PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi Pada Perusahaan Sektor Property & Real Estate yang terdaftar di BEI Periode 2012-2016)

Abstract

This research aims to determine the effect of investment decisions (PER), financing
decisions (DER), and profitability (ROA) on the firm value (PBV) with dividend policy (DPR) as
an intervening variable on property & real estate companies listed on the Indonesia Stock
Exchange (IDX) 2012-2016.
The sample used in this research consists of 21 property & real estate companies listed
on Indonesia Stock Exchange with observation period for 5 years (2012-2016). Sampling is
done by purposive sampling method. Data analysis technique used is path analysis.
Based on the results of data analysis concluded that investment decisions have a positive
and insignificant effect on dividend policy. While financing decisions and profitability have a
positive and significant effect on dividend policy. Investment decisions, financing decisions,
profitability, and dividend policy have a positive and significant impact on firm value. Based on
path analysis, dividend policy cannot mediate the effect of investment decisions, financing
decisions, and profitability on firm value.
Keywords: Investment Decisions, Financing Decisions, Profitability, DevidendPolicy, and
Firm Value