THE EFFECT OF FINANCIAL POLICY AND INSTITUTIONAL OWNERSHIP ON FIRM’S VALUE (Empirical Study on Manufacturing Companies Listedin Indonesia Stock Exchange 2009-2012)

Susetyo Darmanto

Sari


The purpose of this study was to analyzethe influence of Institutional Ownership, policy leverage, dividend,
investment policyon firm value. The populationin this study are manufacturing companies listed in Indonesia
Stock Exchange (IDX) during the years 2009 to 2012. The sample was selected by purposive sampling
method, the method of sample selection by using certain criteria.The data used is the data that is pooled data
involving the data time series and cross section data. Data used in this researchis secondary data. The data
obtained from the annual financial statements in the period 2009 to 2012 and published in the Indonesian
Capital Market Directory (ICMD) 2010-2013. Data analysis was conducted on data normality test, classical
assumption (multi collinearity, Heterocedasticity, auto correlation, Goodness Test of Reseach Model (F Test
and the coefficient of determination), the hypothesistest (test). The research concluded that the institutional
ownership and investment policyhada significant positive effecton firm value.
Keywords : Institutional Ownership, Policy Leverage, Dividend, Investment Policy, Book Value.


Kata Kunci


Institutional Ownership, Policy Leverage, Dividend, Investment Policy, Book Value.

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