Novi Mubyarto, Khairiyani Khairiyani


Abstrak: Kebijakan Investasi, Pendanaan, dan Dividen sebagai Determinan Nilai Perusahaan. Penelitian ini berupaya untuk menelaah dampak kebijkan investasi, pendanaan, dan dividen terhadap nilai perusahaan. Metode analisis yang digunakan adalah SEM-PLS pada perusahaan LQ-45 periode 2015-2017. Penelitian ini menemukan bahwa investasi yang dilakukan dalam jangka waktu pendek belum memacu nilai perusahaan. Implikasinya, perusahaan harus memilih jenis investasi dengan memperhatikan kurun waktu. Pada sisi lainnya, kebijakan pendanaan mampu memicu pertumbuhan nilai perusahaan karena dapat meminimalisasi konflik keagenan. Adapun kebijakan dividen dipandang penting bagi investor karena dapat meningkatkan kesejahteraannya.


Abstract: Investment, Funding, and Dividend Policies as Firm Value Determinant. This study seeks to examine the impact of investment policies, funding, and dividends on firm value. The analytical method used is SEM-PLS in the LQ-45 company for the 2015-2017 period. This research found that investments made in the short term have not spurred the value of the company. The implication, companies must choose the type of investment by paying attention to the period. On the other hand, funding policy can trigger the growth of company value because it can minimize agency conflict. The dividend policy is considered necessary for investors because it can improve their welfare.


informasi dividen; konflik keagenan; teori sinyal

Full Text:



Abraham, M., Marsden, A., & Poskitt, R. (2015). Determinants of a Firm's Decision to Utilize a Dividend Reinvestment Plan and Shareholder Participation Rates: Australian Evidence. Pacific-Basin Finance Journal, 31, 57-77.

Agliardi, E., Agliardi, R., & Spanjers, W. (2016). Corporate Financing Decisions under Ambiguity: Pecking Order and Liquidity Policy Implications. Journal of Business Research, 69(12), 6012-6020.

Ajide, F. M. (2017). Firm-specific, and Institutional Determinants of Corporate Investments in Nigeria. Future Business Journal, 3(2), 107-118.

Ajzerle, S., Brimble, M., & Freudenberg, B. (2013). Is Financial Capability Related to the Effective Use of Debt in Australia? Australasian Accounting, Business and Finance Journal, 7(3), 107-126.

Akono, H. (2018). Managerial Equity Incentives and Anti-Dilutive Convertible Debt Decisions. Review of Accounting and Finance, 17(3), 341-358.

Ali, F., Kim, W., Li, J., & Cobanoglu, C. (2018). A Comparative Study of Covariance and Partial Least Squares Based Structural Equation Modelling in Hospitality and Tourism Research. International Journal of Contemporary Hospitality Management, 30(1), 416-435.

Ambarwati, I., & Stephanus, D. S. (2014). Struktur Kepemilikan, Kebijakan Dividen, dan Leverage sebagai Determinan atas Nilai Perusahaan. Jurnal Akuntansi Multiparadigma, 5(2), 170-184.

Andrés, P. D., Fuente, G. D. L., & Martin, P. S. (2018). Capital Structure Decisions: What Spanish CFOs Think. Academia Revista Latinoamericana de Administración, 31(2), 306-325.

Ayturk, Y. (2017). The Effects of Government Borrowing on Corporate Financing: Evidence from Europe. Finance Research Letters, 20, 96-103.

Baker, H., & Jabbouri, I. (2017). How Moroccan Institutional Investors View Dividend Policy? Managerial Finance, 43(12) 1332-1347.

Balboa, M., Martí, J., & Zieling, N. (2011). Impact of Funding and Value Added on Spanish Venture Capital-Backed Firms. Innovation: The European Journal of Social Science Research, 24(4), 449-466.

Balduzzi, P., Brancati, E., & Schiantarelli, F. (2018). Financial Markets, Banks’ Cost of Funding, and Firms’ Decisions: Lessons from Two Crises. Journal of Financial Intermediation, 36, 1-15.

Barnard, H. (2010). Overcoming the Liability of Foreignness without Strong Firm Capabilities — the Value of Market-based Resources. Journal of International Management, 16(2), 165-176.

Beladi, H., Chao, C. C., & Hu, M. (2016). A Macro-Analysis of Financial Decisions: An Examination of Special Dividend Announcements. International Review of Financial Analysis, 48, 162-181.

Benlemlih, M. (2017). Corporate Social Responsibility and Firm Financing Decisions: A Literature Review. Journal of Multinational Financial Management, 42, 1-10.

Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and “the Bird in the Hand” Fallacy. The Bell Journal of Economics, 10(1), 259–270.

Bizri, R., Jardali, R., & Bizri, M. (2018). Financing Family Firms in the Middle East: The Choice between Islamic and Conventional Finance. International Journal of Entrepreneurial Behavior & Research, 24(4), 842-865.

