FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN DI SEKTOR PROPERTY, REAL ESTATE & BUILDING CONSTRUCTION YANG TERDAFTAR DI BEI PERIODE 2008-2012
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Keywords:
Signaling Theory, investment decision, financing decision, dividend policy, Size, institutional ownership, profitability
Abstract
The aims of this research is to understand the factor affecting the Value of the Firm for Property, Real Estate & Building Construction enterprises enlisted in Indonesian Stock Exchange period 2008-2012. The related theories being used in this research are Dividend Theory, Signaling Theory and Agency Theory. This research uses quantitative perspective with Least Square (LS). Objects used in this research are Property, Real Estate & Building Construction enterprises enlisted in Indonesian Stock Exchange period 2008-2012. About 110 object are investigated (17 Property & Real Estate and 5 Building Construction). After conducting this research, the author found that Investment Decision (PER), Size and Profitability has significant positive effect to the Value of the Firm. Financing Decision (DER) variable has significant negative effect to the Value of the Firm. Furthermore, Dividend Policy has insignificant positive effect to the Value of the Firm. Institution Ownership has insignificant negative effect to the Value of the Firm.
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References
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Brigham, Eugene F., 1999. Fundamentals Of Financial Management. Holt Saunders Japan : The Dryden Press
Deitiana, Titi. 2011. Pengaruh Rasio Keuangan, Pertumbuhan Penjualan dan Dividen Terhadap Harga Saham. Jurnal Bisnis dan Akuntansi Vol. 13, No. 1. April 2007
Dj, Alfredo, Mahendra; Artini, L.G.S.; Suarjaya, Gede, A.A. 2012. Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan Vol. 6, No. 2, Agustur 2012
Efni, Yulia; Hadiwidjojo, Djumilah; Salim, Ubud; Rahayu, Mintarti, 2011. Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Pengaruhnya Terhadap Nilai Perusahaan. Jurnal Manajemen Vol. 1 No. 1, Maret 2012
Fama, E. F. ; French, Kenneth R., 1998. Taxes, Financing Decision and Firm Value. The Journal of Finance, Vol. LIII, No. 3, June 1998.
Gujarati, Damodar,1999. Dasar-Dasar Ekonometrika, Jakarta : Erlangga
Gujarati, D.N., 2004. Basic Econometrics, 4th Edition, McGraw Hill International
Gusaptono,R.H. 2010. Faktor-Faktor yang Mendorong Penciptaan Nilai Perusahaan di BEI. Buletin Ekonomi Vol, 8, No 2, Agustur 2010.
Husnan, Suad. 1998. Manajemen Keuangan: Teori dan Penerapan. Yogyakarta : BPFF Yogyakarta
Kallapur, S., dan M.A. Trombley. 1999. The Association between Investment Opportunity Set Proxies and Realized Growth. Journal of Business and Accounting 26 : 505-519
Khan, K.I., Aamir, M., Qayyum, A., Nasir, A., dan Khan, M.I., 2011, Can Dividend Decisions Affect the Stock Prices: A Case of Dividend Paying Companies of KSE, International Research Journal of
Finance and Economics, p.67-74
Megginson,William L.,1997. Corporate Finance Theory. Massachusetts: Addison – Wesley.
Modigliani, F., and Miller, M.H. 1958. The Cost of Capital, Corporation Finance and Theory of Investment, The American Economic Review, Vol. XLVIII, June 1958.
Myers, S.C. 1977. Determinant of Corporate Financing and Investment Decision When Firm Have Information Than Investor Do Not Have. Journal of Financial Economics 13: 187-221
Myers, Stewart C; Majluf, Nicholas S. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have. Journal of Financial Economica 13, pp. 187-221. North-Holland
Sofyaningsih, Sri; Hardiningsih, Pancawati, 2011. Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang dan Nilai Perusahaan. Semarang : Dinamika Keuangan dan Perbankan , Vol III No. 1, Mei 2011
Sonyso, R.T., 2010, Pengaruh Profitabilitas, Likuiditas, Ukuran Badan Usaha, Kebijakan Utang dan Kebijakan Dividen Terhadap Return Saham pada Industri Makanan dan Minuman yang Terdaftar Di PT Bursa Efek Indonesia (BEI) Periode 2004-2009, Skripsi, Universitas Surabaya.
Sujoko; Soebiantoro, Ugy. 2007. “Pengaruh Struktur Kepemilikan, Leverage, Faktor Intern, dan Faktor Ekstern Terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufak tur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan, Vo. 9 No. 1, Maret 2007
Wahyudi, Untung; Prawestri, Hartini Prasetyaning, 2006. Implikasi Struktur Kepemilikan terhadap Nilai Perusahaan dengan Keputusan Keuangan Sebagai Variabel Intervening. Simposium Nasional Akuntansi (SNA) IX, Padang, 2006
Weston, J Fred dan Thomas E Copeland, 1992. Manajerial Finance, 9th Ed. The Dyden Press, Orlando Florida
Wijaya, Lihan; Bandi; Wibawa, Anas, 2006. Pengaruh Keputusan Investasi, Keputusan pendanaan, dan Kebija kan Dividen terhadap Nilai Perusahaan. Simposium Nasional Akuntansi XIII, Purwokerto, 2010.
Published
2013-03-01
Section
Bidang Manajemen (M)
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