FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN : DIVIDEND PAYOUT RATIO, PROFITABILITAS DAN ASSET GROWTH SEBAGAI VARIABEL INTERVENING (STUDI EMPIRIS : PERUSAHAAN MANUFAKTUR DI BEI)

Abstract

Price to book value (PBV) indicates the level of the company's ability to create value relative to the amount of capital invested. The higher of PBV ratio can be interpreted more successful companies in creating value for our shareholders. This study aimed to analyze the influence of variables Size, Leverage (DER), profitability (ROA), the dividend payout ratio (DPR) and the asset growth effect on firm value (PBV). This study population is a manufacturing company listed on the Indonesia Stock Exchange in the period 2007 to 2011. The sampling technique used pooled cross-sectional and 30 companies that can be sampled according to predetermined criteria. Analytical techniques used in this research is the analysis using SPSS program, previously the data had normal testing. The results of this study showed variable size, leverage (DER), profitability (ROA) and dividend payout ratio (DPR directly affect firm value (PBV). Variables that mediate between the independent variables with the dependent variable is the profitability (ROA), the influence of size on firm value mediated by profitability (ROA).