PENGARUH KARAKTERISTIK PERUSAHAAN TERHADAP NILAI PERUSAHAAN, DENGAN DEVIDEN PAYOUT RATIO SEBAGAI VARIABEL INTERVENING PERUSAHAAN MANUFAKTUR YANG TERDAFTAR PADA BURSA EFEK INDONESIA PERIODE 2006-2010

Abstract

This research aimed of this study to analysis the influence of the independent variables are characteristics of the firm (Firm Size, sales growth, DTA and ROA) toward firm value either directly or indirectly if the Dividen Payout Ratio is mediated on the manufacturing companies listed on the Indonesia Stock Exchange 2006-2010 period. Sampling selection used purposive sampling method. Analysis technique used is two-stage regression analysis (path analysis). Result of analysis show that the predictive ability of the four independent variables toward DPR and firm value are 18,1% and 25,4%, it shown by adjusted R² value. On the goodness of fit test shows that both models fit for use because it has a significance value less than 5% of alpha value. Based on T test showed that in model 1, the sales growth is positive and significant impact of DPR, and DTA is negative and significant impact of DPR because it has a significance value less than 5% of Alpha value. And in model 2, firm size is positive and significant impact of firm value, and ROA is positive and significant impact of firm value. However, based on testing the mediation effect, DPR not proved as an intervening variable on the relationship characteristics of the firm (Firm Size, sales growth, DTA and ROA) toward firm value, because the coefficient of the direct effect of the characteristics of the firm (Firm Size, sales growth, DTA and ROA) to firm value is greater than the indirect effect through DPR