Pengaruh Kepemilikan Institusional dan Kebijakan Dividen terhadap Nilai Perusahaan dengan Kebijakan Hutang sebagai Variabel Intervening pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2021

Abstract

This research was conducted with the aim of examining and analyzing the effect of institutional ownership and dividend policy on firm value through direct and indirect debt policies. The population in this study were all manufacturing companies listed on the Indonesia Stock Exchange, while the sample that met the observation sampling criteria was conducted for five years and nineteen manufacturing companies were listed on the Indonesia Stock Exchange. This research approach uses causal research. Data collection techniques in this study using documentation techniques. and the analysis technique used is SEM (Structural Equation Model), hypothesis testing and coefficient of determination using statistical software for data science (STATA) version 17. The results of this research show that institutional ownership, dividend policy and debt policy do not have a significant effect on the value of company, dividend policy has no significant effect on debt policy, institutional ownership has a significant effect on debt policy, and indirectly institutional ownership and dividend policy have no significant effect on firm value through debt policy on manufacturing companies listed on the Indonesia Stock Exchange