[
ABSTRAKPenelitian ini menguji pengaruh kebijakan utang, kebijakan dividen dan
keputusan investasi terhadap nilai perusahaan. Penelitian menggunakan Structural
Equation Model (SEM) dengan data panel dengan sampel 115 perusahaan yang
terdaftar di Bursa Efek Indonesia dengan data tahun 2011-2013. Variabel yang
digunakan untuk mengukur kebijakan utang menggunakan debt to equity ratio
(DER), kebijakan dividen menggunakan dividend payout ratio (DPR), keputusan
investasi menggunakan proksi pertumbuhan/penurunan aset tetap dan nilai
perusahaan menggunakan rasio price to book value (PBV). Hasil penelitian per
variabel menujukan bahwa kebijakan utang berpengaruh terhadap kebijakan
dividen, keputusan investasi tidak berpengaruh terhadap kebijakan dividen,
kebijakan utang berpengaruh terhadap nilai perusahaan, kebijakan dividen dan
keputusan investasi tidak berpengaruh terhadap nilai perusahaan. Bila dilihat dari
pengujian model struktural, kebijakan utang berpengaruh langsung terhadap nilai
perusahaan secara langsung tanpa melalui kebijakan dividen terlebih dahulu. Hasil
penelitian tersebut juga membuktikan bahwa kebijakan dividen dapat berdiri
sendiri sebagai variabel independen karena keputusan investasi tidak berpengaruh
terhadap kebijakan dividen dan terhadap nilai perusahaan
ABSTRACTThis study examines the effect of debt policy, dividend policy and investment
decision on firm value. This study used structural equation model (SEM) with
panel data, took 115 listed companies in Indonesia Stock Exchange from year
2011-2013. This study used variables such as debt to equity ratio (DER) to
measure debt policy, dividend payout ratio (DPR) to measure dividend policy,
proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)
to measure firm value. The results of the study addressing that each variable such
as debt policy affects dividend policy, investment decision doesn?t affect dividend
policy, debt policy affect firm value, dividend policy and investment decision do
not affect firm value. Result from the structural testing model, debt policy affect
firm value directly without pass through dividend policy first. The result of the
study also revealed that dividend policy could stand alone as an independent
variable because investment decision doesn?t affect dividend policy and firm
value.;This study examines the effect of debt policy, dividend policy and investment
decision on firm value. This study used structural equation model (SEM) with
panel data, took 115 listed companies in Indonesia Stock Exchange from year
2011-2013. This study used variables such as debt to equity ratio (DER) to
measure debt policy, dividend payout ratio (DPR) to measure dividend policy,
proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)
to measure firm value. The results of the study addressing that each variable such
as debt policy affects dividend policy, investment decision doesn?t affect dividend
policy, debt policy affect firm value, dividend policy and investment decision do
not affect firm value. Result from the structural testing model, debt policy affect
firm value directly without pass through dividend policy first. The result of the
study also revealed that dividend policy could stand alone as an independent
variable because investment decision doesn?t affect dividend policy and firm
value.;This study examines the effect of debt policy, dividend policy and investment
decision on firm value. This study used structural equation model (SEM) with
panel data, took 115 listed companies in Indonesia Stock Exchange from year
2011-2013. This study used variables such as debt to equity ratio (DER) to
measure debt policy, dividend payout ratio (DPR) to measure dividend policy,
proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)
to measure firm value. The results of the study addressing that each variable such
as debt policy affects dividend policy, investment decision doesn?t affect dividend
policy, debt policy affect firm value, dividend policy and investment decision do
not affect firm value. Result from the structural testing model, debt policy affect
firm value directly without pass through dividend policy first. The result of the
study also revealed that dividend policy could stand alone as an independent
variable because investment decision doesn?t affect dividend policy and firm
value., This study examines the effect of debt policy, dividend policy and investment
decision on firm value. This study used structural equation model (SEM) with
panel data, took 115 listed companies in Indonesia Stock Exchange from year
2011-2013. This study used variables such as debt to equity ratio (DER) to
measure debt policy, dividend payout ratio (DPR) to measure dividend policy,
proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)
to measure firm value. The results of the study addressing that each variable such
as debt policy affects dividend policy, investment decision doesn’t affect dividend
policy, debt policy affect firm value, dividend policy and investment decision do
not affect firm value. Result from the structural testing model, debt policy affect
firm value directly without pass through dividend policy first. The result of the
study also revealed that dividend policy could stand alone as an independent
variable because investment decision doesn’t affect dividend policy and firm
value.]
T-Hendri Kurniawan.pdf :: Unduh