The influence of leverage, sales growth, and dividend policy on company value

https://doi.org/10.35912/ijfam.v3i2.189
Published: Sep 3, 2021

Abstract:

Purpose: This study aimed to determine whether leverage, sales growth, and dividend policies influence the value of the company and determine the development of leverage, sales growth, dividend policy, and company value in real estate, property, and construction companies listed on the Stock Exchange Indonesia period of 2016-2018

Research methodology: This research was a quantitative research. The samples were real estate, property and building construction sector companies listed on the Indonesia Stock Exchange for the period of 2016-2018, amounting to 20 companies. The sampling technique used was non probability sampling with a purposive sampling method..

Results: Leverage, sales growth, and dividend policy affect the company value. The magnitude of the influence of leverage, sales growth, and dividend policy in contributing influence of company value was 58.0%.

Limitations: The research is limited to only those companies in the real estate, property, and building construction sectors listed on the Indonesia Stock Exchange from 2016 to 2018 and only focuses on the effect of leverage, sales growth, and dividend policy on firm value.

Contribution: Companies in the real estate, property, and building construction sectors listed on the Indonesian Stock Exchange should reduce their leverage, increase sales growth by improving their performance in selling products or services, and improve their dividend policy by increasing dividend distribution to shareholders each year.

Keywords:
1. Leverage
2. Sales growth
3. Dividend policy
4. Company value
Authors:
1 . Ratu Liviani
Faculty of Economic, University of Widyatama, Bandung, Indonesia
2 . Yoga Tantular Rachman
Faculty of Economic, University of Widyatama, Bandung, Indonesia
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How to Cite
Liviani, R., & Rachman, Y. T. (2021). The influence of leverage, sales growth, and dividend policy on company value. International Journal of Financial, Accounting, and Management, 3(2), 165–178. https://doi.org/10.35912/ijfam.v3i2.189
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Issue & Section
Vol. 3 No. 2 (2021): September
Articles
References

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  1. Anton, S. G. (2016). The impact of dividend policy on firm value. A panel data analysis of romanian listed firms. Journal of Public Administration, Finance and Law, 10/2016. Alexandru Ioan Cuza University of Ia?i.
  2. Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar manajemen keuangan terjemahan. Jakarta: Salemba Empat.
  3. Dang, H. N., Van, T. T. V., Xuan, T. N., & Ha, T. V. H. (2019). The impact of growth, firm size, capital structure, and profitability on enterprise value: Evidence of enterprises in Vietnam. Published online in Wiley Online Library. DOI 10.1002/jcaf.22371.
  4. Hair et al. (2010). Multivariate data analysis. Seventh Edition. Pearson Prentice Hall.
  5. Harahap, S. S. (2013). Analisis kritis atas laporan keuangan. Jakarta :. Rajawali Pers.
  6. Husnan, S., & Enny, P. (2012). Dasar–dasar manajemen keuangan. Edisi Keenam Cetakan Pertama. Yogyakarta : UPP STIM YPKN.
  7. Kasmir. (2015). Analisis laporan keuangan. Jakarta : PT Raja Grafindo Persada.
  8. Limbong, D. T. S., Mochammad, C. (2016). Analisis pengaruh struktur modal, pertumbuhan penjualan, dan ukuran perusahaan terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening, 5(4) 1-14. ISSN (Online): 2337-3792. Fakultas Ekonomika dan Bisnis. Universitas Diponegoro.
  9. Martono, Agus, H. (2010). Manajemen keuangan. Yogyakarta: Ekonisia.
  10. Masood, A., & Azhar, F. (2016). Impact of financial leverage on value of firms: Evidence from cement sector of pakistas. Journal of Finance and Accounting, 7(9).
  11. Nurochman, M., Muh, Y. K., & Vitayanti, F. (2016). Pengaruh kebijakan dividen, profitabilitas, dan pertumbuhan aset perusahaan terhadap nilai perusahaan. Jurnal Ilmu Manajemen Universitas Tadulako, 2(3), September 2016, 281-292 ISSN Online 2443-3578/ISSN Printed 2443-1850. Universitas Tadulako.
  12. Nuryaman. (2015). The influence of intellectual capital on the firm’s value with the financial performance as intervening variable. Business and Social Science
  13. Rakasiwi, F. W., Ari, P., & Rita, A. (2017). Pengaruh eps, ukuran perusahaan, profitabilitas, leverage, sales growth dan kebijakan dividen terhadap nilai perusahaan. Jurnal Ekonomika dan Bisnis-Akuntansi, 5(4), ISSN (Online): 2137 – 3681. Universitas Pandanaran Semarang.
  14. Puspita, D. A., & Ulil, H. (2018). Pengaruh perputaran modal kerja, ukuran perusahaan, leverage, dan likuiditas terhadap profitabilitas perusahaan. Jurnal Ilmu Manajemen, 6(1). Fakultas Ekonomi. Universitas Negeri Surabaya.
  15. Retno, R. D., & Denies, P. (2012). Pengaruh good corporate governance dan pengungkapan corporate social responsibility terhadap nilai perusahaan. Jurnal Nominal, 1(1), Tahun 2012. Fakultas Ekonomi, Universitas Negeri Yogyakarta.
  16. Sembiring, E. E., & Rosma, P. (2010). Pengaruh kebijakan dividen terhadap nilai perusahaan. Jurnal Ekonomi, Keuangan, Perbankan dan Akuntansi, 2(1) 47 - 56. Jurusan Akuntansi Politeknik Negeri Bandung.
  17. Smithers, A., & Wright, S. (2007). Valuing wall street. McGraw Hill.
  18. Sudana, I. M. (2011). Manajemen keuangan perusahaan teori dan praktik. Jakarta: Erlangga.
  19. Suwardika, I. N. A., & I, K. M. (2017). Pengaruh leverage, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan. E-Jurnal Manajemen Unud, 6(3), 1248-1277. ISSN : 2302-8912. Fakultas Ekonomi dan Bisnis Universitas Udayana.
  20. Winarso, Eddy., & Niki, H. (2017). Faktor yang menentukan investor dalam pengambilan keputusan pembelian saham sektor industri farmasi. Profesionalisme akuntan menuju sustainable business practice Bandung, 20 Juli 2017. PROCEEDINGS ISSN- 2252-3936. SNAB Universitas Widyatama.