Pengaruh Dividend Policy, Cash Holdings, Profitability, dan Institutional Ownership terhadap Firm Value pada Perusahaan Pertambangan yang terdaftar di Bursa Efek Indonesia

ABSTRAK
PENGARUH DIVIDEND POLICY, CASH HOLDINGS, PROFITABILITY, DAN
INSTITUTIONAL OWNERSHIP TERHADAP FIRM VALUE
PADA PERUSAHAAN PERTAMBANGAN YANG
TERDAFTAR DI BURSA EFEK
INDONESIA
Penelitian ini bertujuan untuk menguji pengaruh Dividend Policy, Cash
Holdings, Profitability, dan Institutional Ownership terhadap Firm Value.
Variabel independen dalam penelitian ini adalah dividend policy, cash holdings,
profitability, dan institutional ownership. Firm value sebagai variabel independen
diproksikan dengan Price to Book Value (PBV).
Populasi yang di gunakan dalam penelitian ini adalah perusahaan
pertambangan yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2012
sampai dengan 2014, serta menerbitkan laporan keuangan tahunan yang telah di
publikasikan di BEI. Pengambilan sampel dalam penelitian ini menggunakan
purposive sampling dan total sampel yang diperoleh per tahun sebanyak 14
perusahaan. Metode analisis dari penelitian ini meliputi analisis statistik
deskriptif, uji asumsi klasik, uji hipotesis, dan analisis linier berganda dimana data
tersebut dianalisis menggunakan software SPSS versi 21.
Hasil dari penelitian ini menunjukkan bahwa Cash Holdings, Profitability,
dan Institutional Ownership secara parsial berpengaruh postif dan signifikan

terhadap Firm Value, sedangkan Dividend Policy secara parsial berpengaruh
positif tetapi tidak signifikan terhadap Firm Value. Dividend Policy, Cash
Holdings, Profitability, dan Institutional Ownership secara simultan berpengaruh
signifikan terhadap Firm Value.

Kata Kunci : Dividend Policy, Cash Holdings, Profitability, Return on Equity
(ROE), Institutional Ownership, Firm Value, Price to Book Value
(PBV)

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Universitas Sumatera Utara

ABSTRACT
THE EFFECT OF DIVIDEND POLICY, CASH HOLDINGS, PROFITABILITY,
AND INSTITUTIONAL OWNERSHIP TO FIRM VALUE
ON MINING COMPANY LISTED IN INDONESIAN
STOCK EXCHANGE
The purpose of this research is to test the influence of Dividend Policy,
Cash Holdings, Profitability, and Institutional Ownership to Firm Value. Dividend
Policy, Cash Holdings, Profitability, and Institutional Ownership are independent

variables in this study and the Firm Value as dependent variables which is proxied
by Price to Book Value (PBV).
The population of this research are mining companies that listed in the
year 2012 up to 2014, which publishes an annual report and audited on the
Indonesia Stock Exchange (BEI). By using purposive sampling method and
obtained a total sample of 14 companies per year. Methods of analysis of this
research include statistic descriptive analysis, test classic assumptions, hypothesis
testing,and multiple linier analysis so the data could analyzed by using SPSS
software version 21.
Results from this study indicate that Cash Holdings, Profitability, and
Institutional Ownership partially positive and significant to Firm Value, while
Dividend Policy partially positive but not significant to Firm Value. Dividend
Policy, Cash Holdings, Profitability, and Institutional Ownership simultaneously
significant to Firm Value.

Key word : Dividend Policy, Cash Holdings, Profitability, Return on Equity
(ROE), Institutional Ownership, Firm Value, Price to Book Value
(PBV)

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Universitas Sumatera Utara