Hanafiah, Ali (2012) Pengaruh Research And Development Expenditure, Corporate Governance dan Kinerja Keuangan Terhadap Nilai Perusahaan. Doctor thesis, Universitas Brawijaya.
Abstract
Perkembangan jaman yang pesat menuntut perusahaan untuk melakukan Research and Development Expenditure secara berkesinambungan. Salah satu wujud investasi tersebut adalah pada Research and Development of Information Technology (R&D IT). Peningkatan tingkat transparansi dari research and development expenditure menuntut perusahaan juga memperhatikan Corporate Governance, di antaranya melalui kepemilikan saham holding company dan non-holding company dan non-individual. Penelitian ini bertujuan untuk mengetahui pengaruh Research and Development Expenditure dan Corporate Governance terhadap nilai perusahaan, baik secara langsung ataupun secara tidak langsung melalui kinerja perusahaan. Penelitian ini dilakukan pada perusahaan-perusahaan industri manufaktur di Bursa Efek Indonesia. Jumlah sampel yang digunakan adalah 22 perusahaan dengan rentang pengamatan 2003-2007. Total sampel observasi yang diperoleh adalah 110 buah. Data yang diperoleh kemudian dianalisis dengan menggunakan Structural Equation Model (SEM). Software yang digunakan untuk menganalisis data adalah Partial Least Square (PLS). Hasil penelitian menunjukkan bahwa : (1) Research and Development Expenditure tidak berpengaruh terhadap nilai perusahaan. (2) Research and Development Expenditure berpengaruh positif dan signifikan signifikan terhadap Kinerja Perusahaan. (3) Corporate Governance berpengaruh positif dan signifikan terhadap Kinerja Perusahaan (4) Corporate Governance berpengaruh positif dan signifikan terhadap nilai perusahaan. (5) Kinerja perusahaan berpengaruh positif dan signifikan terhadap nilai perusahaan. Pengaruh tidak langsung variabel Research and Development Expenditure terhadap nilai perusahaan, melalui Kinerja Perusahaan sebagai variabel intervening, juga menunjukkan hasil yang positif dan signifikan. Dari temuan tersebut maka saran yang dapat disampaikan adalah : (1) Research and Development Expenditure harus ditingkatkan agar mampu menghadapi globalisasi yang semakin kuat untuk dapat berfungsi sebagai dasar atau landasan dalam meningkatkan kinerja dan nilai perusahaan. (2) Corporate governance harus diimplementasikan secara benar dan ditingkatkan sebagai usaha peningkatan kinerja manajemen, organisasi dan koordinasi aktivitas perusahaan untuk meningkatkan Kinerja perusahaan dan nilai perusahaan yang merupakan bagian dari tujuan perusahaan. Hasil penelitian ini memberikan manfaat penelitian teoritis ataupun praktis. Secara teoritis, manfaat penelitian ini adalah : (1) menguji secara empiris model teoritis Research and Development Expenditure dan Kinerja Perusahaan berdasarkan tulisan seminal Geisler (1995), (2) Menguji secara empiris model teoritis pengaruh Research and Development Expenditure terhadap Nilai perusahaan didasarkan pada tulisan seminal Anokhin, Wincent and Frishammar (2011). Secara praktis, manfaat penelitian ini berguna bagi pengembangan praktis dalam membantu dan menguatkan perusahaan terhadap pentingnya memperhatikan Research and Development Expenditure dan Corporate Governance untuk meningkatkan kinerja perusahaan dan nilai perusahaan.
English Abstract
The rapid development to do research and development continously requires companies to invest in research and development expenditure. One of the investment is Research and Development expenditure. Increasing the level of research and development transparency requires companies to concern the corporate governance, including through ownership of stock holding company and non-holding companies and non-individual. This study aimed to determine the effect research and development expenditure transparency and corporate governance on company value, either directly or indirectly through the company s performance. The research was conducted on industrial manufacturing companies in Indonesia Stock Exchange. The samples used were 22 companies with a range of observations from 2003 to 2007. Total sample observations obtained are 110. The data obtained was analyzed using the Structural Equation Model (SEM). Software used to analyze the data was Partial Least Square (PLS). The research results showed that: (1) research and development expenditure have a positive but insignificant effect on company value. (2) research and development expenditure have a positive and significant effect on performance of the company significantly. (3) Corporate Governance has positive and significant effect on company performance (4) Corporate Governance has significant and positive effect on company value. (5) The company s performance has positive and significant effect on company value. Indirect effect the research and development expenditure on company value, through the performance of the Company as an intervening variable, also showed a positive and significant. From these findings, the suggestions that can be given are: (1) research and development expenditure should be encouraged in order to face globalization that increasingly powerful, in order to serve as a starting point or foundation in improving the company performance and value. (2) Corporate governance has to be improved as an efforts to increase management performance, organization and coordination of activities of the company to improve corporate performance and corporate value. The results provide a theoretical and practical contribution. Theoretically, the contribution of this research are: (1) to test empirically a theoretical model of research and development expenditure and Corporate Performance, a seminal paper by Geisler (1995), (2) to test empirically the theoretical model about the effect of research and development expenditure on company value, based on the seminal paper of Anokhin , Wincent and Frishammar (2011). In practical terms, the contribution of this research is useful for the development of practical help and strengthen the company s attention to the importance of research and development expenditure and corporate governance to enhance company performance and corporate value.
| Item Type: | Thesis (Doctor) |
|---|---|
| Identification Number: | DES/658.57/HAN/p/061401089 |
| Subjects: | 600 Technology (Applied sciences) > 658 General management > 658.5 Management of production |
| Divisions: | S2/S3 > Magister Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Budi Wahyono Wahyono |
| Date Deposited: | 29 Apr 2014 08:11 |
| Last Modified: | 29 Apr 2014 08:11 |
| URI: | http://repository.ub.ac.id/id/eprint/161280 |
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