Pengujian teori dalam menentukan nilai perusahaan: teori gordon, beaver, dan miller dan Modigliani
WAHYU N, MADA PURWANTO , Prof. Dr. Zaki Baridwan, M.Sc
This research tests three theories used in determining the amount value of a company. Theory tested in this research is definite theory of company's value with dividend (Gordon theory, 1962) earnings (Beaver theory, 1981) and company cash flow (Miller & Modigliani theory, 1961) approaches. Hypotheses proposed in this research are first, earnings are more likely reflects company's value than dividend; second, cash flow is more likely reflects company's value than dividend; third, earnings are more likely reflects company's value than cash flow.
The method of this research is by comparing the result of present value estimation of those three theories that used in determining the definite company's value with stock price. Statistic test used in this research is using ANOVA and t-test. The ANOVA test is used to view the difference of present value estimation result for those three theories, while, the hypothesis test is conducted by the usage of t-test.
Previous researches distribute evidence that there is a difference between approaches used in determining company's value and showed that earnings approach is better if it is used to determine company's value. However, this research contributes evidence that even though the estimation result on those three valuation theories carried out different results, it is statistically insignificant.
Kata Kunci : Dividend, Earnings, Cash Flow, Company's Value
