PENGARUH KEPUTUSAN PENDANAAN, KEPUTUSAN INVESTASI, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa EfekIndonesia SelamaPeriode 2009-2011).
perpustakaan.uns.ac.id
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PENGARUH KEPUTUSAN PENDANAAN, KEPUTUSAN
INVESTASI, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI
PERUSAHAAN
(Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa
EfekIndonesia SelamaPeriode 2009-2011)
SKRIPSI
Diajukan untuk MemenuhiSyarat
Mencapai Gelar Sarjana Ekonomi Jurusan Akuntansi
Fakultas Ekonomi Dan Bisnis Universitas Sebelas Maret
Disusunoleh:
NIKEN NAWANG WULAN
F1311066
FAKULTAS EKONOMI DAN BISNIS
UNIVERSITAS SEBELAS MARET
SURAKARTA
2013
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perpustakaan.uns.ac.id
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PENGARUH KEPUTUSAN PENDANAAN, KEPUTUSAN INVESTASI,
DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN
(Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek
Indonesia Selama Periode 2009-2011)
Niken Nawang Wulan
F1311066
Abstrak
Penelitian ini bertujuan untuk menguji pengaruh keputusan pendanaan,
keputusan investasi, dan kebijakan dividen terhadap nilai perusahaan. Populasi
dari penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek
Indonesia pada periode 2009-2011. Penelitian ini menggunakan metode purposive
sampling untuk mendapatkan 99 perusahaan manufaktur sebagai sampel akhir.
Analisis data menggunakan analisis regresi berganda. Hasil penelitian ini
menunjukkan bahwa keputusan investasi berpengaruh positif dan signifikan
terhadap nilai perusahaan. Sebaliknya, keputusan pendanaan berpengaruh negatif
dan signifikan terhadap nilai perusahaan yang tidak sesuai dengan hipotesis.
Sementara itu, kebijakan dividen tidak berpengaruh signifikan terhadap nilai
perusahaan.
Kata Kunci: Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen,
Nilai Perusahaan
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perpustakaan.uns.ac.id
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THE EFFECT OF FINANCING DECISION, INVESTMENT DECISION,
AND DIVIDEND POLICY ON FIRM VALUE
(Study on Manufacturing Companies Listed on Indonesia Stock Exchange in
Period 2009-2011)
Niken Nawang Wulan
F1311066
Abstract
This research aims to examine the effect of financing decision, investment
decision, and dividend policy on the firm value. Population of this research is
manufacturing companies listed in Indonesia Stock Exchange in the period 20092011. This research employs purposive sampling method producing of 99
manufacturing companies as a final sample. Data analysis is multiple regression
analysis. The results of this research indicate that the investment decision has a
positive and significant association with firm value. In contrast, the financing
decisions has a negative and significant association with firm value that is
opposite with the hypothesis. Meanwhile, the dividend policy has not significant
association with firm value.
Keywords: Financing decision, Investment decision, Dividend policy, Firm value
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MOTTO
Sesuatu yang belum dikerjakan, seringkali tampak mustahil; kita
baru yakin kalau kita telah berhasil melakukannya dengan baik.
(Evelyn Underhill)
Orang-orang hebat di bidang apapun bukan baru bekerja karena
mereka terinspirasi, namun mereka menjadi terinspirasi karena
mereka lebih suka bekerja. Mereka tidak menyia-nyiakan waktu
untuk menunggu inspirasi. (Ernest Newman)
Apapun yang akan kita kerjakan, selalu minta doa dan restu dari
orangtua.
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HALAMAN PERSEMBAHAN
Skripsi ini dipersembahkan untuk :
“Almarhum Papa”
“ Mama”
“Mas Thesa, Mba Seska, Mba Vika, dan Adikku Fajar”
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DAFTAR ISI
JUDUL .................................................................................................................... I
ABSTRAK ............................................................................................................ II
ABSTRACT .......................................................................................................... III
PERSETUJUAN ................................... ERROR! BOOKMARK NOT DEFINED.
PENGESAHAN .................................... ERROR! BOOKMARK NOT DEFINED.
MOTTO ............................................................................................................... VI
HALAMAN PERSEMBAHAN........................................................................ VII
DAFTAR ISI ..................................................................................................... VIII
DAFTAR GAMBAR ......................................................................................... XII
DAFTAR TABEL............................................................................................. XIII
BAB I PENDAHULUAN ...................................................................................... 1
A. LATAR BELAKANG ........................................................................................ 1
B. RUMUSAN MASALAH .................................................................................... 5
C. TUJUAN PENELITIAN ..................................................................................... 6
D. MANFAAT PENELITIAN.................................................................................. 6
BAB II TINJAUAN PUSTAKA........................................................................... 8
A. SIGNALING THEORY ........................................................................................ 8
B. NILAI PERUSAHAAN ...................................................................................... 9
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C. KEPUTUSAN PENDANAAN ...........................................................................
