Pengaruh Kinerja Keuangan Dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening

The main goal of the company is to maximize shareholder wealth, this can be achieved by maximizing value of the company. These study aims are to analyze and discuss the effect of financial performance and investment decision to firm value with dividend policy as intervening variable. This research is associative quantitative. The population of this study are companies registered on the Jakarta Islamic Index (JII) during 2014-2017. Data collection techniques was taken using purposive sampling to obtain 25 companies that meet the criteria. Data analysis method using Partial Least Square (PLS) with SmartPLS software. The results of this study showed that 1) Financial performance has a positive significant effect on firm value; 2) Investment decisions have no significant effect on firm value; 3) Dividend policy does not significantly influence the value of the company; 4) Financial performance has a positive significant effect on dividend policy; 5) Investment decisions have a negative significant effect on dividend policy; 6) Dividend policy is not able to mediate financial performance on firm value; 7) Dividend policy is not able to mediate investment decisions on firm value. These results are in line with the dividend irrelevance theory of Miller and Modiglani (1961), firm value depends only on the income derived from its assets, not from dividends and retained earnings. This is because information asymmetry between management and investors