PENGARUH GROWTH DAN LEVERAGE TERHADAP PRICE TO BOOK VALUE DALAM MEDIASI RETURN ON EQUITY DAN DIVIDEND PAYOUT RATIO Studi Pada Perusahaan Jakarta Islamic Index Di Bursa Efek Indonesia
Keywords:
Growth, Leverage, Price To Book Value, Return On Equity, Dividend Payout RatioAbstract
This study aims to examine the influence of leverage and growth to price book value, and test the mediation return on equity and dividend payout ratio in the causal relationship. The study population was categorized as a company of Jakarta Islamic Index listed on the Indonesia Stock Exchange in the period 2004-2009. Data collection methods used is purposive sampling. Criteria on the sample used, the company must have positive earnings per share and issued financial statements make it possible to determine the variables of the study. Testing of all hypotheses in this study using path analysis with Amos 16.0 package program. Furthermore, some important findings from this study can be stated as follows: 1) growth does not significantly effect the price to book value, 2) leverage has positive and significant effect on the price to book value, 3) return on equity and dividend payout ratio to mediate the influence growth of the price to book value. However, this study found no evidence that the return on equity mediates the effect of leverage on price to book value.References
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Burgstahler dan I. Dichev. 1997. “Earnings, Adaptation, and Equity Value”. The Accounting Review 72: 187-215.
Chen, J, Jean. 2004. “Determinants of capital structure of Chinese-listed companies”, Journal of Business Research, 57, 1341-1351.
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Fama, E. F., dan K. R. French. 2001. “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay”? Journal of Financial Economics, Vol. 60: pp. 3 - 43.
Fama, E. F., dan K. R. French. 2002. “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies, Vol. 15: pp. 1 - 33.
Francis, J. dan K. Schipper. 1999. “Have Financial statements Lost Their Relevance?”. Journal of Accounting Research, Autumn: pp. 319-352.
Gaud, Philippe, Elion Jani, Martin Hoesli dan Andre Bender. 2005. “The Capital Structure of Swiss Companies: an Empirilal Analysis Using Dynamic Panel Data”. European Financial Management, Vol. 11, No. 1: pp. 51-69.
Harjono, Juni. 2002. “Analisis Faktor-Faktor Yang Berpengaruh Terhadap Dividen Payout Ratio Pada Industry Manufaktur Di BEJ”, Tesis yang tidak dipublikasikan.
Helfert, A. Erich. 1997. “Teknik Analisis Keuangan”, Edisi Kedelapan. Jakarta : Erlangga.
Jensen, M. dan W. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency, and Ownership Structure”. Journal of Financial Economics. Vol. 3. (October): pp. 305-360.
Jensen, Michael C. 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review. Vol. 76: pp. 23-329.
Jensen, Michael C., dan Smith, Jr Clifford W. 1994. ”The Modern Theory of Corporate Finance”. Mc Graw – Hill Book Company.
Klein, L.S., J.O.B Thomas., dan Stephen R. Peters. 2002. “Debt vs Equity and Asymmetric Information: A Review”. The Financial Review. Vol. 37: pp. 317-350.
Kormendi, R. dan R. Lipe. 1987. “Earnings Innovations, Earnings Persistence, and Stock Return”. Journal of Business, Vol. 60: pp. 323-345.
Lipe, R.C. 1986. “The Information Contained in the Components of Earnings”. Journal of Accounting Research, (Supplemet 1986): pp. 37-64.
Mao, Connie X. 2003. “Interaction of Debt Agency Problems and Optimal Capital Structured: Theory and Evidence”. Journal of Financial and Quantitative Analysis, Vol. 38, No. 2: pp. 399-423.
Mbodja, M., dan Mukherjee, Tarunk. 1994. “An Investigation Into Causality Among Firms’ Dividend, Invesment, & Financing Decision”. Journal of Financial Research, pp. 517-530.
Myers, Stewart C., dan Nicholas S. Majluf. 1984. “Corporate Financing and Investment Decision When Firm Have Information That Investor do not Have”. Journal of Financial Economic, Vol. 13: pp. 419-453
Myers. 2000. “ Outside Equity”. Journal of Finance Vol. 55 1:1005.1037
Pawlina, Grzegorz, dan Luc Renneboog. 2005. “Is Invesment-Cash Flow Sensitivity Caused by Agency Costs or Asymmetric Information? Evidence from the U.K”. European Financial Management, Vol. 11, No. 4: pp. 483-541.
Qureshi, Muhammad Azeem. 2006. “System dynamics modelling of firm value”. Journal of Modelling in Management. Vol. 2, No. 1, pp. 24-39.
Safrida, Eli. 2008. Pengaruh Struktur Modal dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Di Bursa Efek Jakarta. Thesis. (online), (www.google.com).
Shleifer, Andrei, dan Vishny. 1986. “Large Shareholders and Corporate Control”. Journal of Political Economy, Vol. 94: pp. 461-488.
Sriwardany. 2006. Pengaruh Pertumbuhan Perusahaan terhadap Kebijakan Struktur Modal dan Dampaknya terhadap Perubahan Harga Saham pada Perusahaan Manufaktur Tbk.. Tesis tidak Dipublikasikan. Universitas Sumatera Utara. Medan.