Boubaker, S., Chourou, L., Saadi, S., & Zhong, L. (2019). Does Institutional Investor Horizon Influence US Corporate Financing Decisions? International Review of Financial Analysis, 63, 382-394.

Briozzo, A., Vigier, H., & Martinez, L. B. (2016). Firm-Level Determinants of the Financing Decisions of Small and Medium Enterprises: Evidence from Argentina. Latin American Business Review, 17(3), 245-268.

Byoun, S., & Xu, Z. (2016), Product Market Competition and Financial Decisions During a Financial Crisis. Financial Management, 45(2), 267-290.

Caggese, A., & Cuñat, V. (2013). Financing Constraints, Firm Dynamics, Export Decisions, and Aggregate Productivity. Review of Economic Dynamics, 16(1), 177-193.

Cepeda-Carrion, G., Cegarra-Navarro, J., & Cillo, V. (2019). Tips to Use Partial Least Squares Structural Equation Modelling (PLS-SEM) in Knowledge Management. Journal of Knowledge Management, 23(1), 67-89.

Choi, B., Kang, J., & Lee, D. (2014). Determinants and Market Implications of Differentiated Dividends in Korea. International Journal of Managerial Finance, 10(4), 453-469.

Claessens, S., Ueda, K., & Yafeh, Y. (2014). Institutions and Financial Frictions: Estimating with Structural Restrictions on Firm Value and Investment. Journal of Development Economics, 110, 107-122.

Clausen, S., & Flor, C. R. (2015). The Impact of Assets in Place on Corporate Financing and Investment Decisions. Journal of Banking & Finance, 61, 64-80.

D'Mello, R., Gruskin, M., & Kulchania, M. (2018). Shareholders Valuation of Long-Term Debt and Decline in Firms' Leverage Ratio. Journal of Corporate Finance, 48, 352-374.

Dawar, V. (2013). Dividends, Debt and Investment: Impact on Stock Prices—Evidence from India. Asia-Pacific Journal of Management Research and Innovation, 9(4), 389–397.

Degryse, H., Lu, L., & Ongena, S. (2016). Informal or Formal Financing? Evidence on the Co-Funding of Chinese Firms. Journal of Financial Intermediation, 27, 31-50.

Dempsey, M. (2014). The Modigliani and Miller Propositions: The History of a Failed Foundation for Corporate Finance? Abacus, 50(3), 279-295.

Ding, S., Kim, M., & Zhang, X. (2018). Do Firms Care about Investment Opportunities? Evidence from China. Journal of Corporate Finance, 52, 214-237.

Dogru, T. (2018). Corporate Investment and Hotel Firm Value: Does Corporate Governance Matter in Financially Constrained Firms? Cornell Hospitality Quarterly, 59(4), 339–351.

Dogru, T., & Sirakaya-Turk, E. (2017). Investment and Firm Value: Is There an Optimal Investment Level in Hotel Firms? The Journal of Hospitality Financial Management, 25(1), 17-26.

Duygun, M., Guney, Y., & Moin, A. (2018). Dividend Policy of Indonesian Listed Firms: The Role of Families and the State. Economic Modelling, 75, 336-354.

Erkan, A., Fainshmidt, S., & Judge, W. Q. (2016). Variance Decomposition of the Country, Industry, Firm, and Firm-Year Effects on Dividend Policy. International Business Review, 25(6), 1309-1320.

Gebauer, S., Setzer, R., & Westphal, A. (2018). Corporate Debt and Investment: A Firm-Level Analysis for Stressed Euro Area Countries. Journal of International Money and Finance, 86, 112-130.

Ghasemi, M., Razak, N. A. B., & Muhamad, J. (2014). Dividends, Leverage and Endogeneity: A Simultaneous Equations Study on Malaysia. Australasian Accounting, Business and Finance Journal, 12(1), 47-64.

Golec, J., & Gupta, N. J. (2014). Do Investments in Intangible Customer Assets Affect Firm Value? The Quarterly Review of Economics and Finance, 54(4), 513-520.

Hair, J., Hollingsworth, C., Randolph, A., & Chong, A. (2017). An Updated and Expanded Assessment of PLS-SEM in Information Systems Research. Industrial Management & Data Systems, 117(3), 442-458.

Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial Least Squares Structural Equation Modeling (PLS-SEM). European Business Review, 26(2), 106-121.

Huett, P., Baum, M., Schwens, C., & Kabst, R. (2014). Foreign Direct Investment Location Choice of Small- and Medium-Sized Enterprises: The Risk of Value Erosion of Firm-Specific Resources. International Business Review, 23(5), 952-965.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.

Jiang, F., & Stening, B. W. (2013). Do Indigenous Firms Incur a Liability of Localness when Operating in their Home Market? The Case of China. Journal of World Business, 48(4), 478-489.

Karpavičius, S., & Yu, F. (2018). The Impact of Dividend-Protected CEO Equity Incentives on Firm Value and Risk. Economic Modelling, 71, 16-24.

Kaur, P., & Kaur, R. (2019). Effects of Strategic Investment Decisions on Value of Firm: Evidence from India. Paradigm, 23(1), 1–19.

