This study aims to analyze the effect of financial performance as
measured by net profit margin, debt to equity ratio and managerial ownership of
firm value and its impact on dividend payout ratio. Data analysis was performed
on manufacturing companies listed in Indonesia Stock Exchange during the
period 2012-2016. The sampling method used was purposive sampling method.
The results of data analyzed by using two-stage regression analysis showed that
net profit margin had a significant positive effect on firm value, debt to equity
ratio had negative effect not significant on firm value, managerial ownership had
negative significant effect on firm value, dividend policy had positive not
significant effect, net profit margin had a significant positive effect on dividend
policy, debt to equity ratio had a significant negative effect on dividend policy,
managerial ownership had negative significant effect on dividend policy.
Meanwhile, dividend policy could not mediate the relationship between net profit
margin debt to equity ratio, and managerial ownership to firm value.