PENGARUH PROFITABILITAS, UKURAN PERUSAHAAN, CASH POSITION, INSTITUTIONAL OWNERSHIP DAN KEBIJAKAN UTANG TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN DAN KEPUTUSAN INVESTASI SEBAGAI VARIABEL INTERVENING

Abstract

The objective of the research was to examine the influence of profitability, company size, cash position, institutional ownership and credit policy on company value with dividend policy and decision to invest as intervening variables in manufacture companies listed in BEI (Indonesia Stock Market) in the period of 2011-2014. The research used causal research method. The population was 136 manufacture companies listed in BEI in the period of 2011-2014, and 35 of them were used as the samples, taken by using purposive sampling technique. The data were analyzed by using path analysis. The result of the research showed that the variables of profitability, size, cash position, institutional ownership, credit policy, dividend policy, and decision to invest simultaneously had influence on company value. Partially, profitability (ROA) had direct influence on company value, company size had influence on company value through dividend policy, cash position (CP) had direct influence on company value, institutional ownership (IO) had direct influence on company value, and credit policy had influence on company value through dividend policy. Simultaneously, profitability (ROA), company size, cash position (CP), institutional ownership (IO),and credit policy had influence on company value through dividend policy.