10
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D. KEPUTUSAN INVESTASI ............................................................................... 14
E. KEBIJAKAN DIVIDEN ................................................................................... 16
F.
PENELITIAN TERDAHULU ............................................................................ 19
G. KERANGKA PEMIKIRAN............................................................................... 23
H. PENGEMBANGAN HIPOTESIS ....................................................................... 24
1.
Keputusan Pendanaan Terhadap Nilai Perusahaan ................................ 24
2.
Keputusan Investasi Terhadap Nilai Perusahaan ................................... 25
3.
Kebijakan Deviden Terhadap Nilai Perusahaan ..................................... 26
BAB III METODE PENELITIAN .................................................................... 28
A. POPULASI DAN SAMPEL............................................................................... 28
B. DATA DAN METODE PENGUMPULAN DATA................................................. 28
C. VARIABEL PENELITIAN ............................................................................... 29
1.
Variabel Dependen ................................................................................. 29
2.
Variabel Independen............................................................................... 30
a.
Keputusan Pendanaan ......................................................................... 30
b.
Keputusan Investasi ............................................................................ 31
c.
Kebijakan Deviden ............................................................................. 31
D. TEKNIK ANALISIS DATA ............................................................................. 32
1.
Analisis Statistik Deskriptif.................................................................... 32
2.
Uji Asumsi Klasik .................................................................................. 32
a.
Uji Normalitas..................................................................................... 32
b.
Uji Multikolinieritas ........................................................................... 33
c.
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Uji Autokorelasi ..................................................................................
34
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d.
3.
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Uji Heteroskedastisitas ....................................................................... 34
Analisis Regresi Berganda ..................................................................... 35
a.
Uji Koefisien Determinasi (R 2).......................................................... 36
b.
Uji Statistik F ...................................................................................... 36
c.
Uji Statistik t ....................................................................................... 36
BAB IV ANALISIS DATA DAN PEMBAHASAN .......................................... 38
A. SAMPEL PENELITIAN DAN STATISTIK DESKRIPTIF ....................................... 38
B. ANALISIS ASUMSI KLASIK .......................................................................... 40
1.
Uji Normalitas Data................................................................................ 40
2.
Uji Multikolinieritas ............................................................................... 41
3.
Uji Autokorelasi ..................................................................................... 42
4.
Uji Heteroskedastisitas ........................................................................... 43
C. PENGUJIAN HIPOTESIS................................................................................. 45
1.
Koefisien Determinasi (R2)..................................................................... 45
2.
Uji Statistik F.......................................................................................... 46
3.
Uji Statistik t ........................................................................................... 47
4.
a.
Hasil Uji Hipotesis Pertama................................................................ 47
b.
Hasil Uji Hipotesis Kedua .................................................................. 48
c.
Hasil Uji Hipotesis Ketiga .................................................................. 49
Regresi Berganda.................................................................................... 50
D. PEMBAHASAN ............................................................................................. 51
BAB V KESIMPULAN DAN SARAN .............................................................. 55
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A. KESIMPULAN ............................................................................................... 55
B. KETERBATASAN .......................................................................................... 56
C. SARAN......................................................................................................... 56
DAFTAR PUSTAKA .......................................................................................... 57
LAMPIRAN ......................................................................................................... 60
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DAFTAR GAMBAR
Gambar 2. 1 Kerangka Pemikiran ......................................................................... 23
Gambar 4. 1 Hasil Uji Normalitas......................................................................... 40
Gambar 4. 2 Hasil Uji Heterokedastisitas ............................................................. 44
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DAFTAR TABEL
Tabel 2.1 Penelitian Terdahulu ............................................................................. 19
Tabel 4.1 Pembagian Sampel Berdasarkan Puposive Sampling ........................... 38
Tabel 4.2 Hasil Descriptive Statistics ................................................................... 38
Tabel 4.3 Hasil Uji Kolmogorov-Smirnov............................................................ 41
Tabel 4.4 Hasil Uji Multikolinieritas .................................................................... 42
Tabel 4.5 Hasil Uji Durbin Watson....................................................................... 43
Tabel 4.6 Hasil Uji Koefisien Determinasi ........................................................... 45
Tabel 4.7 Hasil Uji Statistik F ............................................................................... 46
Tabel 4.8 Hasil Uji Statistik t ................................................................................ 47
Tabel 4.9 Hasil Uji Regresi ................................................................................... 50
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digilib.uns.ac.id
PENGARUH KEPUTUSAN PENDANAAN, KEPUTUSAN
INVESTASI, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI
PERUSAHAAN
(Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa
EfekIndonesia SelamaPeriode 2009-2011)
SKRIPSI
Diajukan untuk MemenuhiSyarat
Mencapai Gelar Sarjana Ekonomi Jurusan Akuntansi
Fakultas Ekonomi Dan Bisnis Universitas Sebelas Maret
Disusunoleh:
NIKEN NAWANG WULAN
F1311066
FAKULTAS EKONOMI DAN BISNIS
UNIVERSITAS SEBELAS MARET
SURAKARTA
2013
commit to user
i
perpustakaan.uns.ac.id
digilib.uns.ac.id
PENGARUH KEPUTUSAN PENDANAAN, KEPUTUSAN INVESTASI,
DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN
(Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek
Indonesia Selama Periode 2009-2011)
Niken Nawang Wulan
F1311066
Abstrak
Penelitian ini bertujuan untuk menguji pengaruh keputusan pendanaan,
keputusan investasi, dan kebijakan dividen terhadap nilai perusahaan. Populasi
dari penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek
Indonesia pada periode 2009-2011. Penelitian ini menggunakan metode purposive
sampling untuk mendapatkan 99 perusahaan manufaktur sebagai sampel akhir.
