THE INFLUENCE OF DIVIDEND POLICY, DEBT POLICY, INDEPENDENT COMMISSIONER, AND INSTITUTIONAL OWNERSHIP ON THE FIRM VALUE WITH GROWTH OPPORTUNITIES AS MODERATOR VARIABLES (Study on Non-Financial Companies Listed on IDX in the Period of Years of 2012-2015)
THE INFLUENCE OF DIVIDEND POLICY, DEBT POLICY, INDEPENDENT COMMISSIONER, AND INSTITUTIONAL OWNERSHIP ON THE FIRM VALUE WITH GROWTH OPPORTUNITIES AS MODERATOR VARIABLES (Study on Non-Financial Companies Listed on IDX in the Period of Years of 2012-2015)
复制标题
以增长机会为调节变量的股利政策、债务政策、独立董事、机构所有权对企业价值的影响（2012-2015年IDX上市非金融公司研究）
DOI：
10.14710/jbs.26.2.146-162
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
Wisnu Mawardi
中科院分区：
文献类型：
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作者：
Lia Setiyawati;Sugeng Wahyudi;Wisnu Mawardi
托宾 q 是权益市值加上债务市值与总资产的比率。该比率衡量金融市场为成长型公司的任何管理层和组织提供的价值。托宾 q 还显示了一家公司相对于投资资本数额能够创造多大的价值。托宾q值越大，表明公司具有良好的成长前景。本研究旨在考察股利支付率（DER）、独立专员（KI）和机构所有权（INST）对托宾q的影响，以规模和投资回报率（ROI）为控制变量，市净率（MBV）为调节变量。本研究的群体为2012-2015年期间在印尼证券交易所上市的所有制造企业。抽样方法采用有目的抽样，共获得28家公司作为研究样本。本研究中使用的分析技术是使用 SPSS 进行多元回归分析，其中数据之前已使用正态性、多重共线性和自相关检验等经典假设检验进行了测试。
Tobin's q is the ratio of market value of equity plus the market value of debt to total assets. This ratio measures the value provided by financial markets for any management and organization as a growing company. Tobin's q also shows how far a company is able to create its value relative to the amount of capital invested. The greater the value of Tobin's q indicates that the company has good growth prospect. This study aimed at examining the influence of Dividend Payout Ratio (DER), Independent Commissioner (KI) and Institutional Ownership (INST) on Tobin's q with Size and Return on Investment (ROI) as control variable and Market to Book Value (MBV) as a moderating variable. The population in this study is all manufacturing companies listed on Indonesia Stock Exchange in the period of 2012-2015. The sampling technique used purposive sampling and obtained 28 companies becoming the research sample. The analysis technique used in this research was multiple regression analysis using SPSS where the data, previously, had been tested using classical assumption tests like normality, multicollinearity, and autocorrelation tests.