THE INFLUENCE OF GROWTH POTENTIAL, CAPITAL STRUCTURE AND PROFITABILITY ON DIVIDEND POLICY AND FIRM VALUE IN MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE

Purpose: Potential company growth has an optimistic and important impact on dividend policy, the Capital structure has a negative and important impact on dividend policy, Profitability has an optimistic and important impact on dividend policy. Theoretical framework: The value of the company is strongminded only by the investment decision. Outsiders cannot directly monitor investment decisions. The Investment Opportunity Set (iOS) delivers a complete indication of where the corporation's worth depends on the company's spending in the future. Method: In this research two methods are used, that is, descriptive and explanatory methods. Company growth has a negative and unimportant impact on firm value, the Capital structure has an optimistic and important influence on firm value, Profitability has an optimistic and important impact on firm value, Dividend policy has an optimistic and important impact on firm value. Results and conclusions: Profitability has a bad and important influence on firm value through dividend policy, the Capital structure has an optimistic and important impact on firm value through dividend policy and Potential company growth has an optimistic impact and important to firm value through dividend policy. Research implications: The people is manufacturing companies registered on the Indonesia Stock Exchange, 193 companies, a research example of 122 companies, 2019-2020 period. Originality/value: The sampling process is purposive sample. Structural Equation Modeling (SEM) analysis technique.


INTRODUCTION
In general, all companies have two objectives: short-term objectives and long-term objectives, some gain benefits and others rise the value of the company. One of the most important parts of investment studies is how we measure risk and returns. Any investor who wants to maximize the asset will return higher than expected levels compared to other investment options. In fact, almost all investments have uncertainty or risks. Sunario (2011) Investors can invest their funds in a variety of ways, such as deposits, bonds, or stock ownership. Investment opportunities highlight the company's development prospects (iOS), and the company's high level of development will disturb the company's level of investment opportunities. The Investment Prospects Set (iOS) will rely on a variety of growth and growth policies to determine the company's classification. (Norton, 2004). Janal (2010) suggests the growth potential of the Indonesian manufacturing industry, i.e. at the start of the New Order, the manufacturing industry was comparatively slow to progress (growth). This means that a small number of locally produced industries imply that almost all types of machinery are imported, so the government must strictly control imports, which is a major barrier to the development of the industry. If stock market values rise, the worth of the company will rise, representative that the belief of capital structure will be developed by Qual (2013). Capital structure is the equilibrium or contrast among long-term debt and equity. Therefore, monetary organization must be judicious in creation choices about capital structures.
According to this theory, investors can distinguish between high-value and low-value Brigham and Houston (2013). Signaling theory explains why companies need information from financial statements in external areas. Company value is the saver's opinion of the company's level of achievement. This study uses the P/E ratio to measure enterprise value, as it is considered that this ratio may provide the best information, as all components of the company's debt and the company's net worth are included in the calculation of the PER ratio. In addition, the advanced the worth of the company, the richer the proprietor of Kusumaya (2011). Dividends are one of the main attractions for savers to invest in the capital market. Dividends are the return of shareholder participation as capital providers as a result of Nuringsih's (2005) profits. Dividend policy is important for company management, investors, lenders, workers, regulatory boards, and Jonathan (2013) government of Ajanthan (2013).Although a worth of the company is determined by profitability, the quality of low earnings biases users' decisions in financial statements. Profitability reflects the ability to make profits related to sales, own capital, and total assets. Profit is the main attraction for the owners of the company as the profits also reflect the funds invested by the shareholders and the results achieved through management efforts for the profits they deserve. The extent of the incomes produced by the company can also disturb the worth of the company and the prosperity of shareholders as the increase in the worth of the company can attract savers to capitalize their capital. (Da Silva et al .,2023) 2 THEORETICAL FRAMEWORK Copeland (2008) Growth is the aptitude to rise the scope of a company. Thus company growth can be defined as the growth that occurs within a company. According to Martono and Agus, (2005) is an investment that is created as an asset (asset) by a company in the hope of earning income in the upcoming. The value of the company is strongminded only by the investment decision. Outsiders cannot directly monitor investment decisions. The Investment Opportunity Set (iOS) delivers a complete indication of where the corporation's worth depends on the company's spending in the future. Thus the company's forecasts can be projected from the investment opportunity set (IOS), which is definite as the mixture of future assets and investment options with optimistic net current value.
According to Weston and Brigham (2010), capital structure is a combination or combination of debt, preferred stock, and common stock that the company seeks in its capital structure. According to Rianto (2010), capital structure is fixed costs that are reflected through the balance between one's own capital and long-term debt. Harlina Leong (2021) Capital structure is a equilibrium or contrast among the amount of long-term debt and its own capital. Therefore, capital structure is measured by debt-to-equity ratio (THE).
According to Martono and Agas (2010), the profit ratio is the ratio that shows the company's aptitude to benefit from capital use, followed by Husnan's (2008) profitable ratio is the ratio intended to measure the efficient use of the company's assets (a group of the company's assets) (Nianty et al., 2023).
Dividends are profits that are found in funds received by shareholders that have been invested in a company that has gone public. Dividends are compensation for capital gains received by shareholders in addition to Mamduh (2014). A dividend policy is a strategy that refers to the company's decision to go public to pay dividends to investors or to retain them in the form of reserved incomes. According to Sartono (2001). 4 Fama (1978) states that the value of the company will be reflected in its share charge. When a transaction occurs, the market value of the company's shares formed between the buyer and seller is called the market price of the company because the market price of the shares is thought to reflect the actual value of the company's assets. According to Husnan (2004), the value of the company is the price that potential purchasers are willing to pay if the company is sold.

