PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN UTANG, DAN KEPUTUSAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI PEMODERASI

Wegig Nurdiansyah; Endang Etty Merawati; Syamsul Bahri

doi:10.35814/ekobisman.v9i1.7399

Wegig Nurdiansyah Universitas Pancasila
Endang Etty Merawati Sekolah Pascasarjana Universitas Pancasila
Syamsul Bahri Sekolah Pascasarjana Universitas Pancasila

DOI: https://doi.org/10.35814/ekobisman.v9i1.7399
Abstract views: 50 | PDF downloads: 34

Keywords: investment decisions, debt decisions, dividend decisions, profitability, firm value

Abstract

Since Covid-19 till now, the volatility of the IHSG has become increasingly uncertain. Current market uncertainty raises concerns about reducing investor participation. However, in the 2020-2022, there was a big increase in the number of investors reaching 300%, the highest in history. Ferris (1997) stated that the value of a company is reflected in its stock price. However, the current index volatility does not show this. The role of financial managers is very important in maintaining the value of the company. There are three functions of financial management, namely investment decisions, debt, and dividends. (Hanafi, 2008).

This study aims to analyze investment decisions, debt decisions, and dividend decisions on firm value and uses profitability as a moderator with a case study of property and real estate companies listed on the Indonesia Stock Exchange. The method used in this study is secondary data collection through the Indonesia Stock Exchange on property and real estate sector for the period 2018 - 2023.

The results of this study indicate that investment decisions and debt decisions have no effect on firm value. While dividend decisions have a positive and significant effect. Simultaneously, the three variables also have a positive and significant effect on firm value. Then, profitability is not able to moderate investment decisions and debt decisions on firm value. However, it is proven to have a positive and significant effect in moderating dividend decisions on firm value in property and real estate sector.

References

Alwi, Iskandar Z. (2003). Pasar Modal, Teori Dan Aplikasi. Jakarta: Yayasan Pancur Siwah.

Ariyanto, Teguh Tri (2017). Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Kebijakan Deviden Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar di BEI Tahun 2010-2015). FE Universitas Negeri Semarang.

Asih A, Endang EM, dan Edy S. (2021). Pengaruh Good Governance dan Transformational Leadership terhadap Employee Performance Dimoderasi Employee Voice Behavior (pada PT Angkasa Pura I). Pascasarjana Universitas Pancasila.

Brigham, E. F., & Houston, J. F. (2001). Manajemen Keuangan. Jakarta: Salemba Empat.

Brigham, E.F., & Daves, P. R. (2014). Intermediate Financial Management. Cengage Learning.

Cooper, M. J., Gulen, H., & Schill, M. J. (2008). Asset Growth and the Cross-Section of Stock Returns.

Efni, Yulia dan Djumilah Hadiwidjojo (2012). Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan Dividen : Pengaruhnya Terhadap Nilai Perusahaan (Studi Pada Sektor Properti dan Real Estate di Bursa Efek Indonesia). Jurnal Aplikasi Manajemen, Vol. 10.

Endang, EM dan Iha HH. (2014). Pengaruh Pengawasan Komite Audit, Audit Internal, Audit Eksternal terhadap Kesehatan Keuangan Perusahaan dan Dampaknya terhadap Profitabilitas (pada Perusahaan Asuransi dan Reasuransi di BEI). Pascasarjana Universitas Pancasila.

Ferina, Ika Sasti dkk. (2015). Pengaruh Kebijakan Dividen, Kebijakan Hutang, dan Profitabilitas Terhadap Nilai Perusahaan (Studi Pada Perusahaan Pertambangan yang terdaftar di BEI Periode 2009-2013). Jurnal Akuntanika, Vol.2(Desember 2015), 52–66.

Ferris, P. W. S. (1997). Agency Conflict and Corporate Strategy: The Effect of Divestment on Corporate Value. Strategic Management Journal.

Fitri dan Eliada (2020). Pengaruh Keputusan Investasi, Ukuran Perusahaan, Keputusan Pendanaan Dan Kebijakan Deviden Terhadap Nilai Perusahaan Sektor Pertambangan. Fakultas Ekonomi dan Bisnis, Universitas Jenderal Soedirman.

Hansen, R. S. and Crutchley, C. E. (1989). A Test of the Agency Theory of Managerial Ownership , Corporate Leverage , and Corporate Dividends. Financial Management, 18(4), 36–46.

Haruman, Tendi. (2008). Pengaruh Struktur Kepemilikan Terhadap Keputusan Keuangan dan Nilai Perusahaan. Pontianak: Simposium Nasional Akuntansi XI.

Hayes, A. (2020). Dividend Payout Ratio.

Hayes, A. (2021). Profitability Ratios.

Hermuningsih, Sri dan Wardani, Dewi Kusuma. (2009). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Yang Terdaftar Di Bursa Efek Malaysia Dan Bursa Efek Indonesia. Jurnal Siasat Bisnis, Vol. 13 No. 2, Agustus : 173-183.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. In Economics social institutions (hal. 163–231). Springer.

Keown, A. J., Scott Jr, D. F., Marthin, J. D. dan Petty, J. W. (2000). Dasar-dasar Manajemen Keuangan. Edisi Ketujuh. Buku Dua. Alih Bahasa: Chaerul Djakman dan Dwi Sulistyorini. Jakarta: Salemba Empat.

Mardiyati, et.al. (2015). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Ukuran Perusahaan, dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Manajemen Sains Indonesia.

Shochrul, R dkk. (2011). Cata Cerdas Menguasai Eviews. Jakarta: Salemba Empat.

Sugiyono, A. (2015). Akuntansi Informasi dalam Pengambilan Keputusan. Jakarta: Gramedia.

Sukmaningrum, Puji Setia (2023). Sentimen Investor, Pandemi Covid-19, dan Volatilitas Return Saham Syariah di Indonesia. Jurnal Univ Airlangga.

Tridewi, Afifa Wahyu (2016). Pengaruh Keputusan Investasi, Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sektor Consumer Goods, Basic Industry and Chemicals di BEI 2012-2014). Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Wuryandani, G., Martinus, J.H., Riski, P. (2005). Perilaku Pembiayaan dalam Industri Properti, Bank Indonesia.