The Effect of Investment Decision, Financing Decision, Dividend Policy on Firm Value

Study on Food and Beverage Industry Listed on the Indonesia Stock Exchange, 2016-2018

Abstract

This study aims to determine the influence of investment decision, financing decision, dividend policy on firm value. Using purposive sampling method, 22 firms in the food and beverage industry listed  in  Indonesia Stock  Exchange for the period  2016-2018  were selected as samples. Data were analyzed using multiple linear regression. It is concluded that Investment Decision (PER) has a positive and significant effect on firm value, supports the Signaling Theory which explains the relationship between investment decision and firm value. Financing Decision (DER) has no effect on firm value, according to Trade Off Theory which explains that at a certain level of debt, tax savings (tax shields) from additional debt will be equal to the cost of financial distress. Dividend Policy (DPR) has a positive and significant effect on firm value, supported by the Signaling Theory which states that good quality firms will deliberately give signals to the market. The results of the suitability test model show that simultaneously investment decision (PER), financing decision (DER) and dividend policy (DPR) influence firm value.

Keywords: Firm value, investment decision, financing decision, dividend policy

ABSTRAK

Penelitian  ini  bertujuan  untuk  mengetahui  pengaruh  keputusan  investasi,  keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan. Dengan menggunakan metode purposive sampling, 22 perusahaan di industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2018 dipilih sebagai sampel. Analisis data menggunakan regresi linier berganda. Disimpulkan bahwa Keputusan Investasi (PER) berpengaruh positif dan signifikan terhadap nilai perusahaan, mendukung teori Signaling yang menjelaskan hubungan keputusan investasi dengan nilai perusahaan. Keputusan Pembiayaan  (DER) tidak berpengaruh terhadap  nilai perusahaan, menurut Trade Off Theory yang menjelaskan bahwa pada tingkat hutang tertentu, penghematan pajak (tax shields) dari tambahan hutang akan sama dengan biaya financial distress. Kebijakan Dividen (DPR) berpengaruh positif dan signifikan terhadap nilai perusahaan, didukung oleh Signaling Theory yang menyatakan bahwa kualitas perusahaan yang baik akan dengan sengaja memberikan sinyal kepada pasar. Hasil uji kesesuaian model menunjukkan bahwa secara simultan keputusan investasi (PER), keputusan pendanaan (DER) dan kebijakan dividen (DPR) berpengaruh terhadap nilai perusahaan.

 Kata kunci: nilai perusahaan, keputusan investasi, keputusan pendanaan, kebijakan dividen