METHODOLOGY
In this research two methods are used, that is, descriptive and explanatory methods. The study uses the analysis used to process the data to see the impact of investment and growth decisions on Indonesian stock exchanges on earnings and prices, and provides descriptive analyses, rational and theoretical reasons. Modeling structural equations is used to analyze data (SEM). The model mentioned in the SEM study is the model of structural equations based on causality. The test of this hypothesis is achieved by drawing attention to the p-value, that is, if the p-value is fewer than 0.05, the impact among the variables is important and vice versa. The test consequences also expression a direct, indirect and complete influence among the variables studied. As a definite indicator (FIX) to measure a company's growth potential variables. While the indicator (CAPBVA)Capital Expenditure To Book Value Assets (X1.1) and (CAPMVA)Capital Expenditure To Market Value Of Assets (X1.2) is an important indicator to measure the growth potential of industrial corporations registered on the Indonesian Stock Exchange. It was explained that the debt to equity ratio (DER) indicator (X2.1) is an indicator which is certain (FIX) to measure capital structure variables. While the debt to total assets ratio (DAR) indicator (x2.2), long term debt to equity ratio (LTDER) (X2.3) and market debt equity ratio (MDE) (X2.4) are an important indicator for measuring capital structure variables in industrial companies registered on the Indonesian stock exchange. It asset return indicator (Return On Asset -ROA) X3.3 is an indicator that is certain (FIX) to measure the variable profitability. While indicators net profit margin (NPM) X3.1, Gross Profit Margin (GPM) X3.2 and return on equity (Return On Equity -ROE) X3.4 is a important indicator for measuring capital structure variables in industrial companies registered on the Exchange  The Price earnings ratio (PER) indicator (Y2.1) is a real pointer to measure the variable worth of the company (FIX). In terms of accounting assets, the market ratio indicators Y2.2 and Y2.3 are important pointers to measure the variables of enterprise value in industrial companies registered on the Indonesian Stock Exchange. According to the outcomes of the analysis of the data carried out, the discussion of the investigate results is described as follows:

Loading Factor Variable Measurement
The Effect of Company Growth Potential on Dividend Policy.The company's development capacity has an optimistic and important influence on the dividend policy, since the indicator of the business's growth capacity, i.e. capital expenditures at the market value of assets (CAPMVA), represents the additional flow of share capital of the company, that is, the difference between the value of fixed assets, but the difference between the number of shares and the number of valuations of entire assets, except for the equity of the company as a whole. A company's investment in fixed assets will increase its fixed assets. Made by the company, either in cash or in the shareholders of a company in the form of a share, as a proportion to the 7 number of shares owned by the owner. This means that investors will give an optimistic answer to the growth of the company, increasing stock prices and the growth of the company. This study is important for a study conducted by Wenny Setiawati and Lusiana Yesisca in 2017 on the growth of the company affecting dividend policy. The advanced the development frequency of the company, the greater the essential for reserves needed to finance expansion.

