Analisis Pengaruh Struktur Modal dan Kebijakan Dividen terhadap Nilai Perusahaan (Studi pada Saham-Saham LQ 45 di Bursa Efek Indonesia Periode 2008- 2014)

Abstract

The background of this research is the instability of economic condition which motivate the fluctuations in the financial performance of some firms and existing research in former have inconsistens. This research aims to examine and analyzing influence of capital structure and dividend policy on the firm value. It is expected the results of the research able to give information to investors and contribution for study development about the capital structure, dividend policy and firm value. Population of this research is listed company on the index LQ 45 at the Indonesia Stock Exchange in the period 2008 to 2014 as many as 97 companies. In this research obtained 11 samples LQ 45 firms in Indonesia Stock Exchange, where the method used was purposive sampling is the determination of the sample using the criteria specific. The types of data used in this research is secondary data in the form of financial statements obtained from the Indonesia Stock Exchange and Indonesia Stock Exchange Statistic from period 2008 to 2014. Exchange Analysis technique used is multiple regression analysis. The results showed that during the period 2008-2014 is partially capital structure has positive but insignificant affects the firm value (t count = 0,214; sig.= 0,831). The dividend policy influence positive and significant affects the firm value (t count =4,694; sig.= 0,000). Result of analisys show that predictive ability of the two independent variables (capital structure and dividend policy) significant effected the firm value simultaneously, with the sum of the effect was 25,5% while the remaining 74,5% are influenced by other factors outside of research or out of the regression equation.