STRATEGI MEMAKSIMALKAN NILAI KEKAYAAN PEMEGANG SAHAM (SHAREHOLDERS WEALTH) MELALUI KINERJA KEUANGAN PERUSAHAAN KONSTRUKSI (Studi Empiris Pada Perusahaan Sektor Konstruksi di Bursa Efek Indonesia Periode 2014-2018)

Abstract

The increase in shareholder wealth influenced by accounting measures that indicate the company's financial condition. Some financial ratios that are used as indicators of shareholder's wealth, among others: leverage, (DER), profitability (ROE) and dividend policy (Dividend Payout Ratio / DPR). In construction companies listed on the Indonesia Stock Exchange, within 5 years of observation, namely 2014-2018, showed Return to Equity, Debt to equity ratio had a positive effect on shareholder's wealth, while Dividend payout ratio had no effect. The return to equity ratio has a positive effect on the dividend payout ratio while the Debt to equity ratio has a negative effect on strategies to increase shareholder's wealth through the optimization of fundamental financial performance such as DER, ROE, with dividend payout ratios that are proportional to revenue.