PENGARUH KEBIJAKAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN
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Abstract
This study aimed to test whether the company’s performance mediated the
company policy in influencing the value of the firm. The study took a sample of 116
manufacturing companies listed in Indonesia Stock Exchange period of 2004 until
2006, with purposive sampling method. The theory underlying this research is
theory of capital structure (Modigliani and Miller, 1963), and agency theory
(Jensen and Meckling, 1976). Results of this research show that financial leverage
significant negative effect on company’s performance, and a significant positive
influence firm value. Capital expenditure is not significant negative effect on the
company’s performance and firm value. While the manager incentives has a
significant positive on company’s performance, but no significant effect on firm
value. Specific findings of this research is that the company’s performance
mediates the influence of corporate managers incentives to firm value.
Article Details
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