PENGARUH KEBIJAKAN DIVIDEN, KEPEMILIKAN MANAJERIAL, PROFITABILITAS DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR TRADE, SERVICE DAN INVESTMENT YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011 - 2015
Abstract: This study aims to
examine the influence of dividend policy, managerial ownership, profitability
and liquidity toward firm value. The population used in this study is a firm
listed on the Indonesian Stock Exchange trade, service, and investment sector
with a total of 122 firms. By purposive sampling method, yielded sample of 28
firms. Methods of data analysis using multiple linier regression. The results
of this study indicate that dividend policy has a positive effect on firm
value. When a company distributes dividends to investors for a certain period,
then the return on investment of shareholders will also increase. It will also
improve the existing market response to the company's stock price itself and
ultimately the value of the company will also increase. Furthermore, managerial
ownership does not affect the value of the company. Because with the difference
of interest experienced by the management company with shareholders, will have
an impact on the cost of agency is very high. As a result with such high cost
it will impact the decrease in company performance and the value of the company
will also be reduced. In this study, profitability has a positive effect on
firm value. The greater the value of profitability ratios in a company, the
higher the market response also owned by the company. In the end the share
price and the value of the company will also simultaneously increase. Liquidity
does not affect the value of the company. This situation occurs because of the
difference in orientation, liquidity is usually short-term oriented while the
value of the company is oriented on the long term so as not to show any
significant influence.
Keywords: Firm Value, Dividend
Policy, Managerial Ownership, Profitability, Liquidity
Penulis: Ahmad Jalil Karuniadi,
Ulil Hartono
Kode Jurnal: jpmanajemendd171198
