Pengaruh Kebijakan Keuangan terhadap Nilai Perusahaan Manufaktur di Bursa Efek Indonesia

Abstract

Purpose: This study aims to examine the effect of debt policy, dividend policy, investment decisions, and profitability on the firm value of manufacturing companies listed on the Indonesia Stock Exchange during the 2016–2020 period.

Methodology/approach: This research employed a quantitative approach using secondary data obtained from the annual financial statements of manufacturing companies listed on the Indonesia Stock Exchange. The sample was selected using purposive sampling based on predetermined criteria. Data were analyzed using multiple linear regression to determine the influence of Debt to Equity Ratio (DER), Dividend Payout Ratio (DPR), Total Asset Growth (TAG), and Return on Equity (ROE) on firm value measured by Price to Book Value (PBV).

Findings: The results indicate that dividend policy, investment decisions, and profitability have a positive and significant effect on firm value. Conversely, debt policy does not significantly influence firm value. Simultaneously, all independent variables significantly affect firm value, indicating that financial decisions and company performance collectively contribute to increasing market valuation.

Practical implications: The findings provide useful insights for corporate management in formulating financial policies and for investors in evaluating investment decisions based on corporate financial performance.

Originality/value: This study extends previous research by integrating debt policy, dividend policy, investment decisions, and profitability within a single research model using manufacturing companies listed on the Indonesia Stock Exchange during the 2016–2020 period.