Determinasi Nilai Perusahaan Berdasarkan Keputusan Investasi, Pendanaan, Kebijakan Dividen, dan Ukuran Perusahaan
DOI:
https://doi.org/10.59086/jak.v3i2.637Keywords:
Nilai Perusahaan, Keputusan Investasi, Pendanaan, Kebijakan Dividen, Ukuran PerusahaanAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh keputusan investasi, keputusan pendanaan, kebijakan dividen, dan ukuran perusahaan terhadap nilai perusahaan sektor consumer non-cyclical yang terdaftar di Bursa Efek Indonesia periode 2019–2022. Nilai perusahaan diukur menggunakan price to book value (PBV), sementara data diperoleh melalui metode dokumentasi dan dianalisis menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa Price Earning Ratio (PER) dan Dividend Payout Ratio (DPR) berpengaruh signifikan positif terhadap nilai perusahaan, mendukung teori growth opportunities dan dividend signaling. Sebaliknya, Debt to Equity Ratio (DER) dan ukuran perusahaan (SIZE) tidak menunjukkan pengaruh signifikan. Uji simultan menyatakan bahwa keempat variabel independen secara bersama-sama berpengaruh signifikan terhadap nilai perusahaan. Temuan ini menekankan pentingnya PER dan DPR sebagai sinyal pasar yang dapat digunakan oleh manajemen dan investor dalam pengambilan keputusan. Keterbatasan penelitian ini mencakup cakupan sektor dan periode yang sempit serta belum mempertimbangkan faktor non-keuangan. Penelitian selanjutnya disarankan untuk menambah variabel serta mempertimbangkan pendekatan campuran guna memberikan pemahaman yang lebih komprehensif terhadap determinan nilai perusahaan.
This study aims to analyze the influence of investment decisions, funding decisions, dividend policy, and firm size on firm value in the consumer non-cyclical sector listed on the Indonesia Stock Exchange during the 2019–2022 period. Firm value is measured using the price to book value (PBV) indicator, with data collected through documentation methods and analyzed using multiple linear regression. The results show that the Price Earning Ratio (PER) and Dividend Payout Ratio (DPR) have a significant positive effect on firm value, supporting the growth opportunities and dividend signaling theories. In contrast, the Debt to Equity Ratio (DER) and firm size (SIZE) show no significant effect, suggesting that capital structure and scale may not directly influence investor perception in this context. Simultaneous testing confirms that all four independent variables significantly affect firm value. These findings highlight the importance of PER and DPR as market signals for managerial and investor decision-making. The study's limitations include a narrow sectoral and temporal scope and the exclusion of non-financial factors. Future research is recommended to broaden the scope, include additional financial and non-financial variables, and consider a mixed-methods approach for a more comprehensive understanding of firm value determinants.
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