ANALISIS PENGARUH PROFITABILITAS DAN KEPEMILIKAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING: STUDI PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA TAHUN 2012-2016

Sudjono Idris

Abstract


The purpose of this research is to know affect of profitability and insider ownership to firm value through dividend policy. Research type is research of causality. Sample counted 42 companies, selected with technique of purposive sampling. Research data from ICMD (2012-2016) and monetary data of its companies. The results of this study are profitability and insider ownership has no significant effect on dividend policy, the results of this study are consistent with results of previous studies that found that profitability and insider ownership has no significant effect on dividend policy. Profitability and insider ownership significant effect on the value of the company, the results of this study are consistent with previous research that states profitability and significant effect of insider ownership on firm value. Dividend policy not significant effect on the value of the Company, the results of this study are consistent with results of previous studies that stated dividend policy no significant effect on firm value. Profitability and insider ownership significantly influence the value of the company through dividend policy, the results of this study are consistent with previous studies which state that profitability has a significant influence on the value of the company through dividend policy. Limitations of this study are independent variables used in the study consisted of profitability, insider ownership and dividend policy, adjusted R2 value of only 23.1%, dividend policy in this study did not distinguish between companies that distribute cash dividends and companies that do not distribute cash dividends, and measurement of the value of the company in this study only uses formulas Price to Book Value

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