PENGARUH KEPUTUSAN KEUANGAN DAN KEPEMILIKAN INSTITUSIONAL TERHADAP NILAI PERUSAHAAN (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BEJ)
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Date
2007
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The 1st PPM National Conference on Management Research, Sekolah Tinggi Manajemen PPM Jakarta
Abstract
This study aimed to test three financial decisions (financing decision, investment decision, and dividend decision) that predicted to influence firm value. The empirical examination is carried out using two regression models, namely the Ordinary Least Square (OLS) and simultaneous equation system of the Two-Stage Least Square (2LS). The first model is to test the effect of financial decisions factors to financing decisions, investment decisions and dividend policy. The later one is to test the effect of financial decisions and institutional ownership to firm value. The research population is all off manufacturing companies listed at Jakarta Stock Exchange and sample was taken using purposive sampling technique and resulting in a set of 94 companies which fulfills the cretaria for sample. The method of data collection is done by using pooling method and give 940 companies year observation and after normality test had been done, the result only 799 companies year observation. The result show that financing decision, investment decision, and dividend policy had negative effect and significant to the firm value. Institutional ownership had negative effet and not significant to the firm value.
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Keywords
Keuangan, Institusional, Nilai