Faktor - Faktor yang Mempengaruhi Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderating pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

Abstract

Corporate value is defined as the market value of the equity of a company and the market value of debt. The corporate value may describe the state of a company. There are several factors affecting corporate value, including investment decision, company size, profitability, and institutional ownership,

This quantitative study aims to identify how corporate value is affected by investment decision, company size profitability, and institutional ownership. All manufacturing companies listed on the Indonesian Stock Exchange are served as the study population. An inclusive criterion is carried out to select 260 issuers comprising 26 companies in ten years. The data is collected from the company's financial report documentation, which is then analyzed using the data-panel regression tool (Eviews).

The findings indicate that investment decision (Price to Earning Ratio). Company Size (Ln Total Asseti. Profitability (Return on Equity and Institutional Ownership (INSWN) have a simultaneous effect on corporate value (p=0.000 0.05). Investment decision (Price to Earning Ratio) has a partial effect on corporate value (p=0.018 0.05). On the other hand, total asset partially affects the corporate value (p=0.013>0.05). Profitability (Return on Equity) has partial effect on corporate value (p=0.000<0.05). Institutional ownership has partial effect on corporate value (p=0.000<0.05). It is observed that dividend policy is able to moderate the effect of Investment Decision (Price to Earning ratio), Company Size (Ln Total Asset). Profitability (Return on Equity), and Institutional Ownership (INSWN) on Corporate Value (p<0.05). In order to raise the corporate value. it is advised that manufacturing companies listed on the Indonesia Stock Exchange pay closer attention to numerous factors affecting corporate value