PENGARUH PROFITABILITAS, GROWTH OPPORTUNITY, STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN PUBLIK DI INDONESIA
Abstract
This paper examines the influence of profitability, growth opportunity, and capital structure on firm value. We apply Structural Equation Model (SEM) on 150 listed companies on the Indonesia Stock Exchange during 2006 to 2010. The result shows that profitability, growth opportunity and capital structure positively and significanctly affect the company’s value. Secondly, the capital structure intervene the effect of growth profitability on company’s value, but not for profitability. Keywords: profitability, growth opportunitiy, capital structure, firm value, SEM.JEL Classification: C51, G32, L25
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References
Adrianto dan B. Wibowo. 2007. ”Pengujian Teori Pecking Order pada Perusahaan-Perusahaan Non Keuangan LQ45 Periode 2001-2005”, Manajemen Usahawan Indonesia, XXXVI (12): 43-53
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Brigham, E.F. and L.C. Gapenski. 2006. Intermediate Financial Management. 7th edition. SeaHarbor Drive: The Dryden Press.
Chen, C. K. (2004). Research on impacts of team leadership on team effectiveness.The Journal of American Academy of Business, Cambridge, 266-278.
Fakhruddin, M. dan M.S. Hadianto. 2001. Perangkat dan Model Analisis Investasi di PasarModal. Jakarta: Elex Media Komputindo.
Fama, Eugene F. (1978). “The Effect of a Firm’s Investment and Financing Decision on the Welfare of its Security Holders.”American Economic Review, vol 68, pp 272-28
Fama, Eugene F dan French, Kenneth R. (1998).“Taxes, Financing Decision, and Firm Value”. The Journalof Finance Vol. LIII No 3, June, pp 819-843
Ghozali, Imam, (2011), Model persamaan struktural konsep dan aplikasi dengan program AMOS 19.0. Badan Penerbit Universitas UNDIP Semarang.
Husnan, Suad (2001). Manajemen Keuangan Teori Dan Penerapan (Keputusan Jangka Pendek) Buku 2 Edisi 4 Cetakan Pertama. Yogyakarta: BPFE.
Jensen, Michael C, 1986,. Agency Cost of Free cash Flow, Corporate Finance, and Takeovers, American Economic Review 76 (2), 323-329.
Jensen, Michael C (2001). ”Value Maximization, Stakeholder Theory, And The Corporate Objective Function,” Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(3), pages 8-21.
Kartini dan Tulus Arianto. 2008. Struktur Kepemilikan, Profitabilitas, Pertumbuhan Aktiva dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Keuangan dan Perbankan, Vol. 12 No. 1 : 11-21.
Adrianto dan B. Wibowo. 2007. ”Pengujian Teori Pecking Order pada Perusahaan-Perusahaan Non Keuangan LQ45 Periode 2001-2005”, Manajemen Usahawan Indonesia, XXXVI (12): 43-53
Ang, Robert (1997), Buku Pintar Pasar Modal Indonesia, Jakarta, Mediasoft Indonesia.
Brigham, Eugene F. and Joel F. Houston, 2001. Fundamentals of Financial Management, Ninth Edition, Horcourt College, United States of America
Brigham, E.F. and L.C. Gapenski. 2006. Intermediate Financial Management. 7th edition. SeaHarbor Drive: The Dryden Press.
Chen, C. K. (2004). Research on impacts of team leadership on team effectiveness.The Journal of American Academy of Business, Cambridge, 266-278.
Fakhruddin, M. dan M.S. Hadianto. 2001. Perangkat dan Model Analisis Investasi di PasarModal. Jakarta: Elex Media Komputindo.
Fama, Eugene F. (1978). “The Effect of a Firm’s Investment and Financing Decision on the Welfare of its Security Holders.”American Economic Review, vol 68, pp 272-28
Fama, Eugene F dan French, Kenneth R. (1998).“Taxes, Financing Decision, and Firm Value”. The Journalof Finance Vol. LIII No 3, June, pp 819-843
Ghozali, Imam, (2011), Model persamaan struktural konsep dan aplikasi dengan program AMOS 19.0. Badan Penerbit Universitas UNDIP Semarang.
Husnan, Suad (2001). Manajemen Keuangan Teori Dan Penerapan (Keputusan Jangka Pendek) Buku 2 Edisi 4 Cetakan Pertama. Yogyakarta :BPFE.
Jensen, Michael C, 1986,. Agency Cost of Free cash Flow, Corporate Finance, and Takeovers, American Economic Review 76 (2), 323-329.
Jensen, Michael C (2001). ”Value Maximization, Stakeholder Theory, And the Corporate bjective Function,” Journal of Applied Corporate Finance,
Morgan Stanley, vol. 14(3), pages 8-21.
Kartini dan Tulus Arianto. 2008. Struktur Kepemilikan, Profitabilitas, Pertumbuhan Aktiva dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Keuangan dan Perbankan, Vol. 12 No. 1 : 11-21.
Salvatore, Dominick. 2005. Ekonomi Manajerial dalam Perekonomian Global. Salemba Empat: Jakarta. Schoubben, F., dan C. Van Hulle. 2004. ”The Determinant of Leverage: Difference beetwen Quoted and Non Quoted Firms”, Tijdschrift voor Economie en Management, XLIX (4): 589-621.
Shapiro, Alan C. 1991. Modern Corporate Finance. Macmillan Publishing Company, Maxwell Macmilan International, Editor L New York.
