ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI SHAREHOLDER VALUE PADA PERUSAHAAN NON KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

• Main Authors: , Aji Mahendra Putera, , Dr. Sumiyana, M.Si., Akt
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/125526/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=65695
• Institution: Universitas Gadjah Mada

Company�s main objective is to maximize the welfare of their shareholders. As an agent of their shareholders, managers should work toward the company�s main goal. However, this concept roll over only as a theory, because in real world there are still many conflicts of interest between managers and shareholders. Shareholders wealth increases along with increased firm value. The higher firm value the higher value delivered for the shareholder. Firm value maximization gives many benefits not only for the shareholder but to other parties such as consumers, employees, and the social environment. We might agree that management should choose most appropriate strategies to maximize their firm value. This research adopts the previous research conducted by Pandey (2005), the study aims to analyze the influence of fundamental factors (profitability, growth, firm size, and leverage) to market to book value. Shareholder value measured by using the market to book ratio, value created when the company�s market value exceeds its book value. