Pengaruh Ketersediaan Dana Tunai, Nilai Buku Aktiva Tetap, Nilai Buku Hutang Jangka Panjang, Laba Perusahaan, dan Dividen Tunai terhadap Nilai Perusahaan  

Oleh:

Bararuallo, Frans

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI - atma jaya
Dalam koleksi: Jurnal Manajemen vol. 5 no. 1 (May 2008), page 13-34.
Topik: Free Cash Flow; Book Value of Fixed Assets; Book Value of Long-Term Debt; Firm Profit; Cash Dividend
Fulltext: Frans Bararuallo-Bernard.pdf (3.63MB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ147.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Using the data of cement companies and construction companies listed at the Indonesia Stock Exchange (ISE) 1997 until 2007. This study aims to know whether the firm value is related to their free cash flow, book value of fixed asset, profit, book value of the long-term debt, and to the cash dividend. This study the effect of the tree cash flow, book long-term debt, and to their cash dividend to the firm value. I used the theoretical frame of the agency theory (1976), signaling theory (1977), bird in the hand theory, clientele theory, the Modigliany and Miller arguments (1961 and 1963), the myers and Majluf capital structure (1984), Fama and French (1998), and the tax differencial theory (1979). By using the correlation by Pearson and the multiple regression model, this study found that their book value of long-term debt, cash dividend, and the firm profit are positively effected and significant, but-of course- the effect of the free cash flow and are positively related but not significant to their firm value. The book value of the fixed asset and the free cash flow are positively related but not significant. Beside that, the effect book value of fixed assets and the cash dividend are positively effected and significant, but-of course-the effect of the free cash flow and profit are positively but not significant to the firm value. Especially to the bird in the hand theory by Linther (1961)m Gordon (1963) and Battacharya (1979)m to the clientele Theory, to the Tax Differential Theorey are still superior to the MM model (1963) in dividend analyzing, Namely the inventors still like the cash dividend. Also the pecking order theory is more superior compared to the trade-off theory (Myer 1984). The effect of the free cash flow and book value of fixed asset are positively and significant effect to the firm value. This finding closed with MM’s (1963) argument about the investment effects to the firm value.

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