Struktur Kepemilikan, Kebijakan Hutang Dan Nilai Perusahaan : Kebijakan Dividen Sebagai Variabel Moderating

Abstract

The purpose of this research were to analyze the effect of managerial ownership, institutional ownership and debt policy of the fims value with dividend policy as moderation. Population on this research is all companies listed in IDX 2015-2017. This research sample selected by using the purposive sampling method, there are 228 sample. The analysis method of this research is multiple regression analysis and moderated regression analysis while hypothesis tested by using SPSS 25. The result of this research shows that: managerial ownership has negative effect on firm value. Institutional ownership has an effect on firm value. Debt policy has no effect on firm value. Dividend policy is able to moderated the relationship between managerial ownership and firm value. Dividend policy is able to moderated the relationship between institutional ownership and firm value. Dividend policy is not able to moderated the relationship between debt policy and firm value.

Increasing Company Value Through Internal and External Factors of the Company with Dividend Policy as a Moderating Variable

“…This significant positive relationship can be due to high institutional ownership strengthening the supervisory function of the company which can increase company performance and ultimately increase company value (Rahma & Sukarmanto, 2022). This statement is reinforced by previous research by Rismayanti, Yusralaini & Safitri (2020); Cristofel & Kurniawati (2021); Mardanny & Suhartono (2022)…”

“…A study states that dividend policy moderates the relationship of institutional ownership to company value due to the interests of institutional shareholders in the dividends obtained (Larasati, Siswanto & Soesetio, 2015). Dividend policy can moderate the impact of institutional ownership on company value (Rismayanti, Yusralaini & Safitri, 2020). H4: Dividend policy can moderate the impact of institutional ownership on company value.…”

“…This is a form of investor compensation in investing (Handayani, Ariyanto, Rasmini & Widanaputra, 2018). Positive signals arising from the company's policy of distributing profits into dividends will generate a good response from the market which has an impact on increasing the company's value (Rismayanti, Yusralaini & Safitri, 2020). Other studies such as research conducted by Larasati, Siswanto & Soesetio (2015).…”

Manajemen Aset dan Nilai Perusahaan Manufaktur yang Terdaftar di BEI

“…Hasil uji t statistik kebijakan deviden terhaadap nilai perusahaan diperoleh nilai t sebesar -1,333 dan nilai sig sebesar 0,188 yang dimana lebih besar dari pada 0,05 yang artinya variabel kebijakan deviden secara parsial berpengaruh negatif dan tidak signifikan terhadap nilai perusahaan. Hal ini sejalan dengan penelitian yang dilakukan oleh Rismayanti et al, (2020) kebijakan deviden berpengaruh negatife dan tidak signifikan terhadap nilai perusahaan dikarenakan tinggi rendahnya deviden yang dibayarkan kepada pemilik saham, tidak berkaitan dengan tinggi rendahnya nilai perusahaan. Hal ini sejalan dengan dengan irrelevant theory yang diajukan oleh Modligani dan Miller bahwa kebijakan deviden tidak mempengaruhi nilai perusahaan atau biaya modal, tetapi nilai perusahaan tergantung pada kebijakan nilai investasi (Krisnawati & Miftah, 2019).…”

Kebijakan Hutang Melalui Free Cash Flow, Kepemilikan Manajerial dan Kebijakan Deviden

“…Kebijakan hutang merupakan keputusan yang sangat penting dalam perusahaan. Kebijakan hutang adalah kebijakan yang diambil oleh pihak manajemen dalam rangka memperoleh sumber pembiayaan bagi perusahaan sehingga dapat digunakan untuk membiayai aktivitas operasional perusahaan dalam penelitian ini kebijakan hutang diproksikan dalam debt to equity ratio (DER) [6].…”