Investment Opportunity Set (IOS) Berbasis Pertumbuhan Perusahaan dan Kaitannya Dengan Upaya Peningkatan Nilai Perusahaan
This research aims to develop theoretical approach to complete the conceptual controversy regarding the research results on the investment policy and firm value. This research employs firm value, investment opportunity set (IOS), funding and dividend as variables. Dividends in the research proxied by dividend pay out ratio (DPR), funding proxied by DER and firm value indicated by Tobin’s q, which are mediated by IOS. The sample are taken from 154 manufacturing company financial statements during 2010 to 2012. The data were tested using path analysis. The research found that dividend and funding policy positively influence IOS. Investment opportunity (IOS) positively influences the firm value. IOS was able to mediate the effect of dividends to the firm value, and also the influence of funding decisions to firm value.
Aharony, J., J. W. Wang, dan H. Q. Yuan. 2010. Tunneling as an incentive for earnings management during the IPO process in China. Journal of Accounting and Public Policy. Vol.29: 1-26.
Allen F., A. Bernardo, dan I. Weleh. 2000. A theory of dividend based on tax clienteles. Journal of Finance. Vol.55: 2499-2536.
Amidu, M. 2007. How does dividend policy affect performance of the firm on Ghana stock exchange. Investment Management & Financial Innovations. Vol.4 No.2: 103-137.
Amihud, Y., dan B. Lev. 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economic. Vol.12: 11-18.
Amaech, E. P. 2013. Application of computed financial ratios in fraud detection modelling: a study of selected banks in Nigeria. Asian Economic and Financial Review. Vol.3 No.11: 1405-1418.
Anindita, K., dan K. Prashant. 2010. Advertising and firm value: mapping the relationship between advertising, profitability and business strategy in India. M.A.N.K
Baskin, J. 1989. An empirical-investigation of the pecking order hypothesis. Financial Management. Vol.18: 26-35.
Bahman, B., dan M. Fakhroddin. 2012. Productivity and firm performance: Evidence of Iranian unprofitable firms. Australian Journal of Basic and Applied Sciences. Vol.6 No.7: 158-166.
Baker, M., dan J. Wurgler. 2004. A catering theory of dividend. Journal of Finance. Vol.38: 19-38.
Berle, A., dan G. Means. 1932. The Modern Corporation and Private Property. Mac-Millan, New York.
Bhaduri, S. N. 2002. Determinants of capital structure choice: A study of the Indian corporate sector. Applied Financial Economics. Vol.12: 655-665.
Black, F., dan M. Scholes. 1973. The pricing of options and corporate liabilities. Journal of Political Economy. Vol.81 No.3: 637-659.
Brav, A., J. Graham, C. Harvey, dan R. Michaely. 2005. Payout policy in the 21st century. Journal of Financial Economics.
Chan, S. H., Martin, J. D., dan J. W. Kensinger. 1990. Corporate research and development expenditures and share value. Journal of Financial Economics. Vol.26 No.2: 255-276.
Chen, J., dan R. Strange. 2005. The determinants of capital structure: Evidence from Chinese listed companies. Economic Change and Restructing. Vol.38: 11-35.
Chen, S. S., K. W. Ho, C. F. Lee, dan G. H. H. Yeo. 2000. Investment opportunity, free cash flow and market reaction to international joint venture. Journal of Banking and Finance. Vol.24: 1747-1765.
Crutchley, C. E., dan R. Hansen. 1989. A test of agency theory of managerial ownership, corporate leverage, corporate dividends. Financial Management. Vol.18: 35–57.
Crutchley, C. E., M. R. H. Jensen, J. S. Jahera, dan J. E. Raymond. 1999. Agency problems and the simultaneity of financial decision making the role of institutional ownership. International Review of Financial Analysis. Vol.8 No.2: 177-197.
Deshmukh, S. 2005. The effect of asymmetric information and dividend policy. Quarterly Journal of Business and Economic Journal. Vol.44 No.1: 107-127.
DeAngelo, H., dan L. DeAngelo. 2006. The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics. Vol.79: 293-315.
Dharmapala, D., dan V. Khanna. 2008. Corporate governance, enforcement, and firm value: evidence from India. Working Paper Series. No.8 Vol.5.
Easterbrook, F. H. 1984. Two agency-cost explanations of dividends. American Economic Review. Vol.74: 650-659.
Eskandari, A., dan F. O. Zadeh. 2012. A case study of examining and analyzing weighted average cost of capital. International Conference Turkey.
