PENGARUH STRUKTUR MODAL, KEBIJAKAN DIVIDEN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MAKANAN DAN MINUMAN

Abstract

This research is aimed to find out the influence of capital structure, dividend policy and profitability to the firm value. The population is 14 food and Beverages companies which are listed in Indonesia Stock Exchange in 2011-2015 periods. The sample collection technique has been done by using purposive sampling and 10 companies have been selected as samples. The data analysis technique has been carried out by using multiple linear regressions.The result of the test shows that capital structure give insignificant and negative influence to the firm value. This result reflects that the use of debt will decrease the firm value. Likewise, dividend policy gives insignificant but positive influence to the firm value. The amount of dividend which has been shared by the company to the stakeholders does not become a rational consideration of the investors in investing their capital to stock. Meanwhile, profitability give significant and positive influence to the firm value. This condition reflects that when the profitability level is getting high, it shows that the growth of company financial performance is getting better, the firm value which will be measured will be considered better by the investors.
Keywords: capital structure, dividend policy, profitability, firm value