FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR
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Abstract
The purpose of this research is to empirically examine the influence of financial leverage
measured by Debt to Total asset (DAR), dividend policy measured by Dividend Payout
Ratio (DPR), and Sales Growth measured by Sales Growth (SG) toward firm value
measured by Tobin’s Q with firm size measured by Logaritma natural Total Asset (LnTA)
as controlling variable. This study uses secondary data obtained from the Indonesia Stock
Exchange official website. The population of this study is the manufacturing companies
listed on the Indonesia Stock Exchange for the period of 2017-2019. Based on several
criteria, 52 manufacturing companies listed on the Indonesia Stock Exchange are selected
as samples in this study. This samples are determined using purposive sampling method.
The method of analysis was multiple linear regression using Eviews 11 student version. The
results of this study indicate that financial leverage has not effect on firm value, while
dividend policy and sales growth have a positive and significant effect on firm value. Firm
size as a controlling variable has a negative and significant effect on firm value.
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