Pengaruh faktor internal dan eksternal perusahaan pada kebijakan dividen dan nilai perusahaan LQ45 di BEI 2015-2017

Abstract

Changes in the method of weighting LQ45 shares on the IDX cause investment managers to tend to release issuers with low free float, even though the company’s fundamentals are in stable condition. This makes dividends not the only market cosideration in buying shares. This research aims to analyze the influence of internal and external factors of the company on dividend policy and firm value, and analyze the effect of dividend policy mediating the influence of internal and external factors of the company on firm value from LQ45 Companies listed in Indonesia Stock Exchange 2015-2017 period. The sampling technique used in this study was purposive sampling. Secondary data is form annual reports and monetary data, were analyzed using Partial Least Square (PLS) with SmartPLS v.3.2.6 software to test the hypothesis in this research. The result of the research shows that internal factors give a significant positive effect on dividend policy, but external factors did not significantly influence dividend policy. Internal, external and dividend policy give a significant positive effect on firm value, while the dividend policy is not able to mediate the influence of the internal and external factors on the Firm Value.