EMAS: Jurnal Ekonomi, Manajemen dan Bisnis
Vol. 7 No. 6 (2026): EMAS: Jurnal Ekonomi, Manajemen dan Bisnis

Debt Policy, Investment Policy, and Dividend Policy as Determinants of Firm Value: Evidence From Banking Companies Listed on The Indonesia Stock Exchange

Ni Kadek Ayu Sugiantari (Universitas Mahasaraswati Denpasar)
I Wayan Widnyana (Universitas Mahasaraswati Denpasar)
Gregorius Paulus Tahu (Universitas Mahasaraswati Denpasar)



Article Info

Publish Date
20 Jun 2026

Abstract

Financial management refers to the activities carried out by an organization to plan its finances, manage assets, hold funds, and control the company’s assets or funds. Enterprise value is one of the key indicators used by investors to assess a company’s prospects. Enterprise value, as reflected in the stock price, is naturally influenced by several factors such as stock price indices, interest rates, and the company’s fundamental conditions. A company’s value can be calculated using the Price-to-Book Value (PBV) ratio. The Price-to-Book Value (PBV) ratio is a calculation or comparison between a stock’s market value and its book value. Using this PBV ratio, investors can immediately determine how many times a stock’s market value is priced relative to its book value. The researcher examined the effects of debt policy, investment policy, and dividend policy on the firm value of the banking sector listed on the Indonesia Stock Exchange. The sample size used in this study was 55 observations. Sampling in this study was conducted using purposive sampling. The data analysis technique used was multiple linear regression analysis. The results of this study indicate that debt policy has a positive effect on firm value, investment policy has a positive effect on firm value, and dividend policy has no effect on firm value.

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Journal Info

Abbrev

emas

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Description

EMAS merupakan jurnal ilmiah untuk ilmu ekonomi, manajemen dan bisnis yang diterbitkan oleh Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Mahasaraswati Denpasar E-ISSN : 2774 - 3020. Jurnal ini sebagai sarana publikasi hasil penelitian Dosen dan mahasiswa S1 dalam meningkatkan mutu ...