摘要：Financial management faces 3 important decisions, namely funding, investment and dividends.
The purpose of this study is to determine the effects of the fundamental factors such as leverage in
financial management. Leverage is one of the factors of funding, investment and dividends that
interdependently affect the value of the company. The method used in this study uses 2SLS (twostage
least square). There are 4 (four) equations in this study, namely the equation of leverage,
investment, dividend and company value. Interdependence is shown based on leverage, investment
and dividends. In the interdependence equation leverage, investment and dividends not only on
one side act as endogenous variables but also act as exogenous variables on the equation of the
company values. The results of the research on leverage equations show that investment affects
leverage but dividends do not affect leverage. The investment equation shows the results of both
leverage and dividend variables would not affect investment decision. Dividend equation also
shows that leverage and investment variables also do not affect dividends. Moreover, the results
of the company value equation show that the leverage variable would not affect the value of the
company. But investment and dividend variables affect the value of the company. The conclusion
of this study is that there was a mutually influential relationship between the three variables of
financial management before influencing company value.
关键词：Interdependence;
Leverage;
Investment;
Dividend;
Company Value
