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PERAN KINERJA PERUSAHAAN DALAM MENENTUKAN PENGARUH FAKTOR FUNDAMENTAL MAKROEKONOMI, RISIKO SISTEMATIS, DAN KEBIJAKAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN ( Studi Empirik Pada Perusahaan Manufaktur di Bursa Efek Indonesia )

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Judul Seri

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No. Panggil

DESertasi

Penerbit

: ., 2010

Deskripsi Fisik

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Bahasa

Indonesia

ISBN/ISSN

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Klasifikasi

Desertasi Bambang Sudiyatno

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

Macroeconomics fundamental factors, systematic ris

Info Detail Spesifik

This study tries to answer some questions on the factors influencing firm performance and firm value in Indonesia Stock Exchange. The analysis was conducted gradually by placing systematic risk and firm performance as intervening variables. This research, in specific, aims to test the gradual effect of macroeconomic fundamental factors on firm performance and firm value. The theoretical base applied to support this research was two established financial theories, such as agency and capital structure theory. This study used the samples of the manufacture companies, which the stocks actively traded in Indonesia Stock Exchange. The data used was panel data, namely, the data of cross section and time series from the period of 2004 to 2006. The sampling was purposive sampling, and the analytical technique was multiple regressions. The research results are; first, the macroeconomics variables ( inflation, interest rate, exchange rate, and economic growth ) have significant effect on systematic risks. On the other hand, systematic risks have significant effect on firm performance, and firm performance has significant effect on firm value. Second, the variables of firm policy ( manager incentive and financial leverage ) have significant effect on firm performance, and firm performance has significant effect on firm value. However, capital expenditure has insignificant effect on firm performance and firm value rather than manager incentive and financial leverage. Third, special findings from this research are that there is gradual process in influencing firm value so that firm performance has the role as intervening variable, which is the variables mediating the effects of macroeconomic variable ( exchange rate ) , systematic risk, and firm policy ( manager incentive ) in affecting firm value.

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