Yuliani_Abstract_1822014

KEPEMILIKAN BLOCKHOLDER, INVESTMENT OPPORTUNITY SET, RASIO LIKUIDITAS, DAN NILAI PERUSAHAAN 

Yuliani

Muizuddin

Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya

Jl. Raya Prabumulih, Inderalaya, Ogan Ilir, Indonesia, 30662.

  • Korespondensi Penulis:
  • Yuliani: Telp.+62 711 580 230; Fax.+62 711 580 964
  • E-mail: yuliasyapril@yahoo.com

Abstract

This research aimed to measure and to find empirical evidence, blockholder ownership toward firm value, the role of Investment Opportunity Set (IOS) as mediating effect of blockholder ownership on firm value and role of liquidity ratio as moderating effect of IOS on firm value. The research was conducted at manufacturing companies listed in Indonesia Stock Exchange in 2008-2012 period. This research used purposive sampling, and the units of analysis were 120 observations. Data analysis used was Structural Equation Modeling (SEM). The result showed that blockholder ownership did not have significant effect to firm value. IOS as full mediation had an effect on blokcholder ownership toward firm value and liquidity ratio as quite moderation in strengthening the effect of  IOS to firm value.

Key words: blockholder ownership, firm value, investment opportunity set, liquidity ratio

(Full Text.pdf)

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Meythi_Abstract_1822014

NILAI PERUSAHAAN: DAMPAK INTERAKSI ANTARA PROFITABILITAS DAN RISIKO FINANSIAL PADA PERUSAHAAN MANUFAKTUR

Meythi

Oktavianti

Riki Martusa

Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha

Jl. Prof. Drg. Suria Sumantri, MPH No.65, Bandung, 40164.

Korespondensi dengan Penulis:

Meythi: Telp. +62 22 201 2186 Ext.1528; Fax:  +62 22 201 7625

E-mail: meycute79@yahoo.com

Abstract

This research was aimed to examine and find out the empirical evidence of the impact of the interaction between profitability and financial risk on firm value. Samples used in this research were manufactured companies listed in Indonesia Stock Exchange in 5 years observation period (2007-2012). The total samples were 31 companies. Sample election was done by using the purposive sampling method. The result of moderated regression analysis (MRA) showed that there was no interaction effect between profitability and financial risk on firm value. Thus, the hypothesis of the research was not empirically supported.

Key words: financial risk, firm value, leverage, market to book ratio, net profit margin, profitability

(Full Text.pdf)

Yuliani_Abstract_1732013

KEPUTUSAN INVESTASI, PENDANAAN, DAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN RISIKO BISNIS SEBAGAI VARIABEL MEDIASI
 
Yuliani
Isnurhadi
Samadi W. Bakar
Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya
Jl. Raya Prabumulih Zona A Fakultas Ekonomi, Inderalaya, Ogan Ilir, 30662.

Korespondensi dengan Penulis:
Yuliani: Telp.+62 711 580230; Fax. +62 711 580 964
E-mail:yuliasyapril@yahoo.com

Abstract
This study aimed to analyze: the effect of investment decisions on firm value, the role of business risk as a mediating effect investment decisions on firm value, the effect of financing decisions on firm value,the role of business risk as a mediating effect decisions financing on firm value, effect of dividend decisions on firm value, the role of business risk as a mediating effect dividend on firm value the effect of business risk on firm value. The research was conducted in the companies listed in Indonesia Stock Exchange (IDX). The observation period was 2009-2011. Based on the criteria population defined, the sampling method was census. The number of analyzed samples were 18 companies. Data analysis was path analysis. The research findings were: the investment decisions  could increase firm value,business risk  did not have mediating effect on relationship between investment decisions and firm value, the funding did not increase firm value, business risk as a full mediation had an effect on relationship of funding and firm value, dividend decision did not have effect on  firm value, business risk did not have mediating effect on relationship between dividend decisions and firm value, business risk could increase  firm value.

Keywords: business risk, dividend,financing,firm value, investment decisions 

Full Text (pdf)

Meythi_Abstract_1722013

RASIO KEUANGAN TERBAIK UNTUK MEMPREDIKSI NILAI PERUSAHAAN

 

Meythi
Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha
Jl. Prof. Drg. Suria Sumantri, MPH No.65 Bandung, 40164

Korespondensi dengan Penulis:
Meythi:Telp: +62 22 201 2186 Ext. 1528; Fax: +62 22 201 7625
E-mail: meycute79@yahoo.com

 Abstract

This study aimed to determine the best financial ratios in predicting firm value. There were 12 financial ratios, Current Ratio, Quick Ratio, Debt Ratio, Equity to Total Asset, Equity to Total Liabilities, Equity to Fixed Asset, Profit Margin, Return on Asset, Return on Equity, Fixed Assets Turnover, Total Asset Turnover, and Market to Book Ratio categorized into five factors (solvability factor, liquidity factor, profitability factor, activity factor, and firm value factor) in predicting firm value. Data in this study were from manufacturing firms listed on Indonesia Stock Exchange during 2007-2012. Factor analysis was used to determine the best financial ratios in predicting firm value. The empirical result showed that Equity to Total Asset was the best financial ratio in predicting firm value.

Key words: activity ratio, firm value, liquidity ratio, profitability ratio, solvability ratio

(Full Text. pdf)

Harmono_Abstract_1632012

TESTING OF PECKING ORDER THEORY THROUGH THE RELATIONSHIP: EARNINGS, CAPITAL STRUCTURE, DIVIDEND POLICY AND FIRM’S VALUE

Harmono
Jurusan Manajemen Fakultas Ekonomi Universitas Merdeka Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146.

Abstracts

This study aimed to test the pecking order theory through its correlation among earnings dimension, capital structure, dividend policy and firm’s value perspective. By loading the correlation between dimension one to another, it indicated that management behavior tended to retained earnings accumulation or to debt collection in financing the operation of the firm. The pecking order theory were tested when the management behavior tended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities from creditors. Therefore, rationally if the capital structure was optimum, management tended to external financing until any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that the role of capital structure dimension had significance as intervening variable between earnings dimension and firm’s value. On the other hand, the dividend policy had no significance to become intervening variable. Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather than retained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the role to differentiate the characteristic of industries represented by the capital structure dimension, especially, debt to assets and debt to equity ratio.

Key words: pecking order theory, earnings, capital structure, dividend policy, firm’s value 

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Meythi_Abstract_1632012

DAMPAK INTERAKSI ANTARA KEBIJAKAN UTANG DAN KEBIJAKAN DIVIDEN DALAM MENILAI PERUSAHAAN

Meythi

Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha
Jl. Prof. Drg. Suria Sumantri, MPH No. 65, Bandung, 40164.

  • Korespondensi dengan Penulis:
  • Meythi: Telp. +62 22 201 2186 Ext.510; Fax. +62 22 201 7625
  • E-mail: meycute79@yahoo.com

 

Abstract

This research aimed to examine and know empirical evidence of the positive effect of debt policy on firm’s value with dividend policy as moderating variable. Samples used in this research were manufacturing companies listed in Indonesia Stock Exchange in 4 years observation period (2007-2010). Total samples were 13 companies. The data were collected by using purposive sampling method. The result of moderated regression analysis (MRA) showed that debt policy did not effect firm’s value with dividend policy as moderating variable. Thus, the hypothesis of the research was not empirically supported.

 Keywords: debt policy, dividend policy, and firm’s value.

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