PENGARUH KEPEMILIKAN INSTITUSIONAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN

Abstract

This research is meant to test the influence of institutional ownership and profitability to the
firm value through dividend policy of food and beverages companies which are listed in
Indonesia Stock Exchange (IDX). The population of this research is the food and beverages
companies which are listed in Indonesia Stock Exchange (IDX) during the years of 2010-2014.
Purposive sampling is used as the sample collection technique, so that 11 companies food and beverage
obtained as the research samples. The result of this research shows that the institutional
ownership does not have any significant influence to the firm value, profitability has
significant positive influence to the firm value and dividend policy has significant negative
influence to the firm value. Institutional ownership does not have any significant influence to
the dividend policy and profitability has significant positive influence to the dividend policy.
The result shows that the institutional ownership does not have any direct influence to the firm
value; meanwhile profitability has indirect influence to the firm value. The result of this
research shows that the amount of direct influence of profitability to the firm value is greater
than the indirect influence of profitability to the firm value through dividend policy.

Keywords: institutional ownership, profitability, firm value, dividend policy.