PERAN KEBIJAKAN HUTANG, KEBIJAKAN DEVIDEN, RASIO KEBANGKRUTAN TERHADAP NILAI PERUSAHAAN

Rindu Ferdina Lestari, Azizatul Munawaroh

Abstract


This research aims to explore the role of debt policy, dividend policy and bankruptcy ratio on company value, especially in telecommunications companies during the period 2019 to 2022. The sampling method used was purposive sampling, and data analysis was carried out using SPSS version 20 software. The main findings of the research these are the three key points. First, the debt policy variable –DER (X1) has an influence on company value. Based on the research, it was found that the DER regression coefficient was -16,698, the t value had a negative sign of -.737, with a significant value of 0.468 which was greater than 0.05 (0.468> 0.05), where debt policy had no influence on company value. Second, DPR dividend policy variable (X2). Based on research, the DPR regression coefficient is -2.245, the t value has a negative sign of -3.297 with a significance value of 0.003 which is greater than 0.05 (0.03<0.05), where DER (X2) has a negative and significant influence on the value of the company. In other words, if the DER value decreases, the company value will increase. The three Bankruptcy Ratio variables (Z-Score)(X3) have a positive value of 443,349, the calculated t value has a positive sign of 2.630, with a significance value of 0.015 which is smaller than 0.05 (0.015 < 0.05), where the Z-Score (X3) has a positive and significant influence on company value. In other words, when the Z-Score increases, the company value will increase or be in the same direction. These findings are expected to provide important insights for stakeholders to understand the dynamics between these factors in the context of the telecommunications industry.

 

Keywords : Debt policy, dividends, financial distress, market capital


References


Amanta, Hafiz Putra, dkk., (2022). Peran Kebijakan Utang Dalam Respon Investor Atas Aset Pertambangan, Aset Tetap Dan Ukuran Perusahaan, Jurnal Pajak dan Keuangan NegaraVol.4,No.1 Hal.112-121.

Andriawan, Nur Fadli dan Salean, Dantje (2016). Analisis Metode Altman Z-Score Sebagai Alat Prediksi Kebangkrutan Dan Pengaruhnya Terhadap Harga Saham Pada Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia, Jurnal Ekonomi Akuntansi, Hal 67 – 82.

Boedi, Soelistijono Dan Tiara, Devi (2013). Analisis Prediksi Kebangkrutan Perusahaan Telekomunikasi Yang Terdaftar Di Bursa Efek Indonesia Dengan Model Altman Revisi, Jurnal Manajemen Dan Akuntansi Volume 14 Nomor 1.

Darmawan (2022), Manajemen Keuangan: Memahami Kebijakan Dividen, Teori Danpraktiknya Di Indonesia, Book: Diterbitkan Oleh: Fakultas Ekonomi Dan Bisnis Islam Universitas Islam Negeri Sunan Kalijaga Yogyakarta.

Kusumawati, Dian Dan Safiq, Muhammad (2019). Analisis Faktor–Faktor Yang Mempengaruhi Investment Opportunity Set Dan Implikasinya Terhadap Return Saham, Jurnal STEI Ekonomi Vol. 28 No. 01,Juni.

Martha, dkk., (2018). Profitabilitas Dan Kebijakan Dividen Terhadap Nilai Perusahaan, Jurnal Benefita 3(2) Juli (227-238).

Munawaroh, dkk., (2023). Model Prediksi Kebangkrutan Bisnis dimoderasi leverage: Studi Perusahaan Telekomunikasi terhadap Model Z-Score Altman, IJMA (Indonesian Journal of Management and Accounting) Volume 1 No. 1 | Februari.

Mutamimah Dan Rita (2009). Keputusan Pendanaan : Pendekatan Trade-Off Theory Dan Pecking Order Theory, Ekobis Vol.10, No.1, Januari: 241 – 249.

Putra, AA Ngurah D.A dan Lestari, Putu Vivi (2016). Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan, E-Jurnal Manajemen Unud, Vol. 5, No.7, 2: 4044 – 4070.

Paryanti, dan Mahardhika, Arya Samudra (2019). Kebijakan Hutang dengan Pendekatan Agency Theory pada Perusahaan Property dan Real Estate, Jurnal Inovasi - pISSN: 0216-7786 - eISSN: 2528-1097.

Saputra, Aldo, dkk., (2021). Pengaruh Likuiditas, Ukuran Perusahaan, Profitabilitas Dan Financial Distress Terhadap Nilai Perusahaan (Studi Pada Perusahaan Rokok Yang Terdaftar Di Bursa Efek Indonesia), Jurnal Jejama Manajemen Malahayati, Vol. 1 No.1

Septariani, Desy (2017). Pengaruh Kebijakan Dividen Dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Lq45 Di Bei Periode 2012-2015), Journal of Applied Business and EconomicsVol. 3 No. 3 (Mar) 183-195.

Solihin, Danna dan Verahastuti, Camelia (2020). Profitabilitas Sektor Telekomunikasi Di Tengah Pandemi Covid-19 The Profitability Of Telecommunication Sectors In The Middle Of Covid-19 Pandemic, AKTUAL : Jurnal Akuntansi Dan Keuangan Vol 5, No 2 (2020), Desember; p.91-98.

Valensia, Khairani (2019). Pengaruh Profitabilitas, Financial Distress, Dewan Komisaris Independen Dan Komite Audit Terhadap Nilai Perusahaan Dimediasi Oleh Tax Avoidance (Studi Empiris Pada Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017). Jurnal Akuntansi Vol. 9, No.1 Hal. 47-62.




DOI: https://doi.org/10.71312/mrbest.v1i4.126

Media Riset Bisnis Ekonomi Sains dan Terapan (MRBEST) Indexed by:

Google Scholar Garuda CrossRef Index Copernicus

Lembaga Penerbit: Taksasila Edukasi Insani
Kontak: Tri Ananto
Alamat Resmi Penerbit: Jl. Cireundeu Raya No.1A, RT.002/ RW.06, Kelurahan Cireundeu, Kecamatan Ciputat Timur, Kota Tangerang Selatan, Banten 15419.

Copyright of Media Riset Bisnis Ekonomi Sains dan Terapan (e-ISSN: 2987-1875 )

BRIN ISSN Barcode ISSN Creative Commons BY-SA

Media Riset Bisnis Ekonomi Sains dan Terapan © 2023 by Taksasila Edukasi Insani is licensed under Creative Commons Attribution-ShareAlike 4.0 International