Fama, E. 1978. The effects a firm’s investment and financing decisions on the welfare of its security holders. The American Economic. Vol.68 No.3: 272–284.
Gordon, M. J. 1959. Dividen, earning and stock price. Review of Economics and Statistics (May): 99-105.
Gaver, J. J., dan K. M. Gaver. 1993. Compensation policy and the investment opportunity set. Financial Management. Vol.24 No.1: 19-32.
Hasnawati. 2005. Dampak set peluang investasi terhadap nilai perusahaan publik di bursa efek Jakarta. Jurnal Akuntansi dan Auditing Indonesia. Vol.9 No.2: 117–126.
Hennessy, C. A., dan T. M. Whited. 2005. Debt dynamics. The Journal of Finance. Vol.60 No.3: 1129-1165.
Jensen, G. R., D. P. Solberg, dan T. S. Zorn. 1992. Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative analysis. Vol.27: 274-263.
Jensen, M., dan W. Meckling. 1976. Theory of the firm: managerial behavior, agency, and ownership structure. Journal of Financial Economics. Vol.3 (October): 305-360.
Jensen, M. C., dan J. B. Warner. 1988. The distribution of power among corporate managers, shareholders, and directors. Journal of Financial Economics. Vol.20: 3-24.
Jiambalvo, J., dan S. Rajgopal. 2002. Institutional ownership and the extent to which stock prices reflect future earnings. Contemporary Accounting Research Vol.19 No.1: 117–145.
Kallapur, S., dan M. A. Trombley. 1999. The association between investment opportunity set proxies and realized growth. Journal of Business Finance & Accounting. Vol.26 No.3: 505-519.
Khanna, T., dan K. Palepu. 1999. Policy shocks, market intermediaries, and corporate strategy: the evolution of business groups in Chile and India. Journal of Economics & Management Strategy. Vol.8 No.2: 271-310.
Kole, S. 1991. An investigation of the building of compensation. Working Paper.
McConnel, J. J., dan C. J. Muscarella. 1985. Corporate capital expenditure decision and the market value of the firm. Journal of Financial Economic. Vol.14: 399-422.
Miller, M. H., dan F. Modigliani. 1961. Dividend policy, growth, and the valuation of shares. Journal of Business. Vol.34: 411-433.
Miller, R., dan F. Modigliani. 1961. Dividend policy, growth and the valuation of shares. Journal of Business. Vol.34 No.4 (October): 411–33.
Miller, M. H., dan M. Scholes. 1982. Dividends and taxes: some empirical evidence. Journal of Political Economy. Vol.90: 1118-1141.
Myers, S. C. 1977. Determinants of corporate borrowing. Journal of Financial Economics. Vol.5: 147-175.
Mollah, A., K. K. Sabur, dan H. Short. 2000. The influence of agency costs on dividend policy in an emerging market: evidence from the Dhaka stock exchange. The Sixth ENBS Workshop at the University of Olso, Norway.
Ojah, K., dan J. Manrique. 2005. Determinants of corporate debt structure in a privately dominated debt market: a study of the Spanish capital market. Applied Financial Economics. Vol.15: 455-468.
Pawlina, G., dan L. Renneboog. 2005. Is investment-cash flow sensitivity caused by agency costs or asymmetric information? Evidence from the UK. European Financial Management. Vol.11 No.4: 483-513.
Rozeff, M. S. 1982. Growth, beta, and agency costs as determinants of dividend payout ratios. Journal of Financial Research. Vol.5: 249-259.
Smith, Jr., W. Clifford, dan R. L. Watts. 1992. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics. Vol.32: 263-292.
Smith Jr., C. W. 1986. Investment banking and the capital acquisition process. Journal of Financial Economics. Vol.15: 3–29.
Tong, G., dan C. J. Green. 2005. pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies. Applied Economics. Vol.37: 2179-2189.
Wahidahwati. 2002. Kepemilikan manajerial dan agency conflict: Analisis
persamaan simultan nonlinier dari kepemilikan manajerial, penerimaan risiko (risk taking), kebijakan utang dan kebijakan dividen. Simposium Nasional Akuntansi V. Ikatan Akuntansi Indonesia.
Zaharia, C. 2012. Corporate governance and the market value of firms. Economics, Management, and Financial Markets. Vol.7 No.4: 227–232.
Jurnal Ekonomi dan Bisnis is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License