Pengaruh Keputusan Keuangan dan Struktur Kepemilikan terhadap Nilai Perusahaan

Muhammad Akbar, Lela Hindasah

Abstract


This  research examines the effect of  financial decision (debt policy, dividend policy and investment)  and  ownership structure (insider ownership and institutional ownership) to  firm value. This study  used  96 firm-year samples of firms listed  in Indonesian Stock Exchange during 2002 until 2006. Data are analyzed using multivariate regression method. The result of this research indicated that the debt policy, dividend policy, insider ownership  are not  significantly affect to  the firm value. The effect of investment  to firm value is positively  significant but  institutional ownweship is negatively significant.


Keywords


Debt; Dividend; Investment; Insider Ownership; Institutional Ownership; Firm Value

Full Text:

Download Article

References


Agrawal, Anub., dan Knoeber, C.R., 1996, “Firm Performance and Mechanisms to Control Agency Problem Between Managers and Shareholder”, Journal of Financing and Quantitative Analysis, Vol . 31, no. 3, September 377-397.

Atmaja, L. S., 1999, Manajemen Keuangan, Edisi revisi, Perbit Andi Yogyakarta

Bathala C. T., K.P. Moon, dan R.P. Rao., 1994, “Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective”, Financial Management, Vol. 23, No. 3, 38-49.

Brigham, Eugene, F., Gapenski, Louis, C., Daves, Philip, R., 2000, Intermediate Financial Management, 6 th edition, The Dryden Press, Orlando

Cooper, D.E., and Emory,W., 1995, Business Research Methods, Fifth Edition, Irwin Inc,

Easterbrook, F., 1984,“Two Agency Cost Explanations of Dividends.” American Economic Review, September , hlm. 650-659

Fama, Eugene F., dan French, Kenneth R., 2000, Testing Trade off and Pecking Order Predictions about Dividend and Debt”, Working Paper, University of Chicago

Gaver J. Jenniver dan Gaver Kenneth M, 1993, “Additional Evidence on the association between the investment opportunity set and Corporate Financing dividend and compensation”, Journal of accounting and Economics, 125-160

Gujarati,D., 1999, Ekonometrika Dasar, Erlangga, Jakarta.

Hasnawati, 2005, “Implikasi Keputusan Investasi, Pendanaan dan Dividen Terhadap Perusahaan Publik di Bursa Efek Jakarta”, Usahawan: No. 09/Th XXXIX, September 2005.

Hair, Joseph “ Multivariate Data Analysis with Reading”, 1999, Prentice Hall International USA

Himmelberg,C.P, R.G. Hubbard, D. Palia, (1999), “Understanding the determinants of managerial ownership and the link between ownership and performance”, Journal of Financial Economics, 53, hlm. 353-383

Jensen dan Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” Journal of Financial Economics, Oktober, 1976, Vol. 3, No. 4, 305-360.

Kallapur, S dan M.A Trombley., 1999, “The Association between Investment Opprtunity Set Proxies and Realized Growth”, Journal of Business Finance & Accounting, 26, pp 505-519

Lela, Hindasah, 2005, “Kinerja Perusahaan dan Mekanisme untuk Mengontrol Masalah Keagenan antara Manajer dan Shareholder” Jurnal Utilitas Vol. 13 No. 1 Januari 2005, 71-91.

Mamduh, 2004, “Manajemen Keuangan”, BPFE, Yogyakarta

Modigliani, F & Miller., M., H., 1958, “The cost of Capital corporation Finance and The Theory of Investment ‘. The American Economic Review, 13(3), pp 261-297

Moh’d, .A., Perry,L.G., and Rimbey, J.M., (1998), “The impact of Ownership structure on Corporate Debt Policy: Time-Series Cross-Sectional Analysis”, The Financial Review, Vol 33, hlm. 85-98

Myers, Stewart C., 1977, “Determinant of Corporate Borrowing”, Journal of Financial Economics, volume 9, no 3, pp 385-398

Smith, Jr.C. W & Watts., RL., 1992, “The Investment Opportunity set and Corporate Financing, dividend, and compensation Policies”, The Journal of Financing Economics, December, pp 263-292

Soliha dan Taswan 2002, “Pengaruh Kebijakan Utang terhadap Nilai Perusahaan Serta Beberapa Faktor yang Mempengaruhinya”, Jurnal Bisnis dan Ekonomi, September 2002, Semarang.

Tarjo, 2005, “Analisis Free Cash Flow dan Kepemilikan Manajerial Terhadap Kebijakan Utang pada Perusahaan Publik di Indonesia”, Jurnal Riset Akuntansi Indonesia, Vol 8, No.1, 82-104.

Untung, Wahyudi, 2006, “Implikasi Struktur Kepemilikan Terhadap Nilai Perusahaan: Dengan Keputusan Keuangan sebagai Variabel Intervening“ Simposium Nasional Akuntansi 9, Padang 23-26.

Wihandaru, 2004, “Ekonometrika Pengantar”, UPFE, Yogyakarta.


Refbacks

  • There are currently no refbacks.


Bookmark and Share


Office:
Ruang Jurnal Fakultas Ekonomi dan Bisnis UMY
Gedung Ki Bagus Hadikusuma (E4) Lantai 2, Kampus Terpadu Universitas Muhammadiyah Yogyakarta,
Jalan Brawijaya (Lingkar Selatan), Tamantirto, Kasihan, Bantul, Daerah Istimewa Yogyakarta, Indonesia, 55183
Website: journal.umy.ac.id/index.php/ai - E-mail: jai@umy.ac.id

Journal of Accounting and Investment is licensed under Creative Commons Attribution Attribution-NonCommercial-NoDerivatives 4.0 International License

View My Stats