EQUITY Vol.18, No.2, Juli-Desember 2015 | 181 PENGARUH KEBIJAKAN DIVIDEN, KEBIJAKAN HUTANG DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN MANUFAKTUR Eka Krisnawati dan Munasiron M ekakrisnawati@rocketmail.com, munasiron@hotmail.com Fakultas Ekonomi UPN “Veteran” Jakarta Jl. RS. Fatmawati Pondok labu Jakarta Selatan 12450 ABSTRACT This study aimed to examine the effect of Dividend Policy, Policy Liabilities and Profitability of Company Value of the companies listed in Indonesia Stock Exchange period 2011 to 2014. The population in this study a number of 60 companies listed in Indonesia Stock Exchange. Data obtained from financial statements 2011 to 2014 that has been published. Obtained a total sample of 15 companies. The analysis technique used is multiple linear regression and hypothesis testing with constant 5%.In this study occur existing data were not normally distributed, this is due to some extreme values that look very different from the value of other observations. Of the 60 samples of existing research, as many as 24 sample company data should be eliminated (outlier data). It is intended to dispose of the data extremes can cause data distribution becomes normal, so that the data is left as many as 36 samples were used.The results showed that the dividend policy has no significant effect on the value of the company, debt policy does not significantly influence the company's value and profitability significantly influence the value of the company. The coefficient of determination R square indicates 0,073 or 7,3% of explaining that the variable is explained by the variable company value and dividend policy, policy liability and profitability the remaining 92,7% is explained by other variables. Keywords : dividend policy, policy liability, profitability and company value. PENDAHULUAN Dalam pendirian perusahaan, tujuan perusahaan adalah memaksimalkan nilai pemegangsaham. Nilai pemegang saham akan meningkat apabila nilai perusahaan meningkat yang ditandaidengan tingkat pengembalian investasi yang tinggi pada pemegang saham. (Jusriani dan Rahardjo 2013).Maksimisasi nilai perusahaan merupakan cara untuk memaksimalkan kekayaan pemegang saham. Tujuan maksimisasi nilai perusahaan seharusnya dijadikan landasan dalam menentukan keputusan- keputusankeuanganperusahaan. Keputusan-keputusan yang ditentukan pihak manajemen perusahaan akan dapat mempengaruhi nilai perusahaan. Begitu pentingnya keputusan keuangan sehingga harus dibuat secara hati-hati, sebelum suatu keputusan ditetapkan sebaiknya manajer perusahaan mempersiapkan keputusan tersebut secara matang.(Putra 2014). Total pengembalian (return) kepada pemegang saham selama waktu tertentu terdiri dari peningkatan