KEBIJAKAN INVESTASI, PENDANAAN, DAN DIVIDEN SEBAGAI DETERMINAN NILAI PERUSAHAAN

Novi Mubyarto, Khairiyani Khairiyani

Abstract


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.


Keywords


informasi dividen; konflik keagenan; teori sinyal

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DOI: http://dx.doi.org/10.18202/jamal.2019.08.10019

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