PENGARUH KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2010

Abstract

Company managers have a duty to make a decision for the achievement of corporate objectives. The company's main objective for the long run is increasing corporate value. Optimization of the company's value can be achieved by implementing financial management functions, namely the determination of financial decision which consists of investment decisions (price earnings ratio), financing decisions (debt to equity ratio) and dividend policy (dividend payout ratio). The purpose of this study to examine and analyze whether the investment decisions, financing decisions and dividend policy has a positive effect on firm value (price book value). Data collection methods in this study using secondary data, namely the manufacturing company's financial statements listed in Indonesia Stock Exchange (BEI) in the period 2008-2010. This study population, 127 manufacturing companies that have listed on the Indonesia Stock Exchange and a sample of 32 manufacturing companies using purposive sampling method. Data analysis in this study using classical assumption test, multiple regression analysis, testing the coefficient of determination and F test, while testing the hypothesis using the t test. The results of these studies show that, independent variable (price earnings ratio, debt to equity ratio, dividend payout ratio) simultaneously affect firm value (price book value). As 53% of the variable value of the company could be explained that the independent variables include the model of investment decisions, financing decisions and dividend policy, while the remaining 47% is explained by other variables outside the model which are not addressed in this study. The hypothesis in this study is investment decisions positively affect firm value, financing decisions have no effect on firm value, and dividend policies negatively affect firm value.