Pengaruh Kjnerja Keuangan, Kebijakan Hutang, Likuiditas dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Kepemilikan Institusional sebagai Variabel Moderating pada Perusahaan Consumer Goods yang Ada di BEI

Abstract

This siudy aims to examine the factors -factors that affect the value of companies that use Tobins'q, where institutional ownership as moderating variable. Factors - factors affecting financial performance proxy is Return on Assets (ROA), debt policy proxied by Debt to Equity Ratio (DER), liquidity proxied by currnet Ratio (CR) and the size of the company that proksikan by total assets. This type of research is a kind of causal comparative research. The population in this study is a consumer goods company listed on the Indonesia Stock Exchange for the period 2011 - 2015 as many as 26 companies. Samples in this study, the method used was census. Under this method, samples are 130 observations of consumer goods company. By using multiple linear regression to analyze the data and on testing using test moderating absolute difference. The results of this study showed that simultaneous financial performance, debt pulicy, liquidity, and company size significantly influence the value of the company. Partially financial performance and company size significantly influence the value of the company, whereas the debt and liquidity policies are not striving against the value of the company shows that institutional ownership is not a variable that strengthen policy coherence debt, liquidity and size of the company to corporate value. However, institutional ownership is a variable that strengthening relations financial performance of the company's value.