Tag Archives: Firm Value

Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan Dividen terhadap Nilai Perusahaan

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Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan Dividen terhadap Nilai Perusahaan

Lihan Rini Puspo Wijaya
Magister Akuntansi Universitas Sebelas Maret

Bandi
Anas Wibawa
Fakultas Ekonomi Universitas Sebelas Maret

ABSTRACT

This research tests the effect of investment decisions, financing decisions, and dividend policy on the firm value, using a data set consisting of 130 manufacturing company listed in Indonesia Stock Exchange.

Population of this research is listed public company at Indonesia Stock Exchange with manufacturing company as sample. Sampling method uses purposive sampling method. Data analysis technique uses classic assumption test: multicolinierity test, autocorrelation test, heteroscedasticity test, and normality test. Hypothesis test uses multiple regression analysis.

The results show that: investment decisions positively affects the firm value with beta coefficient is of 0.209 and level significance is of 0.014; financing decisions positively affects the firm value with beta coefficient is of 0.286 and level significance is of 0.001; dividend policy positively affects the firm value with beta coefficient is of 0.206 and level significance is of 0.015.

Keywords: investment decisions, financing decisions, dividend policy, the firm Value

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The company’s goal is to optimize the long-term enterprise value (Wahyudi and Pawestri, 2006). Enterprise value will be reflected from its stock price (Fama, 1978; Wright and Ferris, 1997). Stock prices in the capital market is formed by agreement between supply and demand of investors, so the share price is a fair price that can be used as a proxy for firm value (Hasnawati, 2005a and 2005b).

Optimization of the company’s value can be achieved through the implementation of financial management functions, where one financial decisions taken will affect other financial decisions and the impact on firm value (Fama and French, 1998). According Hasnawati (2005b), concerning the settlement of financial management over important decisions taken by the company, including investment decisions, funding decisions, and dividend policy. An optimal combination of all three would maximize the value of a company that will further enhance shareholder wealth prosperity.

Investment capital is one major aspect in the decision other than the determination of the composition of asset investments. Capital allocation decisions into the investment proposal should be evaluated and associated with risk and expected results (Hasnawati, 2005a). According to signaling theory, investment expenditures provide a positive signal about the company’s growth in the future, so as to increase the stock price is used as an indicator of corporate value (Wahyudi and Pawestri, 2006). …

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PENGARUH PROFITABILITAS, RISIKO KEUANGAN, NILAI PERUSAHAAN, DAN STRUKTUR KEPEMILIKAN TERHADAP PRAKTEK PERATAAN LABA

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Download Jurnal Akuntansi SNA 13 - AKPM 51 >> PENGARUH PROFITABILITAS, RISIKO KEUANGAN, NILAI PERUSAHAAN, DAN STRUKTUR KEPEMILIKAN TERHADAP PRAKTEK PERATAAN LABA: STUDI EMPIRIS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

Dhamar Yudho Aji dan Aria Farah Mita

Universitas Indonesia

This paper examines whether profitability, financial risk, firm value and ownership structure are factors that influence income smoothing practice done by management. Rating of correlation between Discretionary accruals and its pre-managed earning is used to measure income smoothing practice. The methodology used in this study is multiple regressions with sample of manufacturing company listed in Indonesia Stock Exchange during year 2002 until 2008. The result indicates that financial risk and firm value positively influence the income smoothing practice, while profitability, ownership structure and firm size is not influence income smoothing practice. This paper also performs sensitivity analysis using Eckel index as other measurement income smoothing practice. The result shows that discretionary accrual model better explain those factors tested than Eckel Index model.

Keywords: Income Smoothing, Discretionary accruals, Profitability, Financial Risk, Ownership Structure, Firm Value

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Reported earnings in the financial statements are the income generated by accrual method (IAI, 2009). According Dechow (1994), accrual of income is considered as a better measure than cash flows from operating activities due to the accrual of time considering the issue, not as found in the cash flow from operating activities. Generally Accepted Accounting Principles (GAAP), which in Indonesia known as the Financial Accounting Standards (IFRSs), providing flexibility for management to select accounting policies that better represents the actual state of the company. Flexibility that is sometimes used by management to manage earnings (earnings management).

In accordance with Scott (2000), there are two objectives of management companies to conduct earnings management practices. First, management companies seek to increase the income level of transparency in communicating things that are internal corporate information, in this case the earnings management is carried out efficiently. While the second is the management company is trying to maximize profits for himself, in this case was opportunistic earnings management. Earnings management practices that are opportunistic one that makes investors in making investment decisions. Opportunistic earnings management, not separated from a concept of agency theory (agency theory) that is when all parties have an incentive to put their own interests so that a conflict arises between the principal to the agent. ……

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ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KUALITAS LABA DAN NILAI PERUSAHAAN

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ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KUALITAS LABA DAN NILAI PERUSAHAAN

Rachmawati ANDRI

DRS. Hanung TRIATMOKO Si, AK

Universitas Sebelas Maret (UNS)

Abstract

The objective of this study is to examine the influence of Investment Opportunity Set (IOS) and corporate governance mechanism (the audit committee, board of commissioner, managerial ownership, institutional ownership) toward earnings quality and firm value Among manufacturing companies listed at the Jakarta Stock Exchange.

The result of this study showed significant influences That IOS have to earnings quality and firm value, managerial ownership and institutional ownership have significant influences to firm value but Did not have significant influence to earnings quality, audit committee and board of commissioner Did not have significant influence to earnings quality and firm value.

Keywords: Investment Opportunity Set, corporate governance mechanism, earnings quality, firm value.

According to agency theory, the separation between ownership and management company can cause conflict. Conflict called the agency conflict due to related parties who are principals (who gave the contract or shareholders) and agents (who receive funds under management contracts and principals) have conflicting interests. When agents and principals seek to maximize their own utility, and have different desires and motivations, there is reason to believe that the agent (management) do not always act according to desire principals (Jensen and Meckling, 1976). The idea that the management can take action only provides benefits for themselves based on an assumption that states every person has the self-seeking behavior or self-Interested behavior. Desire, motivation and utilities that are not the same between management and shareholders raises the possibility of adverse action management shareholders, among other things tend to behave unethically and accounting fraud.

Agency conflict can lead to the nature of an opportunistic earnings management reports to maximize his personal interests. If this happens will result in lower earnings quality. Subramanyam (1996) in Siregar and Main (2005) argued that one measure of corporate performance that is often used as a basis for decision-making is the company’s profit generated. Earnings are measured on an accrual basis is considered a better measure of company performance than operating cash flows because accruals reduces the time and mismatching problems inherent in the use of short-term cash flow (Dechow, 1994).

* * Simposium Nasional Akuntansi 10 – Makassar

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