DETERMINASI NILAI PERUSAHAAN MELALUI PROFITABILITAS, STRUKTUR MODAL, KEBIJAKAN DIVIDEN, DAN KEPUTUSAN INVESTASI

Abstract

This study examines the effects of profitability, capital structure, dividend policy, and investment decisions on firm value in consumer-goods manufacturing companies listed on the Indonesia Stock Exchange during 2022–2024. Firm value is measured using the Price-to-Book Value ratio; profitability by Return on Assets; capital structure by Debt-to-Equity Ratio; dividend policy by Dividend Payout Ratio; and investment decisions by Price-to-Earnings Ratio. This research employs a quantitative method with a panel data approach. The sample was selected using purposive sampling, yielding 21 companies observed over three years, for a total of 63 observations. The data were analyzed using multiple linear regression analysis. The results indicate that profitability, dividend policy, and investment decisions partially have a positive and significant effect on firm value. Meanwhile, capital structure does not have a significant effect on firm value. Simultaneously, the four independent variables significantly influence firm value. These findings highlight the importance of strategic management in enhancing firm value through improved profitability, well-planned investment decisions, and consistent dividend distribution policies.