Analisis data menggunakan analisis regresi berganda. Hasil penelitian ini
menunjukkan bahwa keputusan investasi berpengaruh positif dan signifikan
terhadap nilai perusahaan. Sebaliknya, keputusan pendanaan berpengaruh negatif
dan signifikan terhadap nilai perusahaan yang tidak sesuai dengan hipotesis.
Sementara itu, kebijakan dividen tidak berpengaruh signifikan terhadap nilai
perusahaan.
Kata Kunci: Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen,
Nilai Perusahaan
commit to user
ii
perpustakaan.uns.ac.id
digilib.uns.ac.id
THE EFFECT OF FINANCING DECISION, INVESTMENT DECISION,
AND DIVIDEND POLICY ON FIRM VALUE
(Study on Manufacturing Companies Listed on Indonesia Stock Exchange in
Period 2009-2011)
Niken Nawang Wulan
F1311066
Abstract
This research aims to examine the effect of financing decision, investment
decision, and dividend policy on the firm value. Population of this research is
manufacturing companies listed in Indonesia Stock Exchange in the period 20092011. This research employs purposive sampling method producing of 99
manufacturing companies as a final sample. Data analysis is multiple regression
analysis. The results of this research indicate that the investment decision has a
positive and significant association with firm value. In contrast, the financing
decisions has a negative and significant association with firm value that is
opposite with the hypothesis. Meanwhile, the dividend policy has not significant
association with firm value.
Keywords: Financing decision, Investment decision, Dividend policy, Firm value
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commit to user
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MOTTO
Sesuatu yang belum dikerjakan, seringkali tampak mustahil; kita
baru yakin kalau kita telah berhasil melakukannya dengan baik.
(Evelyn Underhill)
Orang-orang hebat di bidang apapun bukan baru bekerja karena
mereka terinspirasi, namun mereka menjadi terinspirasi karena
mereka lebih suka bekerja. Mereka tidak menyia-nyiakan waktu
untuk menunggu inspirasi. (Ernest Newman)
Apapun yang akan kita kerjakan, selalu minta doa dan restu dari
orangtua.
commit to user
vi
perpustakaan.uns.ac.id
digilib.uns.ac.id
HALAMAN PERSEMBAHAN
Skripsi ini dipersembahkan untuk :
“Almarhum Papa”
“ Mama”
“Mas Thesa, Mba Seska, Mba Vika, dan Adikku Fajar”
commit to user
vii
perpustakaan.uns.ac.id
digilib.uns.ac.id
DAFTAR ISI
JUDUL .................................................................................................................... I
ABSTRAK ............................................................................................................ II
ABSTRACT .......................................................................................................... III
PERSETUJUAN ................................... ERROR! BOOKMARK NOT DEFINED.
PENGESAHAN .................................... ERROR! BOOKMARK NOT DEFINED.
MOTTO ............................................................................................................... VI
HALAMAN PERSEMBAHAN........................................................................ VII
DAFTAR ISI ..................................................................................................... VIII
DAFTAR GAMBAR ......................................................................................... XII
DAFTAR TABEL............................................................................................. XIII
BAB I PENDAHULUAN ...................................................................................... 1
A. LATAR BELAKANG ........................................................................................ 1
B. RUMUSAN MASALAH .................................................................................... 5
C. TUJUAN PENELITIAN ..................................................................................... 6
D. MANFAAT PENELITIAN.................................................................................. 6
BAB II TINJAUAN PUSTAKA........................................................................... 8
A. SIGNALING THEORY ........................................................................................ 8
B. NILAI PERUSAHAAN ...................................................................................... 9
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C. KEPUTUSAN PENDANAAN ...........................................................................
