PENGARUH LEVERAGE, KEPUTUSAN INVESTASI DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi Empiris Pada Perusahaan Jasa Sub Sektor Lembaga Pembiayaan yang Terdaftar di BEI Periode 2012-2016)

Abstract

This research aims to determine the effect of Leverage, Investment Decisions, Capital Structure on the Value of the Company with Dividend Policy as an Intervening Variable in the financing sub-sector service companies listed on the Indonesia Stock Exchange (IDX). The population in this study amounted to 17 financial institutions sub-sector service companies listed on the Indonesia Stock Exchange during the period 2012 to 2016. Sampling was done by purposive sampling method, so that 12 companies were used as samples in this study. The results showed that DER had a significant negative effect on DPR, PER had a positive effect on the DPR and DAR had a significant positive effect on the DPR. DER has a negative effect on PBV, PER has a significant positive effect on PBV, DAR has a positive effect on PBV and DPR has a positive effect on PBV. Whereas the DPR is not able to mediate the relationship between DER, PER and DAR against PBV. Suggestions for companies are that the company is expected to increase dividend policy and the company is expected to increase the value of the company.
Keywords: Leverage, Investment Decision, Capital Structure, Dividend Policy, Company Value