Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan dengan Mediasi Kinerja Keuangan pada Sektor Properti, Real Estat dan Konstruksi Bangunan di Indonesia
DOI:
https://doi.org/10.38035/jafm.v6i5.2881Keywords:
Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen, Kinerja Keuangan, Nilai Perusahaan, Sektor Properti, IndonesiaAbstract
Penelitian ini bertujuan menganalisis pengaruh keputusan investasi, keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel mediasi. Penelitian ini menggunakan analisis regresi linear berganda melalui SPSS dan memanfaatkan data sekunder dari perusahaan sektor properti, real estat, dan konstruksi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2024. Hasil penelitian menunjukkan bahwa keputusan investasi dan keputusan pendanaan berpengaruh signifikan terhadap kinerja keuangan yang diukur dengan ROA, tetapi tidak berpengaruh terhadap EVA. Kebijakan dividen tidak berpengaruh terhadap kinerja keuangan pada kedua proksi tersebut. Selain itu, kinerja keuangan ROA berpengaruh signifikan terhadap nilai perusahaan, sedangkan EVA tidak memberikan pengaruh yang berarti. Kinerja keuangan ROA terbukti memediasi hubungan antara keputusan investasi dan nilai perusahaan. EVA tidak memediasi hubungan tersebut. Kinerja keuangan baik ROA maupun EVA tidak memediasi pengaruh keputusan pendanaan dan kebijakan dividen terhadap nilai perusahaan. Secara langsung, keputusan investasi dan kebijakan dividen berpengaruh terhadap nilai perusahaan, sedangkan keputusan pendanaan tidak memberikan pengaruh yang signifikan. Temuan penelitian ini menunjukkan bahwa ROA merupakan indikator kinerja yang lebih mampu menjelaskan nilai perusahaan dibandingkan EVA, terutama pada sektor padat modal yang memiliki siklus investasi jangka panjang. Penelitian ini memberikan implikasi bahwa efektivitas keputusan investasi serta konsistensi kebijakan dividen merupakan faktor penting dalam meningkatkan nilai perusahaan.
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