Pengaruh Kombinasi Keunggulan dan Keterbatasan Perusahaan Terhadap Set Kesempatan Investasi (IOS)  

Oleh:

Ahmar, Nurmala ; Fauziah, Firda

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Journal of Economics, Business, & Accountancy: ventura vol. 9 no. 1 (Apr. 2006), page 61.
Topik: investasi; firm advantages; firm limitations; investment opportunity set; factor analysis

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: VV5.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study examines empirically whether the model of growth opportunity rests on combining the firm advantages and limitation, and the investment opportunity set (IOS). It uses composite measures constructed by single proxies which consist of price based proxies, market to book value of equity (mvebve), market to book value of asset (MVABVA), TOBINQ, earning to price ratios (EPR), investment based proxy namely capital expenditure to book value of assets (CAPMVA), and variant based proxy namely vaariant return (VARRET). in particular, the work of Gagaring Pagaung (2003) is extended. Four varibles of firm advantages are corporate reputation, multination ally, size and profitability, and two variables as firm limitationsa are leverage and systematic risk. The sample consists of 95 firms listed in Jakarta Stock Exchange except banking, financing industry firm, corporate government, securities and insurance in peiod of 2004, taken by using purposive sampling method. Common factor analyss is conducted to construct composite measures then result the representation value of IOS. To examine the influence of the firm advantages and firm limitation to the investment opportunity set, linier regression is used. It shows to be only two variables of firm advantages such as size and profitability and one variable of firm limitation such as leverage is confirmed with general model of growth opportunities. Nevertheless, the relationship between leverage and IOS are directly related, where this relation is not consistent with the theory.

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