| 611 | Keywords: Company performance; Firm value; Dividend policy; Investment Opportunity Set (IOS) Corresponding Author: Anggi Angga Resti: Tel. +62 251 862 2642 E-mail: anggianggaresti@gmail.com Jurnal Keuangan dan Perbankan, 23(4): 611–622, 2019 http://jurnal.unmer.ac.id/index.php/jkdp Article history: Received: 2019-02-19 Revised: 2019-05-25 Accepted: 2019-08-10 ISSN: 2443-2687 (Online) ISSN: 1410-8089 (Print) This is an open access article under the CC–BY-SA license JEL Classification: G31, G32 Kata Kunci: Kinerja Perusahaan; Nilai Perusahaan; Kebijakan Dividen; Investment Opportunity Set (IOS) Investment opportunity set, dividend policy, company’s performance, and firm’s value: Some Indonesian firms evidence Anggi Angga Resti, Budi Purwanto, Wita Juwita Ermawati Department of Management Science, Faculty of Economic and Management IPB Graduate School, IPB University Kampus IPB Dramaga, Jl. Raya Dramaga, Bogor, 16680, Indonesia Abstract The availability of investment opportunity set at state-owned companies and the divi- dend policy taken by state-owned company management should be signals in the company’s efforts to improve performance. Therefore, both the Investment Opportu- nity Set (IOS) and dividend policy can be factors driving corporate performance. Thus, state owned-companies can further enhance firm value. We examined the effect of the IOS and dividend policy on company performance and firm value. The sample used in this study was the state-owned company listed at the Indonesia Stock Exchange and observed for 5 years, from 2013 to 2017. Data were collected using a purposive sampling method. This study had 13 sample companies that were processed using the panel data regression method. We found the first result revealed that dividend policy had a posi- tive effect on company performance, which had a positive effect on firm value. Besides, the IOS was observed to have a positive impact on firm value. The second result showed that the IOS did not affect the company’s performance, and dividend policy did not influence the firm’s value. Thus, those results proved that the company’s performance could provide a signal to the firm’s value. Abstrak Pilihan kesempatan investasi yang tersedia pada perusahaan BUMN dan kebijakan dividen yang diambil oleh manajemen perusahaan BUMN seharusnya dapat menjadi sinyal dalam upaya perusahaan untuk dapat peningkatan kinerja perusahaan, Oleh karena itu Investment Opportu- nity Set (IOS) dan kebijakan dividen dapat menjadi faktor pendorong kinerja perusahaan, sehingga perusahaan BUMN dapat lebih meningkatkan nilai perusahaan. Kami menguji pengaruh Invest- ment Opportunity Set (IOS) dan kebijakan dividen terhadap kinerja perusahaan dan nilai perusahaan. Sample yang digunakan dalam penelitian ini adalah perusahaan BUMN yang terdaftar di Bursa Efek Indonesia selama 5 tahun periode observasi dari 2013 sampai dengan 2017. Data dikumpulkan menggunakan metode purposive sampling. Penelitian ini memilki 13 perusahaan sampel yang diolah dengan menggunakan metode regresi data panel. Kami menemukan hasil pertama bahwa kebijakan dividen berpengaruh positif terhadap kinerja perusahaan, kinerja perusahaan berpengaruh positif terhadap nilai perusahaan dan IOS berpengaruh positif terhadap nilai perusahaan. Hasil kedua bahwa IOS tidak berpengaruh terhadap kinerja perusahaan dan kebijakan dividen tidak berpengaruh terhadap nilai perusahaan dan hasil ini terbukti bahwa kinerja perusahaan dapat memberikan sinyal terhadap nilai perusahaan. How to Cite: Resti, A. A., Purwanto, B., & Ermawati, W. J. (2019). Investment opportunity set, dividend policy, company’s performance, and firm’s value: Some Indo- nesian firms evidence. Jurnal Keuangan dan Perbankan, 23(4), 611-622. https://doi.org/10.26905/jkdp.v23i4.2753