THE INFLUENCE OF INVESTMENT OPPORTUNITTY, DEBT POLICY AND PROFITABILITY ON FIRM VALUE WITH DIVIDEND POLICY AS AN INTERVENING VARIABLE Suparno , Dr.M Anhar, Ak. M.Si. CA. , Dr.Muhammad Safiq, SE. M.Si.
STEI : Sekolah Tinggi Ilmu Ekonomi Indonesia - MAKSI
This study aims to partially examine (1) the effect of investment opportunitty, debt policy, profitability on dividend policy and (2) the effect of investment opportunitty, debt policy, profitability and dividend policy on firm value. Technical analysis uses panel regression common effect data, fixed effects and random effects on 110 manufacturing sector companies listed on the Indonesia efek Exchange for the period 2011-2018, and processed with e-views software version 8.0, after formulating a corporate value model in which dividend policy is intervning variable. The results of the chow and the Hausman test, a regression model that is suitable for expressing the relationship of the factors that determine dividend payments or company value in the form of a fixed effect panel data regression. Furthermore, the results obtained (1) Investment Opportunities (MBVA) negatively affect dividend payments, (2) Debt Policy (DER) negatively affect dividend payments, (3) Profitability (ROE) has a positive effect on dividend payments, (4) Investment Opportunitty ( MBVA) has a positive effect on Firm Value, (5) Debt Policy (DER) has a positive effect on Firm Value, (6) Profitability (ROE) has a positive effect on Firm Falue, (7) Dividend Policy (DPR) has a positive effect on Firm Value.
Keywords: Investment opportunitty, Debt Policy, Profitability, Dividend Policy and Firm Value