Leverage Analysis, Investment Opportunity Set, and Ownership of Company Value

Purpose: This study examines the effect of leverage, investment opportunity sets, and managerial ownership on firm value with dividend policy as an intervening variable in manufacturing companies listed Indonesia Stock Exchange. Theoretical framework: The general framework this research includes two theories it firstly, Signaling Theory which is action taken by management to guide investors about how views company's prospects future (Taleb, 2019), secondly, Dividend Policy part spending decisions, primarily related internal spending, because size dividends distributed will affect retained earnings. Retained earnings are one funding sources (Lumapow & Tumiwa, 2017). Methodology: We use a quantitative approach survey approach. population all Exchange (IDX) during 2018-2020. In study, sample was using purposive sampling method. method limits selection based specific criteria. Findings: found positive significant relationship between leverage sets company Meanwhile, have insignificant corporate Leverage does not adverse impact through policy. Research, Practical Social implications: analyzes evaluates Effect Firm Value. That is, that high level can increase assume debt large-scale influence substantial value, namely debt, if profits more than costs. Used at time debt. Originality/value: findings show Influence cannot mediate power solid value.