PENGARUH KEBIJAKAN PENDANAAN, INSIDER OWNERSHIP DAN FIRM SIZE TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN YANG LISTED DI BURSA EFEK INDONESIA (BEI) TAHUN 2010-2013

Abstract

This research is conducted for testing the influence of debt to equity ratio, insider ownership and
firm size to price book value with the dividend payout ratio as the intervening variable in the firms
registered at Indonesian Capital Market in the period of 2010 through 2013. Sampling technique
applied in this research is purposive sampling. The data are collected based on the publication of
Indonesian Capital Market Directory and www.idx.co.id. A number of 36 sample companies out of 472
companies registered at Indonesian Capital Market are obtained. Analytic technique applied in this
research is double linier regression to obtain a thorough picture of the relation between one variable
and the others. This research is measured by seeing the determination coefficient, statistic value of F,
statistic value of t, and intervening test. Besides, classic assumption test is also conducted, involving
normality, multicollinearity, auto-correlation, and heteroscedasticity tests. The analysis result shows
that DER variable partially influences significantly negative to DPR, insider ownership variable
partially influences significantly positive to DPR, firm size variable partially influences significantly
positive to DPR, DER variable partially influences significantly negative to PBV, insider ownership
variable influences significantly positive to PBV, firm size variable partially influences significantly
positive to PBV and DPR variable partially influences significantly positive to PBV. The regression
test result with intervening variable states that Dividend Policy (DPR) is not intervening variable, Debt
to Equity Ratio (DER) variable, insider ownership and firm size toward Price Book Value (PBV).

Keywords: Debt to Equity Ratio, insider ownership, firm size, dividend payout ratio and price book
value