Pengaruh leverage, nilai investasi, dan profitabilitas terhadap nilai perusahaan

SAADIAH, Muthia, Marwan Asri S.W., Prof. Dr. MBA

2009 | Tesis | S2 Magister Manajemen

Studi ini bertujuan untuk mempelajari pengaruh Leverage, Nilai Investasi dan Profitabilitas terhadap Nilai Perusahaan. Hal ini dilakukan dengan cara menganalisis rasio Tobin’s Q sebagai variable terikat dengan variable-variabel Total Debt to Asset Ratio, Capital Expenditure, dan Net Profit Margin sebagai variabel bebas. Hasil dari analisis regresi berganda pengaruh Total Debt to Asset Ratio, Capital Expenditure, dan Net Profit Margin secara simultan berpengaruh secara signifikan terhadap Nilai Perusahaan (Tobin’s Q) pertambangan di Bursa Efek Jakarta selama priode amatan. Sedangkan jika dianalisis secara parsial hanya variabel bebas Total Debt to Total Asset yang mempunyai pengaruh yang dominan dan hubungan yang kuat dengan Nilai Perusahaan.

This paper planned to examine Company’s Value (Tobin’s Q) as dependent variable, and Leverage, Investment Value, Profitability as independent variable. This paper planned to examine the relationship between leverage, investment value and profitability toward company’s values. We use 10 company as a sample with 4 years period. This test is used to testing 3 hypothesis. First hypothesis is Leverage and Company’s value have a positive relation. Second hypothesis is Investment Value has a positive relation with company’s value. And the third hypothesis is Profitability and Company’s value have a positive relation. And finally this thesis conclude that Capital Structure and Company’s Value have positve and significant correlation with no effect on growth level of each sample. So we conclude our paper has support Ross (1977)’s Argument on Capital Structure and Company’s value have a positive relation. And failed to prove McConnell and Servaes opinion on Capital Structure because of the requirement for highgrowth company also shows positive correlation result.

Kata Kunci : Tobins Q,Total debt to asset ratio,Capital expenditure,Net profit margin