PENGARUH KEBIJAKAN DEVIDEN DAN KEBIJAKAN HUTANG TERHADAP NILAI PEUSAHAAN: PERANAN CORPORATE GOVERNANCE DAN GROWTH OPPORTUNITY SEBAGAI PEMODERASI

Abstract

This study investigate whether Corporate Governance and Growth Opportunity as moderating variabel that mediate the relatioship between dividend and debt policy with firm’s value. This study use the premises offered by Agency Theory (Jensen and Mackling, 1976). By using 60 observations which involved the finance companies in Indonesia Listed Companies from 2009 to 2012, shows that dividend policy has a negative relationship with firm’s value. However, Debt policy is positively significant associated with firm’s  value. Beside, corporate governance successfully moderate the relationship between dividend policy and firm value. In contrast, corporate governance is not proved as a moderator for relationship between debt policy and firm’s value. In addition, growth opportunity also fail to be a moderating variabels. This study contribute to the agency theory, tax preference theory,  trade off theory dan signaling theory.

Key Word; Dividend Policy, Debt Policy, Corporate Governance, Growth Opportunity and Firm’s Value.