PENGARUH INVESTMENT OPPORTUNITY SET, KEPUTUSAN PENDANAAN DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2007-2010)

Abstract

The objectives of this research to examine the effect of investment opportunity set (IOS), financing decision and dividend policy towards firm value. IOS variable that used to explore corporate investment decisions is measure by proxies through factor analysis. Financing decision, dividend policy, and firm value is measured by debt to equity ratio (DER), dividend yield ratio (DY), and price to book value (PBV) respectively. The samples of this research are manufacture public companies that listed at Indonesia Stock Exchange during 2007-2010. Number of total sample is 48 firms. The analysis showed that IOS has a positive effect on the firm value. Financing decisions and dividend policy have a negative effect and significant toward firm value. The increasing of IOS will affect high firm value. The high total of debt will reduce the firm value. The result of this research shows that the high company’s dividend decrease firm value.