Rizqia, DwitaAyu (2013) Pengaruh Managerial Ownership, Financial Leverage, Profitability, Firm Size, dan Investment opportunity Terhadap Dividend Policy dan Firm Value. Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menguji dan menganalisis hubungan langsung, yaitu pengaruh lima variabel eksogen di antaranya, managerial ownership , financial leverage , profitability , firm size , dan investment opportunity terhadap dividend policy , dan seluruh variabel penelitian terhadap firm value pada perusahaan manufaktur di Bursa Efek Indonesia. Selain itu, juga menguji dan menganalisis hubungan tidak langsung, yaitu pengaruh lima variabel eksogen terhadap firm value melalui dividend policy pada perusahaan manufaktur di Bursa Efek Indonesia. Penelitian ini merupakan penelitian eksplanatori di mana sesuai dengan tujuan, penelitian ini menjelaskan hubungan kausal antara variabel-variabel melalui pengujian hipotesis. Populasi dalam penelitian ini adalah semua perusahaan manufaktur yang go public dan terdaftar di Bursa Efek Indonesia selama periode 2006-2011 dan sampel ditetapkan dengan metode sensus. Teknik analisis data dalam penelitian ini menggunakan analisis path untuk mengetahui pengaruh langsung dan tidak langsung dari lima variabel eksogen terhadap variabel endogen. Hasil penelitian menunjukkan dari 11 hipotesis hubungan langsung, tiga hipotesis ditolak dan delapan hipotesis diterima. Ketiga hipotesis yang ditolak tersebut diantaranya adalah financial leverage , profitability, dan firm size yang menunjukkan tidak berpengaruh secara parsial terhadap dividend policy . Sedangkan, managerial ownership dan investment opportunity berpengaruh secara parsial terhadap dividend policy , dan juga managerial ownership, financial leverage , profitability, firm size, investment opportunity , dan dividend policy berpengaruh secara parsial terhadap firm value . Selanjutnya, dari lima hipotesis hubungan tidak langsung, diketahui tiga hipotesis ditolak dan dua hipotesis diterima. Tiga hipotesis yang ditolak adalah financial leverage, profitability , dan firm size tidak berpengaruh terhadap firm value melalui dividend policy , sedangkan, managerial ownership dan investment opportunity berpengaruh terhadap firm value melalui dividend policy .
English Abstract
This study aims to examine and analyze direct relationship, i.e. influence of exogenous variables in five of m, managerial ownership, financial leverage, profitability, firm size, and investment opportunity to dividend policy, and all study variables on firm value on manufacturing companies in Indonesia Stock Exchange. In addition, test and analyze relationship is indirect, i.e. ifluence of five exogenous variables on firm value though dividend policy on manufacturing companies in Indonesia Stock Exchange. This research is explanatory in which according to purpose, this study describes causal relationships between variables though hypo sis testing. Population in this research is all manufacturing companies that went public and was listed on Indonesian Stock Exchange during period 2006-2011 and a sample set with census method. Techniques of data analysis in this study uses path analysis to find out direct and indirect effect of five exogenous variables to endogenous variables. result showed a direct relationship of 11 hypo sis, three hypo sis is rejected and eight hypo sis is accepted. third hypo sis was rejected such as financial leverage, profitability, and firm size that show no effect partially to dividend policy. Meanwhile, managerial ownership and investment opportunity effect partially to dividend policy, as well as managerial ownership, financial leverage, profitability, firm size, investment opportunity, and dividend policy effect partially to firm value. Fur rmore, five hypo sis of indirect relationship, three hypo ses are known rejected and two hypo ses is accepted. Three hypo ses are rejected is financial leverage, profitability, and firm size has no effect on firm value through dividend policy, while, managerial ownership and investment opportunity effect on firm value through dividend policy.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/658.155/RIZ/p/041307027 |
| Subjects: | 600 Technology (Applied sciences) > 658 General management > 658.1 Organization and financial management |
| Divisions: | S2/S3 > Magister Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endang Susworini |
| Date Deposited: | 27 Mar 2014 11:17 |
| Last Modified: | 27 Mar 2014 11:17 |
| URI: | http://repository.ub.ac.id/id/eprint/159411 |
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