PENGARUH KEPUTUSAN INVESTASI, KEPUTUSAN PENDANAAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING

This study aims to determine the effect of invesment decision and financing decision on firm value through dividend policy. The sample used in this study is manufactures companies listed on the Indonesia Stock Exchange for the period 2015-2020. The sampling technique used in this study was purposive sampling and the research data were obtained as much as 251 samples. The analytical tool used in this study was SPSS 25. The data were analyzed using path analysis and sobel techniques. The results of the research in the first equation show that the results of the variable invesment decision have effect in a positive direction on dividend policy, while financing decision has no effect in a negative direction on dividend policy. The results of the research in the second equation show that the results of invesment decision, financing decision and devidend policy have a positive effect on firm value. Dividend policy is able to mediate the invesment decision variable on firm value and cannot mediate the financing decision variables on firm value.