Weston, J.Fred dan Brigham, EF. 1998. Dasar-Dasar Manajemen Keuangan; Edisi Kesembilan, Jilid 2.
Ang, Robert (1997), Buku Pintar Pasar Modal Indonesia, Jakarta, Mediasoft Indonesia.
Brigham, Eugene F. and Joel F. Houston, 2001. Fundamentals of Financial Management, Ninth Edition, Horcourt College, United States of America
Brigham, E.F. and L.C. Gapenski. 2006. Intermediate Financial Management. 7th edition. SeaHarbor Drive: The Dryden Press.
Chen, C. K. (2004). Research on impacts of team leadership on team effectiveness.The Journal of American Academy of Business, Cambridge, 266-278.
Fakhruddin, M. dan M.S. Hadianto. 2001. Perangkat dan Model Analisis Investasi di PasarModal. Jakarta: Elex Media Komputindo.
Fama, Eugene F. (1978). “The Effect of a Firm’s Investment and Financing Decision on the Welfare of its Security Holders.”American Economic Review, vol 68, pp 272-28
Fama, Eugene F dan French, Kenneth R. (1998).“Taxes, Financing Decision, and Firm Value”. The Journalof Finance Vol. LIII No 3, June, pp 819-843
Ghozali, Imam, (2011), Model persamaan struktural konsep dan aplikasi dengan program AMOS 19.0. Badan Penerbit Universitas UNDIP Semarang.
Husnan, Suad (2001). Manajemen Keuangan Teori Dan Penerapan (Keputusan Jangka Pendek) Buku 2 Edisi 4 Cetakan Pertama. Yogyakarta: BPFE.
Jensen, Michael C, 1986,. Agency Cost of Free cash Flow, Corporate Finance, and Takeovers, American Economic Review 76 (2), 323-329.
Jensen, Michael C (2001). ”Value Maximization, Stakeholder Theory, And The Corporate Objective Function,” Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(3), pages 8-21.
Kartini dan Tulus Arianto. 2008. Struktur Kepemilikan, Profitabilitas, Pertumbuhan Aktiva dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Keuangan dan Perbankan, Vol. 12 No. 1 : 11-21.
Adrianto dan B. Wibowo. 2007. ”Pengujian Teori Pecking Order pada Perusahaan-Perusahaan Non Keuangan LQ45 Periode 2001-2005”, Manajemen Usahawan Indonesia, XXXVI (12): 43-53
Ang, Robert (1997), Buku Pintar Pasar Modal Indonesia, Jakarta, Mediasoft Indonesia.
Brigham, Eugene F. and Joel F. Houston, 2001. Fundamentals of Financial Management, Ninth Edition, Horcourt College, United States of America
Brigham, E.F. and L.C. Gapenski. 2006. Intermediate Financial Management. 7th edition. SeaHarbor Drive: The Dryden Press.
Chen, C. K. (2004). Research on impacts of team leadership on team effectiveness.The Journal of American Academy of Business, Cambridge, 266-278.
Fakhruddin, M. dan M.S. Hadianto. 2001. Perangkat dan Model Analisis Investasi di PasarModal. Jakarta: Elex Media Komputindo.
Fama, Eugene F. (1978). “The Effect of a Firm’s Investment and Financing Decision on the Welfare of its Security Holders.”American Economic Review, vol 68, pp 272-28
Fama, Eugene F dan French, Kenneth R. (1998).“Taxes, Financing Decision, and Firm Value”. The Journalof Finance Vol. LIII No 3, June, pp 819-843
Ghozali, Imam, (2011), Model persamaan struktural konsep dan aplikasi dengan program AMOS 19.0. Badan Penerbit Universitas UNDIP Semarang.
Husnan, Suad (2001). Manajemen Keuangan Teori Dan Penerapan (Keputusan Jangka Pendek) Buku 2 Edisi 4 Cetakan Pertama. Yogyakarta :BPFE.
Jensen, Michael C, 1986,. Agency Cost of Free cash Flow, Corporate Finance, and Takeovers, American Economic Review 76 (2), 323-329.
Jensen, Michael C (2001). ”Value Maximization, Stakeholder Theory, And the Corporate bjective Function,” Journal of Applied Corporate Finance,
Morgan Stanley, vol. 14(3), pages 8-21.
Kartini dan Tulus Arianto. 2008. Struktur Kepemilikan, Profitabilitas, Pertumbuhan Aktiva dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Keuangan dan Perbankan, Vol. 12 No. 1 : 11-21.
Salvatore, Dominick. 2005. Ekonomi Manajerial dalam Perekonomian Global. Salemba Empat: Jakarta. Schoubben, F., dan C. Van Hulle. 2004. ”The Determinant of Leverage: Difference beetwen Quoted and Non Quoted Firms”, Tijdschrift voor Economie en Management, XLIX (4): 589-621.
Shapiro, Alan C. 1991. Modern Corporate Finance. Macmillan Publishing Company, Maxwell Macmilan International, Editor L New York.
Weston, J.Fred dan Brigham, EF. 1998. Dasar-Dasar Manajemen Keuangan; Edisi Kesembilan, Jilid 2.
Published
2014-04-04
How to Cite
Hermuningsih, S. (2014). PENGARUH PROFITABILITAS, GROWTH OPPORTUNITY, STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN PUBLIK DI INDONESIA. Buletin Ekonomi Moneter Dan Perbankan, 16(2), 127-148. https://doi.org/10.21098/bemp.v16i2.27
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Buletin Ekonomi Moneter dan Perbankan / Bulletin of Monetary Economics and Banking is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
