Studi kebijakan deviden: Variabel anteseden dan konsekuensi terhadap nilai perusahaan

Abstract

Purposes - This study aims to discuss the effect of profitability on dividend policy; the profitability on firm value; the dividend policy on firm value, and the profitability on firm value mediated by dividend policy. Methods - This research was conducted at the Banking companies in Indonesian Stock Exchange (IDX). The sample in this study amounted to 6 of 43 banking sub-sector companies listed on the Stock Exchange in the period 2011 to 2015. The data analysis technique used in this study was path analysis. Findings - The results of this study prove that: Firstly, influence of profitability (return on asset) on dividend policy (dividend payout ratio) was negative and not significant. Secondly, influence of profitability (return on asset) on company value (price book value) was positive and significant. Thirdly, influence of dividend policy (dividend payout ratio) on company value (price book value) was negative and not significant. Fourthly, dividend policy (dividend payout ratio) was not mediated influence of profitability (return on asset) on company value (price book value). Keywords - Return on assets, dividend payout ratio, price book value.Purposes - This study aims to discuss the effect of profitability on dividend policy; the profitability on firm value; the dividend policy on firm value, and the profitability on firm value mediated by dividend policy. Methods - This research was conducted at the Banking companies in Indonesian Stock Exchange (IDX). The sample in this study amounted to 6 of 43 banking sub-sector companies listed on the Stock Exchange in the period 2011 to 2015. The data analysis technique used in this study was path analysis. Findings - The results of this study prove that: Firstly, influence of profitability (return on asset) on dividend policy (dividend payout ratio) was negative and not significant. Secondly, influence of profitability (return on asset) on company value (price book value) was positive and significant. Thirdly, influence of dividend policy (dividend payout ratio) on company value (price book value) was negative and not significant. Fourthly, dividend policy (dividend payout ratio) was not mediated influence of profitability (return on asset) on company value (price book value). Keywords - Return on assets, dividend payout ratio, price book value