The Influence of Capital Structure on Dividend Policy
The capital structure is the financing function that the Administration must perform to finance investments that protect the activities and operations of the company. From the point of view of financial management, the company plays an important role in generating and maintaining business value or wealth. Therefore, companies should focus on wealth. The decision to distribute profits is always important, both to be distributed and to have dividends, to be awarded, to reinvest and wait for future capital gains. Important for research conducted by Miftahul Huda in 2013. Analysis of the influence of the capital structure on the dividend strategy of industrial companies registered on the Indonesian Stock Exchange (IDX). The debt-to-equity ratio of the book of research results or capital structure does not importantly affect dividend policy. In addition to opposing previous studies conducted by Mahfudnurnajamuddin et in 2015, the impact of ownership structure, company scope and profitability on dividend policy and industrial company value on the Indonesian Stock Exchange.
The impact of profits on dividend policy The goal of all companies is to produce high profitability for the company. Profitability is a business's aptitude to make earnings to influence dividend distribution decisions. If the level of profitability of the company is elevated, then the profit generated by the company will be further dispersed to shareholders in the form of a dividend.
Relevant to research conducted by I Made Agus Surya Dinata and I Putu Yadnya (2012) With the title of research on the influence of profitability and ownership structure on dividend policy, and with the value of the company, the SEM analysis method, the capital structure will maximize the share price of a company. The capital structure ends up as a combination of financing a company that must be properly managed to maximize profitability.
The impact of the company's growth prospects on the company's value.Understanding the importance of the impact of the company's growth power, it may become clear that the better the growth power, or, in other words, the greater the company's capability to rise production, the greater the company's capacity to rise productivity and, therefore, the management of the company.
According to this study, coinciding with Nurdin B (2010), the growth of the company has an optimistic influence on the worth of the company. This means that the goal is to achieve growth and corporate value for companies in the manufacturing industry listed on the Indonesian Stock Exchange.

Effect of Capital Structure on Firm Value
Every company will expect an optimal capital structure to expand the value of the company (enterprise value) and lessen the cost of wealth (cost of money). Managers frequently use this cash to fund facilities for their own benefit.
This study coincides with studies conducted by Putu Yunita Saputri Dewi et al (2014), which indicates that the capital structure of Oka Kusumajaya (2014) has an optimistic and important impact on the value of the company. Therefore, the capital structure has a great impact on the finances of the company, which will eventually disturb the worth of the company. 8 Therefore, corporations must make the right decisions about the capital structure. Excellent capital structure is a capital structure that can reduce the normal price of wealth and expand the value of the company.

The Effect of Profitability on Firm Value
Profit is used to measure the company's ability to produce profits based on the share capital owned by the company. Return on Capital is used to measure the company's return rate or to measure the effectiveness of generating profits using company capital, to create more efficient management from a shareholder perspective. Return on Capital is the ratio of net returns produced by capital or equity. This is an attraction for investors to hold shares in the company.
This study coincides with the previous studies carried out by Sri Hermuningsih (2012) and Lukman Chalid (2022), in the study "Profitability, Financial Leverage and Liquidity Effects on Firm Value with Financial Distress and Earning Management as Intervening Variables". The test outcomes show that profitability has an optimistic effect on the worth of the company and matches the signal theory, as investors expect a signal from the company. If the return on earnings worsens, investors will reduce the interest in investing and if the return on earnings progresses, investors will rise the interest in investing in the company.

