Wardhani, TarismaSepti (2014) Pengaruh Kepemilikan Institusional terhadap Nilai Perusahaan dengan Keputusan Keuangan sebagai Variabel Moderasi. Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini menguji pengaruh kepemilikan institusional terhadap nilai perusahaan dengan keputusan investasi, keputusan pendanaan dan kebijakan dividen sebagai variabel moderasi. Nilai Perusahaan dalam penelitian ini diukur dengan price book value (PBV), keputusan investasi diukur dengan price earning ratio (PER), keputusan pendanaan diukur dengan debt equity ratio (DER) dan kebijakan dividen diukur dengan dividend payout ratio (DPR). Pengujian dilakukan pada 17 perusahaan yang terdaftar dalam indeks Kompas-100 Bursa Efek Indonesia selama tahun 2008-2012. Teknik analisis data yang digunakan dalam penelitian ini adalah moderated regression analysis (MRA). Hasil penelitian ini menunjukkan bahwa kepemilikan institusional, keputusan investasi, keputusan pendanaan dan kebijakan dividen secara langsung berpengaruh positif terhadap nilai perusahaan. Keputusan investasi dan keputusan pendanaan juga bisa memoderasi hubungan antara kepemilikan institusional dan nilai perusahaan namun dengan arah negatif, sedangkan kebijakan dividen tidak bisa memoderasi hubungan antara kepemilikan institusional dan nilai perusahaan. Temuan penelitian mengindikasikan bahwa tingkat kepemilikan institusional yang tinggi serta keputusan investasi, keputusan pendanaan dan kebijakan dividen yang optimal dalam perusahaan akan meningkatkan nilai perusahaan.
English Abstract
This research examines the effect of institutional ownership to firm value by investment decision, financing decision and dividend decision as a moderating variable. Firm value in this research were measured by price book value (PBV), investment decision were measured by price earning ratio (PER), financing decision were measured by debt equity ratio (DER) and dividend decision were measured by dividend payout ratio (DPR). The examination was held in 17 companies that listed in index kompas-100 of Indonesia Stock Exchange during 2008-2012. Data analysis technique used in this research is moderated regression analysis (MRA). The results of this research indicate that institutional ownership, investment decision, financing decision and dividend decision positively affect firm value. This research also provide evidence that investment decision and financing decision may moderate the relationship between institutional ownership and firm value with negative influence, but dividend decision couldn`t be moderated variable. The research findings indicate that companies with higher institutional ownership, investment decision, financing decision and dividend decision will further increase the firm value.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/333.324/WAR/p/041407349 |
| Subjects: | 300 Social sciences > 333 Economics of land and energy > 333.3 Private ownership of land |
| Divisions: | S2/S3 > Magister Akuntansi, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endro Setyobudi |
| Date Deposited: | 11 Nov 2014 12:34 |
| Last Modified: | 11 Nov 2014 12:34 |
| URI: | http://repository.ub.ac.id/id/eprint/155825 |
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