KEPEMILIKAN BLOCKHOLDER, INVESTMENT OPPORTUNITY SET, RASIO LIKUIDITAS, DAN NILAI PERUSAHAAN
Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya
Jl. Raya Prabumulih, Inderalaya, Ogan Ilir, Indonesia, 30662.
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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
RASIO KEUANGAN TERBAIK UNTUK MEMPREDIKSI NILAI PERUSAHAAN
Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha
Jl. Prof. Drg. Suria Sumantri, MPH No.65 Bandung, 40164
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Meythi:Telp: +62 22 201 2186 Ext. 1528; Fax: +62 22 201 7625
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
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