Abstract
This study was conducted to examine the effect of profitability, leverage and dividend policy on the value of companies in property, real estate and building construction companies on the Indonesia Stock Exchange which distributed dividends in a period between 2014 and 2017. Thirteen samples were examined. (13) companies selected through purposive sampling method that determines certain criteria in determining samples to be used in the observation period for four years. The data collection method used in this study is a nonparticipant observation method, namely by observing the company's financial statements. Data analysis was done by multiple linear regression analysis techniques. Based on the results of the analysis it was found that profitability and leverage had a significant positive effect on firm value, while dividend policy had a negative and insignificant effect. This indicates that dividend policy is not one of the main factors affecting the value of the company.
 Keywords: company value, dividend, profitability, leverage
Highlights
This study was conducted to examine the effect of profitability
companies selected through purposive sampling method that determines certain criteria in determining samples to be used in the observation period
The data collection method used in this study is a nonparticipant observation method
Summary
Penelitian ini dilakukan untuk menguji pengaruh profitabilitas, leverage dan kebijakan dividen terhadap nilai perusahaan di perusahaan sektor property, real estate dan konstruksi bangunan di Bursa Efek Indonesia yang secara berturut-turut membagikan dividen pada periode 2014 sampai dengan 2017. Jumlah sampel yang diteliti sebanyak tiga belas (13) perusahaan yang dipilih melalui metode purposive sampling yang menentukan kriteria tertentu dalam menentukan sampel yang akan digunakan pada periode pengamatan selama empat tahun. Metode pengumpulan data yang digunakan dalam penelitian ini adalah dengan metode observasi nonpartisipan, yaitu dengan mengamati laporan keuangan perusahaan. Berdasarkan hasil analisis ditemukan bahwa profitabilitas dan leverage berpengaruh positif signifikan terhadap nilai perusahaan, sedangkan kebijakan dividen berpengaruh negatif tidak signifikan. Hal ini menandakan kebijakan dividen bukan merupakan salah satu faktor utama yang mempengaruhi nilai perusahaan. Kata kunci: nilai perusahaan, dividen, profitabilitas, leverage
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