Studi Empiris Faktor-Faktor Penentu Nilai Perusahaan: Keputusan Investasi, Pendanaan, Dividen, dan Ukuran Perusahaan

Dian Indrawanti

doi:10.59086/jak.v3i3.643

Authors

Dian Indrawanti Universitas Muhammadiyah Makasar

DOI:

https://doi.org/10.59086/jak.v3i3.643

Keywords:

Nilai Perusahaah, Keputusan Investasi, Pendanaan, Dividen, Ukuran Perusahaan

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh keputusan investasi, keputusan pendanaan, kebijakan dividen, dan ukuran perusahaan terhadap nilai perusahaan pada sektor consumer non-cyclicals yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019–2022. Metode yang digunakan adalah pendekatan kuantitatif dengan jenis penelitian kausalitas. Data diperoleh secara sekunder melalui laporan keuangan tahunan, situs resmi BEI, serta sumber keuangan terpercaya lainnya. Sampel dipilih menggunakan teknik purposive sampling dengan kriteria tertentu. Analisis data dilakukan menggunakan regresi linier berganda untuk menguji pengaruh simultan dan parsial variabel independen terhadap nilai perusahaan. Hasil penelitian menunjukkan bahwa Debt to Equity Ratio (DER) dan ukuran perusahaan (firm size) berpengaruh positif dan signifikan terhadap nilai perusahaan. Sementara itu, Price Earnings Ratio (PER) dan Dividend Payout Ratio (DPR) tidak menunjukkan pengaruh yang signifikan. Secara simultan, keempat variabel memberikan kontribusi sebesar 41,2% terhadap variasi nilai perusahaan. Penelitian ini memberikan implikasi praktis bagi manajemen dan investor dalam mengelola struktur keuangan dan menilai potensi perusahaan. Namun, penelitian ini memiliki keterbatasan karena belum mempertimbangkan faktor kualitatif. Penelitian lanjutan disarankan untuk mengintegrasikan variabel tambahan dan pendekatan lintas waktu guna memperoleh hasil yang lebih komprehensif.
This study aims to analyze the influence of investment decisions, financing decisions, dividend policies, and firm size on firm value in the consumer non-cyclicals sector listed on the Indonesia Stock Exchange (IDX) during the 2019–2022 period. A quantitative approach with a causal research design was employed. Secondary data were collected from annual financial reports, the official IDX website, and other reliable financial sources. The sample was selected using purposive sampling based on specific criteria. Data analysis was conducted using multiple linear regression to test the simultaneous and partial effects of independent variables on firm value. The results indicate that the Debt to Equity Ratio (DER) and firm size have a positive and significant effect on firm value. In contrast, the Price Earnings Ratio (PER) and Dividend Payout Ratio (DPR) do not show a significant effect. Collectively, these four variables contribute 41.2% to the variation in firm value. This study provides practical implications for management and investors in managing financial structures and assessing company potential. However, the study is limited by not considering qualitative factors. Future research is recommended to incorporate additional variables and longitudinal approaches to achieve more comprehensive results

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