Pengaruh Struktur Kepemilikan dan Kebijakan Dividen terhadap Nilai Perusahaan dengan Kebijakan Hutang sebagai Intervening

Abstract

Increasing the firm value is one of the main purposes of a company.
Increasing the firm value means the stock return gives the optimal return to the
investors. The main objective of the present study is to expand researches in
analyzing the impact of managerial ownership, institutional ownership, and
dividend policy to the firm value, either directly or indirectly with debt policy as
the intervening variable. Population in this study are public companies listed in
Indonesia Stock Exchange that are not included in the categories of banking
industry, institution of credit matters, security, and insurance for an observation
period of 2003 to 2007. Data were collected through purposive sampling and 64
firms were taken as sample. The analysis method used in this study is multiple
linear regressions expanded with path analysis using t he SPSS1 6.0.T he results o f
this study show t hat: (l) managerial ownership had direct negative impact to firm
value and didn't have indirect impact to firm value with debt policy as the
intervening variable;( 2) institutional ownership had no direct and indirect impact
to firm value; and (3) dividend policy had direct negative impact to firm value and
indirect positive impact to firm value with debt policy as the intervening variable.

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