abstract

Firm value related to stock price, the higher of the stock price as well as the profit that will be obtained by the stakeholders, therefore, the firm value also rise. Furthermore, the firm value gave effect on the several factors among others dividend policy, profitability, and firm value. This research aimed to analyze the effect of dividend, profitability, and firm size on the firm value. The population of this research used 151 manufacturing companies with the observation periods in 2013-2015 observation periods. Furthermore, the sample collection technique of this research used purposive sampling method, therefore, it obtained 11 companies. Meanwhile, the analysis technique used multiple linear regressions analysis with SPSS application. Based on the analysis result showed that dividend policy (DPR) and profitability (ROE) gave positive and significant effect on the firm value (PBV), while firm size gave positive and insignificant effect on the firm value (PBV). Moreover, coefficient determination (R2) of this research was 0.858 showed 85% variations, in addition, the variable of firm value (PBV) was explained by the variable of dividend policy (DPR), profitability (ROE), and firm size (size). Meanwhile, the rest was 14,2% explained by other variables which was not included in the model research.
Keywords: firm value, dividend policy, profitability, firm size.