Impact of Ownership Structure, Capital Structure, Investment Opportunities on Dividend and Value Policy Company

Abstract: The purpose of this study is to analyze and explain the influence of capital structure ownership structure and investment opportunity directly or indirectly on the value of the company mediated by dividend policy. This study uses an explanatory approach. The population in this study are companies listed as the Indonesian Sharia Stock Index (ISSI) for the period of 2013 to 2017, amounting to 361 companies, and a sample of 42 companies. Analysis of the data used for hypothesis testing is structure equation modelling (SEM) technique through the AMOS program. The results of this study indicate that: (1) Ownership structure and investment opportunity directly have no significant positive effect on dividend policy, while the effect on firm value shows that ownership structure has a negative effect and investment opportunity has a positive effect. (2) capital structure has a positive and significant effect on dividend policy and company value. (3) Dividend policy directly has a positive and significant effect on company value. (4) The indirect effect through dividend policy as a mediating variable shows the ownership structure and investment opportunity have a positive but not significant effect on company value through dividend policy, while the capital structure has a positive and significant effect on company value through dividend policy. The findings of this study are that the higher the ratio of ownership of capital structure, and investment opportunity will tend to increase the ratio of dividend policy and firm value. However, there needs to be an increase in dividend policy because the role of dividend policy in Indonesian Sharia Shares is still not strong in mediating the structure of institutional ownership and investment opportunity towards increasing company value
Keywords: Ownership Structure, Capital Structure, Investment Opportunity, Dividend Policy, Company Value