ANALISIS PENGARUH STRUKTUR MODAL DAN STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI (Studi pada Perusahaan Non – Keuangan Indeks LQ45)

Abstract

This study examines the influence of capital structure (DER) and ownership structure (INSD) on firm value (PBV) with  dividend policy (DPR) as moderation variable of companies listed in LQ45 index. The research population were all companies listed on the LQ45 index in Indonesia Stock Exchange. The number of samples used in this study were 13 companies.  Samples were taken using purposive sampling method.  The data contained in this study were analyzed by multiple linear regression and moderation regression analysis. The results show that the capital structure (DER) has positive and significant effect on the firm value (PBV), ownership structure (INSD) does not affect the firm value (PBV), dividend policy (DPR) moderates the effect of capital structure (DER) on firm value (PBV), and dividend policy (DPR) doesn’t moderate the effect of ownership structure (INSD) on firm value (PBV). The study recommends that the firms should consider its capital structure. Firms are expected to increase the amount of managerial ownership, so that managers can also feel their positions as the firms owner. Investors should consider the affecting factors of firm value. Moreover, Investors should consider the dividend given to shareholders.

Keywords : capital structure, ownership structure, dividend policy, and firm value