FAKTOR PENENTU NILAI PERUSAHAAN: INVESTMENT OPPORTUNITY SET, KEBIJAKAN UTANG, DAN KEBIJAKAN DIVIDEN
DOI:
https://doi.org/10.29082/dj0rqv77Keywords:
Firm Value, Investment Opportunity Set, Debt Policy, Dividend Policy, Tobin's QAbstract
This study examines the effect of investment opportunity set, debt policy, and dividend policy on firm value in pharmaceutical companies listed on the Indonesia Stock Exchange. Firm value is measured using Tobin's Q, while investment opportunity set is proxied by market to book value of equity, debt policy by debt to equity ratio, and dividend policy by dividend payout ratio. This research applies a quantitative approach using secondary data obtained from annual financial statements. The sample was selected through purposive sampling and produced seven pharmaceutical companies that met the criteria. The data were analyzed using multiple linear regression, classical assumption testing, t test, F test, and coefficient of determination. The empirical findings show that investment opportunity set has a positive and significant effect on firm value, debt policy has a positive and significant effect on firm value, while dividend policy has a negative and insignificant effect on firm value. Simultaneously, investment opportunity set, debt policy, and dividend policy significantly affect firm value. These findings indicate that growth opportunities and financing decisions are important considerations for investors in assessing pharmaceutical firms, while dividend policy does not necessarily become the main determinant of market valuation.
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