Pengaruh Struktur Modal, Keputusan Investasi dan Kebijakan Dividen terhadap Nilai Perusahaan pada Perusahaan Bumn Yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017

Abstract

This study aims to examine the effect of capital structure, investment decisions and dividend policy on the value of the company of State Owned Companies (BUMN) in the period of 2013-2017. This research method is quantitative in which the samples were chosen using purposive sampling, technique and the total samples were 14 companies of BUMN listed in Indonesia Stock Exchange period 2013-2017. The data analysis method used was multiple linear regression analysis. The result of determination coefficient of capital structure, investment decision and dividend policy was 30,9%, which means 30,9% of company value was able to explain capital structure, investment decision and dividend policy. The results of this study indicated that partially capital structure did not have a significant effect on firm value. Investment decisions had a positive and significant effect on firm value with significance value of 0,003 and dividend policy had a significant effect on firm value with significant value of 0,002. Simultaneously, capital structure, investment decisions and dividend policies had a significant and positive effect on the value of companies of BUMN listed on the Indonesian stock exchange in the period of 2013-2017.