PENGARUH KEPEMILIKAN INSTITUSIONAL, DER, ROA, DAN CURRENT RATIO TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi Pada Perusahaan Manufaktur di BEI Periode Tahun 2011-2015)

Abstract

The purpose of this research is to know whether there is influence between institutional ownership, DER, ROA and current ratio toward firm value with dividend policy as intervening variable in period 2011-2015. In this study the value of the company is proxied with Tobin's Q, while the dividend policy is proxied with DPR. This study uses multiple regression analysis to test the hypothesis. In addition, the coefficient of determination, F statistical tests and statistical tests t are used to assess the goodness of fit of the research model. Path analysis and sobel test are used to find out whether DPR as intervening variable has mediation function. The results of this study show that institutional ownership has a positive and significant influence on DPR, but positive and insignificant influence on Tobin's Q. DER has positive but insignificant effect on DPR and Tobin's Q. ROA has positive and significant influence on Tobin's Q and DPR. The current ratio has a negative but insignificant effect on DPR, but it has a significant and negative influence on Tobin's Q. DPR has a positive and significant influence on Tobin's Q. The DPR as intervening variable can mediate the influence of institutional ownership and ROA on Tobin's Q.