Strebulaev, Ilya A. 2003. “Do Test of Capital Structure Theory Mean What They Say? Job Market Paper, London Business School, pp. 1-42.
Stulz, R. M. 1990. “Managerial discretion and optimal financing policies”. Journal of Financial Economics, Vol. 26 (July): pp. 3–27.
Van Horne, James C. 1992. “Finance Management and Policy”, Ninth Edition, Prenticehall, International Inc.
Weston, J.F dan Copeland, T.E. 1992. “Manajemen Keuangan” Edisi Kedelapan (Edisi revisi), Penebit Binarupa Aksara, Jakarta.
.
Akhtar, Shumi. 2005. “The Determinants of Capital Structure for Australian Multinational and Domestic Corporation”, Australian Journal of Management. Vol. 30 No.2, pp.321- 341.
Amihud, Y. dan B. Lev. 1981. “Risk Reducction as a Managerial Motive for Conglomerate Mergers”. Bell Journal of Economic, Vol. 12: pp. 11-18.
Amihud, Y., Li, K. 2002. “The declining information content of dividend announcements and the effect of institutional holdings”. Unplublished working paper. New York University.
Barth, Mary E, Donald P. Cram dan Karen K. Nelson. 2001. “Accruals and the Prediction of Future Cash Flows”. The Accounting Review. Vol. 76; pp. 27-58.
Beaver, R. Clarke, dan W. Wright. 1979. “The Association Between Unsystematic Security Return and the Magnitude of Earnings Forecast Error”. Journal of Accounting Research 17. pp. 316 – 340.
Bethel, J.E. dan Julia, Liebeskind. 1993. “The Effect of Ownership Structure on Corporate Structuring”. Strategi management Journal, Vol. 14: pp. 15– 31.
Bringham , Eugene F.dan Joel, Houston. 2004. ” Manajemen Keuangan”, Salemba Empat. Jakarta.
Brigham, Eugene F.dan Joel, Houston. 2004. Financial Management, Edisi 10, Jilid 1, Alih Bahasa Ali Akbar Yulianto, Penerbit Salemba Empat, Jakarta.
Burgstahler dan I. Dichev. 1997. “Earnings, Adaptation, and Equity Value”. The Accounting Review 72: 187-215.
Chen, J, Jean. 2004. “Determinants of capital structure of Chinese-listed companies”, Journal of Business Research, 57, 1341-1351.
Chen, C.H., Ting, C.J. 2004. “ An Improved Ant Colony Systems Algorithm for The Vehicle Routing Problem”, Working Paper 2004-2001, Department of Industrial Engineering and Management, Yuan Ze Unuversity, Taiwan.
Chen, C.R., Weiyu Guo, dan Vivek Mande. 2006. “Corporate Value, Manajerial Stockholdings and Invesment of Japanese Firms”. Journal of International Financial Management and Accounting, Vol 17, No.1: pp. 29-51.
Coffee, J.C., Jr. 1991. “Liquidity versus control: The institutional investor as a corporate monitor”. Columbia Law Review, Vol. 91, No. 6: pp. 1277–1368.
Collins D.W., M. Pincus, dan H. Xie. 1999. “Equity valuation and negative earnings: The role of book value of equity”. The Accounting Review, Vol. 74: p. 29-61.
-----------, E. Maydew, dan I. Weiss. 1997. “Changes in the Value Relevance of Earnings and Book Values Over the Past Forty Years”. Journal of Accounting and Economics, (December): pp. 39-67.
-----------, dan S.P. Kothari. 1989. “An Analysis of Intertemporal and Cross-Sectional Determinants of Earnings Response Coefficients”. Journal of Accounting and Economics, Vol. 11: pp. 143-181.
Crutchley, C.E dan R. Hansen. 1989. “A Test of Agency Theory of Managerial Ownership, Corporate Leverage, Corporate Dividends”. Financial Management, Vol. 18; pp. 35 – 57.
DeAngelo, H. dan L. DeAngelo. 1990. “Dividend policy and financial distress: An empirical investigation of troubled NYSE firms”. Journal of Finance, Vol. 45: pp. 1415-1431.
DeAngelo, H., L. DeAngelo, dan D. Skinner. 1992. “Dividends and losses”. Journal of Finance, Vol. 47: pp. 1837-1864.
DeAngelo, H., L. DeAngelo dan D.J. Skinner. 2002. “Are Dividend Disappearing? Dividend Concentration and the Consolidation of Earning”. Working Paper, Code No. 02-9, USC Finance and Business Economics, USC Marshall School of Business.
DeAngelo, H., dan L. DeAngelo. 2006. "The Irrelevance of the Mm Dividend Irrelevance Theorem". Journal of Financial Economics, Vol. 79: pp. 293-315.
Deesomsak, R., Paudyal, K. and Pescetto, G. 2004. “The Determinants of Capital Structure: Evidence From The Asia Pasific Region”, Journal Of Multinational Financial Management, Vol. 14, pp. 387 - 405.
