PENGARUH KEBIJAKAN DIVIDEN, PERTUMBUHAN PENJUALAN, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN FARMASI

Abstract

This research aimed to analyze the effect of dividend policy, sales growth, and firm size on firm value. The
population was pharmaceutical companies that were listed on Indonesia Stock Exchange (IDX) from 2016-up to
2020. Moreover, the data collection technique used saturated sampling, in which all members of the population
were the sample. In line with that, there were 8 samples of companies. Furthermore, the data analysis technique
used multiple linear regression with SPSS 23. The result of the determination coefficient (R-Square) of about
0.700, meant that the dividend policy (DPR), sales growth (Sales Growth), and firm size (Size) were able to
affect firm value (PBV) by 70%. In addition, for the rest, 30% was affected by other variables which were not
included in the research model. The hypothesis test (t-test) result showed that dividend policy had a negative
and significant effect on firm value. On the other hand, sales growth, as well as firm size, had a positive and
significant effect on the firm value of pharmaceutical companies from 2016-up to 2020.