PENGARUH LEVERAGE, PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

Abstract

Maximizing the firm value is the main goal of company. However, these objectives, sometimes, fail to be achieved. While, some factors influence the firm value. One of them is company’s lack of accuracy. As consequence, the investors had bad perspective of company’s performance. This research aimed to find out the effect of leverage, profitability and dividend policy on the firm value which was referred to PBV (Price Book Value) of manufacturing companies which where listed on Indonesia Stock Exchange 2013-2017. Moreover, the data collection technique used purposive sampling. In line with, there were 11 companies as sample. Furthemore, the data analysis technique used multiple linear regression, classical assumption test, proper test model, and hypothesis test with SPSS. The research result concluded leverage (DER) as well as dividend policy had positive but insignificant effec on the firm value. On the other hand, profitability (ROE) had positive and significant effect on the firm value. In brief all variables, simultaneously, had significant effect on the firm value with correlation of 87,3%. In addition, it also concluded classical assumption test had fullfill the determined criteria.
keywords: leverage, profitability, dividend policy, firm value