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Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan Dividen terhadap Nilai Perusahaan

Lihan Rini Puspo Wijaya
Magister Akuntansi Universitas Sebelas Maret

Anas Wibawa
Fakultas Ekonomi Universitas Sebelas Maret


This research tests the effect of investment decisions, financing decisions, and dividend policy on the firm value, using a data set consisting of 130 manufacturing company listed in Indonesia Stock Exchange.

Population of this research is listed public company at Indonesia Stock Exchange with manufacturing company as sample. Sampling method uses purposive sampling method. Data analysis technique uses classic assumption test: multicolinierity test, autocorrelation test, heteroscedasticity test, and normality test. Hypothesis test uses multiple regression analysis.

The results show that: investment decisions positively affects the firm value with beta coefficient is of 0.209 and level significance is of 0.014; financing decisions positively affects the firm value with beta coefficient is of 0.286 and level significance is of 0.001; dividend policy positively affects the firm value with beta coefficient is of 0.206 and level significance is of 0.015.

Keywords: investment decisions, financing decisions, dividend policy, the firm Value


The company’s goal is to optimize the long-term enterprise value (Wahyudi and Pawestri, 2006). Enterprise value will be reflected from its stock price (Fama, 1978; Wright and Ferris, 1997). Stock prices in the capital market is formed by agreement between supply and demand of investors, so the share price is a fair price that can be used as a proxy for firm value (Hasnawati, 2005a and 2005b).

Optimization of the company’s value can be achieved through the implementation of financial management functions, where one financial decisions taken will affect other financial decisions and the impact on firm value (Fama and French, 1998). According Hasnawati (2005b), concerning the settlement of financial management over important decisions taken by the company, including investment decisions, funding decisions, and dividend policy. An optimal combination of all three would maximize the value of a company that will further enhance shareholder wealth prosperity.

Investment capital is one major aspect in the decision other than the determination of the composition of asset investments. Capital allocation decisions into the investment proposal should be evaluated and associated with risk and expected results (Hasnawati, 2005a). According to signaling theory, investment expenditures provide a positive signal about the company’s growth in the future, so as to increase the stock price is used as an indicator of corporate value (Wahyudi and Pawestri, 2006). …

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