PENGARUH STRUKTUR KEPEMILIKAN DAN KEBIJAKAN DIVIDEN PADA NILAI PERUSAHAAN DENGAN KEBIJAKAN HUTANG SEBAGAI VARIABEL INTERVENING

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, institusional 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 bangking industry, institution of credit matters, security, and insurance, for an observation period of 2011 to 2013. Data were collected through purposive sampling and 14 firms were taken as sample. The analysis method used in this study is multiple linear regressions expanded with path analysis using the SPSS 22.0. The result of this study show that: (1) managerial ownership had no direct and indirect impact to firm value with debt policy as the intervening variable; (2) institusional ownership had no direct and indirect impact to firm value with debt policy as the intervening variable; and (3) dividend policy had direct positive impact to firm value and had no direct impact to firm value with debt policy as the intervening variable. Key words : Managerial Ownership, Institusional Ownership, Dividend Policy, Debt Policy, Firm Value