ANALISIS PENGARUH INVESTMENT OPPORTUNITY SET, KEBIJAKAN HUTANG, PROFITABILITAS DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN DAN NILAI PERUSAHAAN (Studi Pada Perusahaan Yang Terdaftar Dalam Indeks Papan Utama BEI Tahun 2009 – 2016)

Abstract

ABSTRACT To optimize the value of the firm is one of the company’s primary objectives. When the value of the company is increasing, the stakeholders will be more prosperous. While dividends are returns that are also expected by shareholders. The purpose of this research is to test whether investment opportunity set, debt policy, protability, manajerial ownership and size have effect to firm value useddividend policy as intervening variable. Capital Expenditure to Book Total Asset Ratio use as proxy a for investment opportunity set, Debt to Total Asset (DAR) use as proxy a for debt policy, Return on Asset (ROA) use as proxy a for profitability, Number of shares owned by commissioners and directors to Total common shares outstandinguse as proxy a for manajerial ownership and natural logaritmof total asset use as proxy a for size. While The Dividend Payout Ratio (DPR) is used as a proxy for dividend policy and Tobin’s Q value is used as a proxy for company value. The sample used in this study consisted of 20 companieslisted on the Main Board of Indonesian Stock Exchange in the period from 2009-2016. Sampling was done by purposive sampling method. The analysis technique used is Partial Least Square Structural Equation Modeling (PLS-SEM). Variance Accounted For (VAF) Test is used to test the strenght of the indirrect effect independent variables to dependent variablesthrough intervening variable. The results of the study show that IOS has a significant negative effect on DPR and ROA has a significant positive effect on the DPR. While other variables did not significantly influence the DPR. The influence of IOS, ROA, and manajerial ownership significantly positive on Tobin's Q while DAR, Size and DPR had a significantly negative effect on Tobin's Q. Based on the VAF test, the DPR mediated IOS by 17.17% and the DPR mediated ROA of -4.46% or less than 20 % so that it can be concluded that there is almost no mediating role of the DPR on the relationship of IOS and ROA to the company value. Keyword : Investment Opportunity Set (IOS), Debt to Total Asset (DAR), Return on Asset (ROA), Manajerial Ownership, Size, Dividend Payout Ratio (DPR), Company Value.