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PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN, PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2018)

Jurnal Manajemen dan Kewirausahaan · Vol. 13 No. 2 (2021) · pp. 184–199

DOI
10.55598/jmk.v13i2.23326
ISSN
2685-5151, 2085-0085
Published
2021-07-22
Publisher
Jurusan Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Halu Oleo
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

This study aims to examine the effect of investment decisions, funding decisions, profitability and dividend policy on firm value in manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2018. The independent variables used are investment decisions proxied by price earning ratio (PER), funding decisions proxied by debt to equity ratio (DER) and debt to assets ratio (DAR), profitability as proxied by return on assets (ROA), return on equity (ROE) and net profit margin (NPM) and dividend policy as proxied by dividend payout ratio (DPR), and dividend yield. The dependent variable used is the firm value which is proxied by the price book value (PBV). The population of this study are manufacturing companies listed on the Indonesia Stock Exchange. By using purposive sampling method, 26 companies were taken as samples. The analytical technique used is Structural Equation Modeling (SEM) with the help of the SmartPLS3 program. The results showed that investment decisions (PER), funding decisions (DER, DAR), and profitability (ROA, ROE and NPM) had a positive and significant effect on firm value (PBV). This means that increasing investment decisions (PER), funding decisions (DER, DAR), and profitability (ROA, ROE and NPM) can increase firm value (PBV). On the other hand, dividend policy has a negative but not significant effect. This means that increasing or decreasing dividend policy does not affect firm value.

Keywords

Collaboration network of the authors

40 authors · 168 co-authorship links · showing the 40 most connected

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  • Universiti Teknologi MARA
  • Sriwijaya University
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Sujono SujonoAffiliation unknown10
Buyung SaritaAffiliation unknown7
Riski Amalia MadiAffiliation unknown7
Endro SukotjoAffiliation unknown5
La Ode Bahana AdamAffiliation unknown4
Moh. AminAffiliation unknown4
Wahyuniati HamidAffiliation unknown3
Ibnu HajarUniversiti Teknologi MARA3
Selviana SelvianaAffiliation unknown3
Faisal MaarifAffiliation unknown3
Aidin Hudani AwasinombuAffiliation unknown3
Hayat YusufAffiliation unknown3
Rachmat Riyaldi HasanAffiliation unknown2
Sulisnawati SulisnawatiAffiliation unknown2
Valentinus Amstrong T. NempungAffiliation unknown2
Farhan Ramadhani IstiandarAffiliation unknown2
Zaluddin ZaluddinAffiliation unknown2
Kasmanderi KasmanderiAffiliation unknown2
Samdin SamdinAffiliation unknown2
Nurwati NurwatiAffiliation unknown2
Krisna KrisnaAffiliation unknown1
Putu SumarniwatiAffiliation unknown1
Dewi Purnama SariAffiliation unknown1
Ade Rahayu NataliaAffiliation unknown1
Alif PramudiaAffiliation unknown1
Samdin -Affiliation unknown1
Yusuf -Affiliation unknown1
Eliyanti Agus MokodompitAffiliation unknown1
Farhan Ramdhani I.Affiliation unknown1
Unika Oktaviani DamauAffiliation unknown1
Aninda Adelia Anugrah AlamsyahAffiliation unknown1
Masra MasraAffiliation unknown1
Rima MelatiSriwijaya University1
Patwayati -Affiliation unknown1
Sinarwaty -Affiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://ojs.uho.ac.id/index.php/manajemen/oai, first harvested 30 Okt 2026, last seen 30 Okt 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN, PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2018)</dc:title>
	<dc:creator>Nisa, Aminun</dc:creator>
	<dc:creator>Syaifuddin, Dedy Takdir</dc:creator>
	<dc:creator>Budi, Nuryamin</dc:creator>
	<dc:creator>Saleh, Salma</dc:creator>
	<dc:creator>Amstrong, Valentinus</dc:creator>
	<dc:subject xml:lang="en-US"></dc:subject>
	<dc:subject xml:lang="en-US">Company ValueInvestment Decision; Funding Decision; Profitability and Dividend Policy</dc:subject>
	<dc:subject xml:lang="en-US"></dc:subject>
	<dc:description xml:lang="en-US">This study aims to examine the effect of investment decisions, funding decisions, profitability and dividend policy on firm value in manufacturing companies listed on the Indonesia Stock Exchange for the period 2014-2018. The independent variables used are investment decisions proxied by price earning ratio (PER), funding decisions proxied by debt to equity ratio (DER) and debt to assets ratio (DAR), profitability as proxied by return on assets (ROA), return on equity (ROE) and net profit margin (NPM) and dividend policy as proxied by dividend payout ratio (DPR), and dividend yield. The dependent variable used is the firm value which is proxied by the price book value (PBV). The population of this study are manufacturing companies listed on the Indonesia Stock Exchange. By using purposive sampling method, 26 companies were taken as samples. The analytical technique used is Structural Equation Modeling (SEM) with the help of the SmartPLS3 program. The results showed that investment decisions (PER), funding decisions (DER, DAR), and profitability (ROA, ROE and NPM) had a positive and significant effect on firm value (PBV). This means that increasing investment decisions (PER), funding decisions (DER, DAR), and profitability (ROA, ROE and NPM) can increase firm value (PBV). On the other hand, dividend policy has a negative but not significant effect. This means that increasing or decreasing dividend policy does not affect firm value.</dc:description>
	<dc:publisher xml:lang="en-US">Jurusan  Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Halu Oleo</dc:publisher>
	<dc:contributor xml:lang="en-US"></dc:contributor>
	<dc:date>2021-07-22</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
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	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://ojs.uho.ac.id/index.php/manajemen/article/view/23326</dc:identifier>
	<dc:identifier>10.55598/jmk.v13i2.23326</dc:identifier>
	<dc:source xml:lang="en-US">Jurnal Manajemen dan Kewirausahaan; Vol 13, No 2 (2021): Edisi Juli; 184-199</dc:source>
	<dc:source>2685-5151</dc:source>
	<dc:source>2085-0085</dc:source>
	<dc:source>10.55598/jmk.v13i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://ojs.uho.ac.id/index.php/manajemen/article/view/23326/pdf</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2022 Jurnal Manajemen dan Kewirausahaan</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
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