Khairiyani, K. (2018). Bagaimana Tata Kelola Internal Perusahaan Pertambangan? Jurnal Akuntansi Multiparadigma, 9(2), 365–376.

Kilincarslan, E., & Ozdemir, O. (2018). Institutional Investment Horizon and Dividend Policy: An Empirical Study of UK Firms. Finance Research Letters, 24, 291-300.

Kristiana, R. (2015). Kebijakan Hutang sebagai Determinan Kinerja Perusahaan. Jurnal Akuntansi Multiparadigma, 5(3), 442-449.

Kumar, D., & Purani, K. (2018). Model Specification Issues in PLS-SEM. Journal of Hospitality and Tourism Technology, 9(3), 338-353.

Li, M. L., Chui, C. M., & Li, C. Q. (2014). Dividend, Liquidity and Firm Valuation: Evidence from China AB Share Markets. Applied Financial Economics, 24(9), 587-603.

Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97–113.

Liu, N., & Espahbodi, R. (2014). Does Dividend Policy Drive Earnings Smoothing? Accounting Horizons, 28(3), 501-528.

Mansour, W., Saci, K., & Khalifa, S. (2017). How Do Financing Conditions Impact Firm Behavior? Evidence from the Gulf Zone. Emerging Markets Finance and Trade, 53(4), 952-967. https://doi/org/10.1080/1540496X.2016.1248555

Munir, Q., Kok, S. C., & Teplova, T., & Li, T. (2017). Powerful CEOs, Debt Financing, and Leasing in Chinese SMEs: Evidence from Threshold Model. The North American Journal of Economics and Finance, 42, 487-503.

Ni, J., Chu, L. K., & Li, Q. (2017). Capacity Decisions with Debt Financing: The Effects of Agency Problem. European Journal of Operational Research, 216(3), 1158-1169.

Ningrum, N. (2017). Determinan Kebijakan Dividen. Jurnal Akuntansi Multiparadigma, 8(3), 499-510.

Phan, O. T. (2018). Corporate Debt and Investment with Financial Constraints: Vietnamese Listed Firms. Research in International Business and Finance, 46, 268-280.

Rashid, A., & Saeed, M. (2017). Firms’ Investment Decisions – Explaining the Role of Uncertainty. Journal of Economic Studies, 44(5), 833-860.

Richter, N., Sinkovics, R., Ringle, C., & Schlägel, C. (2016). A Critical Look at the Use of SEM in International Business Research. International Marketing Review, 33(3), 376-404.

Ringle, C., & Sarstedt, M. (2016). Gain More Insight from Your PLS-SEM Results. Industrial Management & Data Systems, 116(9), 1865-1886.

Romo-González, J. R., Tarango, J., & Machin-Mastromatteo, J. D. (2018). PLS SEM, a Quantitative Methodology to Test Theoretical Models from Library and Information Science. Information Development, 34(5), 526–531.

Sanjo, Y. (2015). The Role of Firm Ownership in Policy Competition for Foreign Direct Investment between Asymmetric Countries. International Review of Economics & Finance, 35, 110-121.

Shen, J., Firth, M., & Poon, W. P. H. (2016). Credit Expansion, Corporate Finance and Overinvestment: Recent Evidence from China. Pacific-Basin Finance Journal, 39, 16-27.

Shroff, N., Verdi, R. S., & Yu, G. (2014). Information Environment and the Investment Decisions of Multinational Corporations. The Accounting Review, 89(2), 759-790.

Syed, K. B. S., Zainir, F. B., & Isa, M. (2018). Does Reputation Matter in the Dividend Smoothing Policy of Emerging Market Firms? Empirical Evidence from India. Borsa Istanbul Review, 18(3), 191-204.

Usakli, A., & Kucukergin, K. (2018). Using Partial Least Squares Structural Equation Modeling in Hospitality and Tourism. International Journal of Contemporary Hospitality Management, 30(11), 3462-3512.

Viviani, J. L., Lai, A. N., & Louhichi, W. (2018). The Impact of Asymmetric Ambiguity on Investment and Financing Decisions. Economic Modelling, 69, 169-180.

Xiao, M., You, J., & Zhao, J. (2017). How Does Being Public Affect Firm Investment? Further Evidence from China. The International Journal of Accounting, 52(1), 1-21.

Wasiuzzaman, S., & Nurdin, N. (2019). Debt Financing Decisions of SMEs in Emerging Markets: Empirical Evidence from Malaysia. International Journal of Bank Marketing, 37(1), 258-277.

Zheng, G., Xue, J., & Chen, X. (2014). Affiliated Management and Firm Value: Evidence from China, China Journal of Accounting Studies, 2(3), 172-199.

Zhong, T., & Zhang, T. (2018). “Peer Effects” in Capital Structure Decision of Chinese Firms-Empirical Investigation based on Chinese a-Share Listed Firms. Nankai Business Review International, 9(3), 289-315.



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.