The Impact of Dividend Policy on Firm Value
The dividend policy is part of the company's internal expenses. This is because the number of dividends distributed will affect the size of the company's value. The thing that investors value when investing is the value of the company the investor will invest in. The share price is requested and provided by investors so that the share price can be used as a proxy for the company's price. Share price is the price that occurs when trading shares on the stock market. For companies issuing shares on the stock market, the price of shares traded on the stock exchange is an indicator of the company's price.
The most appropriate value of the enterprise can be achieved by establishing a financial management function where one financial decision affects other financial decisions and affects the value of the enterprise. From the island's perspective, the company's purpose is not only to make more profits, but also to explore the benefits. This finding is consistent with a 2012 study by Ridwan Halim (2012).
Profits through dividend policies have a negative impact on the value of the company. The company's ability to make a profit determines the number of profits of shareholders. The returns received by these shareholders will determine the welfare of the shareholders, which is the main objective of the company. The company's debt will not increase or decrease, which will affect the lower dividend policy, especially in the payout ratio (DPR) dividend index. This research coincides with studies conducted by Sri Hermuningsih (2012) andDwi Damayanti (2016).
The capital structure has an optimistic and important influence on the value of the company through dividend policy.Capital structure is the comparison among debt and equity used by the company. The primary goal of managing the capital structure is to create a mix of fixed cost sources to maximize the company's stock value, reduce the cost of capital, and ultimately maximize the value of the company. The financial manager will make multiple decisions to rise the value of the company, including investment and financing decisions, and whether the decision is fully financed by debt or equity or both, so capital structure theory is necessary to define the right decision. It is important to define a good capital structure to know the financial situation and the financial capacity of the company. This study is consistent with previous research Yessy Susanti (2017) and Putu Yunita Saputri Dewi, et al. 2014.The company's ability to grow through dividend policy has an optimistic and important influence on the value of the company.
The probability of wealth growth is the variable percentage of wealth in a given year compared to the earlier year. The company's internal and external differences await the company's growth prospects. The Investment Option Set (iOS) indicates that the value of the company depends on the cost of the company. Therefore, company forecasts can be defined as a combination of investment opportunity pool (iOS) and these assets (rather than assets) and future investment prospects. Considering the investment in share capital, the company's growth power has a direct and important influence on the worth of the company through dividend policies. This study is called Sri Hermuningsih (2012) and Putu Yunita Saputri Dewi (2014).

CONCLUSION AND SUGGESTION
Based on the data analysis and the results of previous extensive discussions, several conclusions can be made as follows:Dividend policy, an indicator of the company's growth capacity, i.e. capital expenditure (CAPMVA), an additional inflow of the company's share capital, and in addition, the company's development power has an optimistic and important influence on the dividend policy growth index, especially the ratio of dividend payments. (DPR).Capital structure has a negative and important impact on dividend policy, as the Long-Term Debt Capital Ratio (LTDER) index is shrinking and has failed to increase the number of incomes shared in cash. Profitability has an optimistic and important influence on dividend policy, the return of capital to profits (ROE), which can describe a company's capacity to produce profits. Dividend policies, especially the dividend repayment ratio (DPR), have also affected the index of dividend payments.
The company's development has a negative and low impression on the value of the company, since the directors have not been able to increase the company's development capacity at the market value of the asset (CPMVA), and ultimately the company's investment in fixed assets will be lower and the company's investment level will be lower.
The capital structure has an optimistic and important influence on the company's value, as fund source or capital structure investors adopt a long-term debt equity-to-equity ratio (LTDER) ratio to increase the company's price-to-earnings ratio (PER) index, indicating that the capital structure may contribute to the company's value considering the mixture amongst debt and equity use.Profits have an optimistic and important influence on the value of the company, since directors want to profit from the company considering the performance of the company's equity index (ROE), and the price performance index (PER) plays a role in the company's value in increasing the return level of investment invested by shareholders, the advanced the value of the company, the greater the company's prosperity. Proprietor.
Dividend policy has an optimistic and important impact on the value of the company, since the dividend policy, in this case the payout dividend index (DPR), is the share of profits that will be distributed to shareholders and the shares that the company will receive. The quality of the company is actual vital because it reflects the presentation of the company, which can affect the insight of the savers of the company.Profits through dividend policies have a negative and important influence on the company's value, since the profit ratio in this analysis is measured through return on equity (ROE). Even its profitability does not reflect the distribution of profits that are shareholder rights, i.e. the number of funds reinvested.
The capital structure has an optimistic and important impact on the worth of the company through the dividend policy of the capital structure, in this case the company's price index is the long-term debt ratio (LTDER) and the price profit ratio (PER), payout (DPR) index.
Provide good financial conditions and there is no need to seek or increase capital through loans, which will only reduce the profits earned by the company.The company's growth power has an optimistic and important influence on the company's worth through dividend policy, since managers can draw the market value of the asset (CAPMVA) and increase the value gain index (P/E) of the company's price variables. The company's potential development efforts may be based on investments in share capital, and profits are increased to strengthen the association among scope of the company and the level of investment earned.