PENGARUH RISIKO BISNIS, PROFITABILITAS, UKURAN PERUSAHAAN, STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN HUTANG SEBAGAI VARIABEL INTERVENING

Abstract

This research study has purpose to obtain empirical evidence about influence of Business Risk, Profitability, Company Size, Capital Structure to Firm Value, with Debt Policy as Intervening Variable. There are six  variables were used in this research, namely Business Risk, Profitability, Company Size and Capital Structure as Independent Variable. Meanwhile. The Dependent Variable is Firm Value and Debt Policy as Intervening Variable. Data was used in this research obtained from financial statement of Property and Real Estate Service Companies, whose listed at the Indonesia Stock Exchange in 2013 until 2017 period. Sampel in this research obtained by using Purposive Sampling Method and number of sample are 29 companies. This research used Multiple Linier Regression Analysis Method and program Statistical Product and Service Solutions (SPSS) v.24.0, that showed some of following result : 1) Business  Risk has influence to Debt Policy and it has influence to Firm Value. 2) Profitability has influence to Debt Policy and  it has no influence significantly to Firm Value.  3) Company Size has no influence both to Debt Policy and Firm Value. 4) Capital Structure has influence to Debt Policy and it has  influence to Firm Value. Based on examination of Path Analysis  Method, it showed that Debt Policy unable to mediate influence of Business  Risk and Capital Structure to Firm Value. On the other hand, Debt Policy as Intervening  Variable able to mediate influence of Profitability to Firm Value to each of Property and Real Estate Service Companies at the Indonesia Stock Exchange in 2013 until 2017 period.

This research study has purpose to obtain empirical evidence about influence of Business Risk, Profitability, Company Size, Capital Structure to Firm Value, with Debt Policy as Intervening Variable. There are six  variables were used in this research, namely Business Risk, Profitability, Company Size and Capital Structure as Independent Variable. Meanwhile. The Dependent Variable is Firm Value and Debt Policy as Intervening Variable. Data was used in this research obtained from financial statement of Property and Real Estate Service Companies, whose listed at the Indonesia Stock Exchange in 2013 until 2017 period. Sampel in this research obtained by using Purposive Sampling Method and number of sample are 29 companies. This research used Multiple Linier Regression Analysis Method and program Statistical Product and Service Solutions (SPSS) v.24.0, that showed some of following result : 1) Business  Risk has influence to Debt Policy and it has influence to Firm Value. 2) Profitability has influence to Debt Policy and  it has no influence significantly to Firm Value.  3) Company Size has no influence both to Debt Policy and Firm Value. 4) Capital Structure has influence to Debt Policy and it has  influence to Firm Value. Based on examination of Path Analysis  Method, it showed that Debt Policy unable to mediate influence of Business  Risk and Capital Structure to Firm Value. On the other hand, Debt Policy as Intervening  Variable able to mediate influence of Profitability to Firm Value to each of Property and Real Estate Service Companies at the Indonesia Stock Exchange in 2013 until 2017 period.