10
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D. KEPUTUSAN INVESTASI ............................................................................... 14
E. KEBIJAKAN DIVIDEN ................................................................................... 16
F.
PENELITIAN TERDAHULU ............................................................................ 19
G. KERANGKA PEMIKIRAN............................................................................... 23
H. PENGEMBANGAN HIPOTESIS ....................................................................... 24
1.
Keputusan Pendanaan Terhadap Nilai Perusahaan ................................ 24
2.
Keputusan Investasi Terhadap Nilai Perusahaan ................................... 25
3.
Kebijakan Deviden Terhadap Nilai Perusahaan ..................................... 26
BAB III METODE PENELITIAN .................................................................... 28
A. POPULASI DAN SAMPEL............................................................................... 28
B. DATA DAN METODE PENGUMPULAN DATA................................................. 28
C. VARIABEL PENELITIAN ............................................................................... 29
1.
Variabel Dependen ................................................................................. 29
2.
Variabel Independen............................................................................... 30
a.
Keputusan Pendanaan ......................................................................... 30
b.
Keputusan Investasi ............................................................................ 31
c.
Kebijakan Deviden ............................................................................. 31
D. TEKNIK ANALISIS DATA ............................................................................. 32
1.
Analisis Statistik Deskriptif.................................................................... 32
2.
Uji Asumsi Klasik .................................................................................. 32
a.
Uji Normalitas..................................................................................... 32
b.
Uji Multikolinieritas ........................................................................... 33
c.
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Uji Autokorelasi ..................................................................................
34
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d.
3.
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Uji Heteroskedastisitas ....................................................................... 34
Analisis Regresi Berganda ..................................................................... 35
a.
Uji Koefisien Determinasi (R 2).......................................................... 36
b.
Uji Statistik F ...................................................................................... 36
c.
Uji Statistik t ....................................................................................... 36
BAB IV ANALISIS DATA DAN PEMBAHASAN .......................................... 38
A. SAMPEL PENELITIAN DAN STATISTIK DESKRIPTIF ....................................... 38
B. ANALISIS ASUMSI KLASIK .......................................................................... 40
1.
Uji Normalitas Data................................................................................ 40
2.
Uji Multikolinieritas ............................................................................... 41
3.
Uji Autokorelasi ..................................................................................... 42
4.
Uji Heteroskedastisitas ........................................................................... 43
C. PENGUJIAN HIPOTESIS................................................................................. 45
1.
Koefisien Determinasi (R2)..................................................................... 45
2.
Uji Statistik F.......................................................................................... 46
3.
Uji Statistik t ........................................................................................... 47
4.
a.
Hasil Uji Hipotesis Pertama................................................................ 47
b.
Hasil Uji Hipotesis Kedua .................................................................. 48
c.
Hasil Uji Hipotesis Ketiga .................................................................. 49
Regresi Berganda.................................................................................... 50
D. PEMBAHASAN ............................................................................................. 51
BAB V KESIMPULAN DAN SARAN .............................................................. 55
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A. KESIMPULAN ............................................................................................... 55
B. KETERBATASAN .......................................................................................... 56
C. SARAN......................................................................................................... 56
DAFTAR PUSTAKA .......................................................................................... 57
LAMPIRAN ......................................................................................................... 60
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DAFTAR GAMBAR
Gambar 2. 1 Kerangka Pemikiran ......................................................................... 23
Gambar 4. 1 Hasil Uji Normalitas......................................................................... 40
Gambar 4. 2 Hasil Uji Heterokedastisitas ............................................................. 44
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DAFTAR TABEL
Tabel 2.1 Penelitian Terdahulu ............................................................................. 19
Tabel 4.1 Pembagian Sampel Berdasarkan Puposive Sampling ........................... 38
Tabel 4.2 Hasil Descriptive Statistics ................................................................... 38
Tabel 4.3 Hasil Uji Kolmogorov-Smirnov............................................................ 41
Tabel 4.4 Hasil Uji Multikolinieritas .................................................................... 42
Tabel 4.5 Hasil Uji Durbin Watson....................................................................... 43
Tabel 4.6 Hasil Uji Koefisien Determinasi ........................................................... 45
Tabel 4.7 Hasil Uji Statistik F ............................................................................... 46
Tabel 4.8 Hasil Uji Statistik t ................................................................................ 47
Tabel 4.9 Hasil Uji Regresi ................................................................................... 50
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