Delcoure, Natalya. 2006. “The determinants of capital structure in transitional economies”, International Review of Economics & Finance, 16:3, 400-415
Denis, David J., dan Egor Osobov. 2007. “Why Do Firm’s Pay Dividends ? International Evidence on The Determinants of Dividend Policy”. Electronic copy available at: http://ssrn.com/abstract=887643
Easterbrook, F. H. 1984. "Two Agency-Cost Explanations of Dividends". American Economic Review, Vol. 74: pp. 650-659.
Eli, K., dan G. Waymire. 1999. Accounting Standard-Setting Organizations and Earnings Relevance: Longitudinal Evidence from NYSE Common Stocks, 1927–1993. Journal of Accounting Research. Vol 37. No.1. 293 —317
Fama, E. F., dan K. R. French. 2001. “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay”? Journal of Financial Economics, Vol. 60: pp. 3 - 43.
Fama, E. F., dan K. R. French. 2002. “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies, Vol. 15: pp. 1 - 33.
Francis, J. dan K. Schipper. 1999. “Have Financial statements Lost Their Relevance?”. Journal of Accounting Research, Autumn: pp. 319-352.
Gaud, Philippe, Elion Jani, Martin Hoesli dan Andre Bender. 2005. “The Capital Structure of Swiss Companies: an Empirilal Analysis Using Dynamic Panel Data”. European Financial Management, Vol. 11, No. 1: pp. 51-69.
Harjono, Juni. 2002. “Analisis Faktor-Faktor Yang Berpengaruh Terhadap Dividen Payout Ratio Pada Industry Manufaktur Di BEJ”, Tesis yang tidak dipublikasikan.
Helfert, A. Erich. 1997. “Teknik Analisis Keuangan”, Edisi Kedelapan. Jakarta : Erlangga.
Jensen, M. dan W. Meckling. 1976. “Theory of the Firm: Managerial Behavior, Agency, and Ownership Structure”. Journal of Financial Economics. Vol. 3. (October): pp. 305-360.
Jensen, Michael C. 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review. Vol. 76: pp. 23-329.
Jensen, Michael C., dan Smith, Jr Clifford W. 1994. ”The Modern Theory of Corporate Finance”. Mc Graw – Hill Book Company.
Klein, L.S., J.O.B Thomas., dan Stephen R. Peters. 2002. “Debt vs Equity and Asymmetric Information: A Review”. The Financial Review. Vol. 37: pp. 317-350.
Kormendi, R. dan R. Lipe. 1987. “Earnings Innovations, Earnings Persistence, and Stock Return”. Journal of Business, Vol. 60: pp. 323-345.
Lipe, R.C. 1986. “The Information Contained in the Components of Earnings”. Journal of Accounting Research, (Supplemet 1986): pp. 37-64.
Mao, Connie X. 2003. “Interaction of Debt Agency Problems and Optimal Capital Structured: Theory and Evidence”. Journal of Financial and Quantitative Analysis, Vol. 38, No. 2: pp. 399-423.
Mbodja, M., dan Mukherjee, Tarunk. 1994. “An Investigation Into Causality Among Firms’ Dividend, Invesment, & Financing Decision”. Journal of Financial Research, pp. 517-530.
Myers, Stewart C., dan Nicholas S. Majluf. 1984. “Corporate Financing and Investment Decision When Firm Have Information That Investor do not Have”. Journal of Financial Economic, Vol. 13: pp. 419-453
Myers. 2000. “ Outside Equity”. Journal of Finance Vol. 55 1:1005.1037
Pawlina, Grzegorz, dan Luc Renneboog. 2005. “Is Invesment-Cash Flow Sensitivity Caused by Agency Costs or Asymmetric Information? Evidence from the U.K”. European Financial Management, Vol. 11, No. 4: pp. 483-541.
Qureshi, Muhammad Azeem. 2006. “System dynamics modelling of firm value”. Journal of Modelling in Management. Vol. 2, No. 1, pp. 24-39.
Safrida, Eli. 2008. Pengaruh Struktur Modal dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Di Bursa Efek Jakarta. Thesis. (online), (www.google.com).
Shleifer, Andrei, dan Vishny. 1986. “Large Shareholders and Corporate Control”. Journal of Political Economy, Vol. 94: pp. 461-488.
Sriwardany. 2006. Pengaruh Pertumbuhan Perusahaan terhadap Kebijakan Struktur Modal dan Dampaknya terhadap Perubahan Harga Saham pada Perusahaan Manufaktur Tbk.. Tesis tidak Dipublikasikan. Universitas Sumatera Utara. Medan.
Strebulaev, Ilya A. 2003. “Do Test of Capital Structure Theory Mean What They Say? Job Market Paper, London Business School, pp. 1-42.
Stulz, R. M. 1990. “Managerial discretion and optimal financing policies”. Journal of Financial Economics, Vol. 26 (July): pp. 3–27.
Van Horne, James C. 1992. “Finance Management and Policy”, Ninth Edition, Prenticehall, International Inc.
Weston, J.F dan Copeland, T.E. 1992. “Manajemen Keuangan” Edisi Kedelapan (Edisi revisi), Penebit Binarupa Aksara, Jakarta.
.
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