PENGARUH KEBIJAKAN DEVIDEN, STRUKTUR MODAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

Abstract

This Research aimed to find out the effect of dividend policy, capital structure and profitability on firm value of manufacturing companies which were listed on Indonesia Stock Exchange. While, the population was 150 manufacturing companies during 2015-2019. Moreover, the data collection technique used purposive sampling. In line with, there were 7 companies as the sample. Furthemore, the research was quantitative. Additionally, the data analysis technique used multiple linear regression. The research result concluded dividend policy had significant effect on firm value. On the other hand, capital structure (DER) had positive and significant effect on firm value. This meant, the higher of DER which followed by good management could have maximum profits. Consequently, it increased firm value. Likewise, profitability had positive and significant effect on firm value. It meant, the higher the companies' revenue, the better the company would be. This happened since it was able to produce some profits from its resources. As the result, the firm value was increased. In brief, the company had to consider dividend decision whether it was shared or not, regarding the need to invest and expand its business by holding back profits from being distributed.