INTERDEPENDENSI ANTARA PERTUMBUHAN, STRUKTUR MODAL, DAN KEBIJAKAN DIVIDEN DALAM PENCAPAIAN NILAI PERUSAHAAN

Abstract

The purpose of this study was to analyze the interdependence between the financial
decision variables those are additional investment that make the growth (growth),
capital structure (leverage) and dividend policy (dividend payout ratio) to the firm value
(Tobin's Q). The population of this study are all manufacturing companies listed in
Indonesia Stock Exchange between 2000-2010. The sampling method used was purposive
sampling with the main criteria the company must distribute cash dividends. Furthermore,
to obtain data mutivariat normality and goodness of fit of the model study,
the 63 pairs of data discarded, so the data analyzed to be 349 companies.
This study used path analysis which refers to a pooled regression models. Thus,
the model equations are formulated, be assumed that the value of the intercept and the
regression coefficient are constance, both for all firms and period analyzed. The results
of the analysis showed that while a company at growth stage, the investors will respond
positively, as indicated by the presence of a positive causal relationship between growth
and firm value. The source of funds used to make additional investment is derived from
retained earnings and additional liability. It is indicated by the presence of a positive
causal relationship between growth and the level of leverage. and a negative relationship
between growth and dividend payments.
The results of the analysis also found strong evidence that the increase in the
debt portion of the capital structure (leverage) in the company has a positive and significant
impact on firm value. Regression coefficients for the causal relationship between
dividend policy and firm value is positive. However, this study did not find sufficient
evidence that the dividend policy (dividend payout ratio) has been significant impact to
the firm value.