AbstrakPenelitian ini bertujuan untuk menemukan bukti empiris pengaruh keputusan keuangan, ukuran perusahaan, dan struktur kepemilikan terhadap nilai perusahaan dalam tiga kondisi ekonomi, yaitu sebelum krisis, selama krisis, dan setelah krisis. Model yang digunakan adalah multiple regression. Penelitian dilakukan tahun 1992-2008 dengan sampel sebanyak 78 perusahaan publik dan 1.084 data. Hasil penelitian menjelaskan bahwa ukuran perusahaan dan keputusan tidak membayar dividen merupakan variabel yang paling mempengaruhi nilai perusahaan dalam tiga situasi ekonomi. Selain itu, kebijakan tidak membayar dividen berpengaruh negatif terhadap nilai perusahaan. Ada juga perbedaan nilai perusahaan yang signifikan dalam tiga situasi ekonomi. Berdasarkan temuan tersebut, dapat disarankan kepada perusahaan publik agar ukuran perusahaan penting untuk diperhatikan. Kebijakan membayar dividen kas dapat dipertimbangkan dalam upaya peningkatan nilai perusahaan. Kata kunci: Keputusan keuangan, ukuran perusahaan, struktur kepemilikan, nilai perusahaan AbstractThe objectives was to find empirical evidence of the influence financial decisions, firm size, and ownership structure on firm value in the three economic conditions (before, during, and

This study aims to determine the influence of investment decision, financing decision, dividend policy on firm value. Using purposive sampling method, 22 firms in the food and beverage industry listed in Indonesia Stock Exchange for the period 2016-2018 were selected as samples. Data were analyzed using multiple linear regression. It is concluded that Investment Decision (PER) has a positive and significant effect on firm value, supports the Signaling Theory which explains the relationship between investment decision and firm value. Financing Decision (DER) has no effect on firm value, according to Trade Off Theory which explains that at a certain level of debt, tax savings (tax shields) from additional debt will be equal to the cost of financial distress. Dividend Policy (DPR) has a positive and significant effect on firm value, supported by the Signaling Theory which states that good quality firms will deliberately give signals to the market. The results of the suitability test model show that simultaneously investment decision (PER), financing decision (DER) and dividend policy (DPR) influence firm value. Keywords: Firm value, investment decision, financing decision, dividend policy ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh keputusan investasi, keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan. Dengan menggunakan metode purposive sampling, 22 perusahaan di industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2018 dipilih sebagai sampel. Analisis data menggunakan regresi linier berganda. Disimpulkan bahwa Keputusan Investasi (PER) berpengaruh positif dan signifikan terhadap nilai perusahaan, mendukung teori Signaling yang menjelaskan hubungan keputusan investasi dengan nilai perusahaan. Keputusan Pembiayaan (DER) tidak berpengaruh terhadap nilai perusahaan, menurut Trade Off Theory yang menjelaskan bahwa pada tingkat hutang tertentu, penghematan pajak (tax shields) dari tambahan hutang akan sama dengan biaya financial distress. Kebijakan Dividen (DPR) berpengaruh positif dan signifikan terhadap nilai perusahaan, didukung oleh Signaling Theory yang menyatakan bahwa kualitas perusahaan yang baik akan dengan sengaja memberikan sinyal kepada pasar. Hasil uji kesesuaian model menunjukkan bahwa secara simultan keputusan investasi (PER), keputusan pendanaan (DER) dan kebijakan dividen (DPR) berpengaruh terhadap nilai perusahaan. Kata kunci: nilai perusahaan, keputusan investasi, keputusan pendanaan, kebijakan dividen

Dividend policy is very important in Finance Management. But until now the concept of dividend policy remains a debatable issue: should corporate profits be distributed or should they be kept as return earnings? In order to address the issue, research on public companies listed on the Indonesian stock exchange on LQ 45 companies is conducted. A model of multiple regression is used to explain what factors should be considered in carrying out the company's dividend policy. The result of this study shows that main factors that should be considered in distributing the cash dividend are investment and leverage that may have an impact on the reduction of dividend. Size and liquidity variables do not affect dividend policy. When this study is related to agency theory, it seems that the companies in the LQ 45 have reduced agency conflict by increasing investment from internal and external sources. The creditors supplied external sources to increase management control. The dividends were distributed in order to give a return on shareholders.Keywords: Dividend, Investment, profitability, leverage, size, liquidity.Abstrak: Kebijakan dividen merupakan hal penting dalam manajemen keuangan. Namun sampai saat ini konsep kebijakan dividen masih menjadi pro dan kontra, apakah laba yang dihasilkan akan dibagikan atau ditahan untuk mengembangkan usaha perusahaan. Untuk menjelaskan perdebatan tersebut maka dilakukan penelitian pada perusahaan publik yang terdaftar di BEI kelompok perusahaan yang masuk dalam LQ 45 selama tahun 2005-2014. Penelitian menggunakan model regresi berganda untuk menjelaskan faktor apa saja yang dipertimbangkan dalam menjalankan kebijakan dividen perusahaan. Hasil penelitian menyimpulan bahwa yang dipertimbangkan dalam pembagian dividen kas perusahaan adalah investasi dan leverage berdampak terhadap pengurangan dividen sedangkan profitabilitas berdampak pada peningkatan dividen kas. Variabel size dan likwiditas tidak mempengaruhi kebijakan dividen. Dikaitkan dengan agency theory, tampak perusahaan dalam kelompok LQ 45 mengurangi konflik keagenan dengan meningkatkan investasi yang dibiayai dari sumber internal dan eksternal. Sumber eksternal untuk menambah kontrol manajemen oleh pihak kreditor dan dividen dibagikan untuk memberikan return atas dana yang ditanamkan pemegang saham.

Purpose: This research is to confirm the influence of variables good corporate governance on economic issues. This study uses indicators to measure corporate governance variables as follows managerial ownership, institutional ownership, size of the board of commissioners, size of the board of directors, size of the audit committee. Besides that, the financial distress variables are measured using the Springgate method, this study uses firm size as a control variable. Research Methodology: This esearch uses quantitative descriptive and multiple linear regression analyzes and descriptive statistics refined by the SPSS 23. The population of this survey includes 124 manufacturing companies listed on the Indonesian stock exchange between 2016 and 2020. The sample of this study is illustrated by a targeted sample of 42 sample firms. Results :This research has results show that variables related to corporate ownership, managerial ownership, and size of the board of directors have a significant negative impact on financial distress, but that the size of supervisory board, audit committee members and firm size does not affect financial distress. Limitations : The used of the control variable only uses company size, it is hoped that in the next research can add other control variables such as profitability and leverage so that the research results will be diverse and more accurate. Contribution: This research contributes in terms of empirically proving that investors and/or potential investors can use to study the effect of good corporate governance on financial distress which is controlled by firm size. Keywords: 1. Financial distress 2. Good corporate goevernance 3. firm size manufacturing companies

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