i ABSTRAK
Penelitian ini bertujuan untuk menguji dan menganalisis keputusan investasi, keputusan pendanaan, ukuran perusahaan, likuiditas, profitabilitas, dan kepemilikan institusional pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Penelitian ini juga menguji pengaruh moderating kebijakan dividen dalam hubungan keputusan investasi, keputusan pendanaan, ukuran perusahaan, likuiditas, profitabilitas, dan kepemilikan institusional dengan nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Jenis penelitian ini adalah penelitian kausal. Populasi dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2010-2014 sejumlah 136 perusahaan. Jumlah sampel diperoleh 22 perusahaan dengan observasi sebanyak 110 unit analisis. Pengujian data penelitian menggunakan analisis regresi linier berganda dan uji residual untuk variabel moderating. Hasil penelitian ini menunjukkan bahwa keputusan investasi, keputusan pendanaan, ukuran perusahaan, likuiditas, profitabilitas, dan kepemilikan institusional secara simultan berpengaruh signifikan terhadap nilai perusahaan. Secara parsial hanya keputusan investasi, keputusan pendanaan, ukuran perusahaan dan profitabilitas berpengaruh signifikan terhadap nilai perusahaan. Kebijakan dividen tidak mampu memoderasi hubungan keputusan investasi, keputusan pendanaan, ukuran perusahaan, likuiditas, profitabilitas dan kepemilikan institusional dengan nilai perusahaan.
Kata Kunci: keputusan investasi, keputusan pendanaan, ukuran perusahaan, likuiditas, profitabilitas, kepemilikan institusional, kebijakan dividen, dan nilai perusahaan
ABSTRACT
The Objective of the research was to examine and to analyze decision to invest, decision to finance, firm size, liquidity, profitability, and institutional ownership in manufacture companies listed in the Indonesian Stock Exchange. This research also examined moderating influence of policy on dividend in the correlation of decision to invest, decision to finance, firm size, liquidity, profitability, and institutional ownership with firm value in manufacture companies listed in the Indonesian Stock exchange. The research used causal method. The population was 136 manufacture companies listed in the Indonesian Stock Exchange in the period of 2010-2014, and 22 of them were used as the samples with 110 units of observation analysis. The data were analyzed by using multiple linear regression analysis and residual analysis for moderating variable. The result of the research showed that decision to invest, decision to finance, firm size, liquidity, profitability, and institutional ownership simultaneously had significant influence on firm value. Partially, decision to invest, decision to finance, firm size, and profitability had significant influence on firm value. Policy on dividend was not able to moderate the correlation of decision t o invest, decision to finance, firm size, liquidity, profitability, and institutional ownership with firm value.
Keywords: Decision to Invest, Decision to Finance, Firm Size, Liquidity, Profitability, Institutional Ownership, Policy on Dividend, Firm Value
i
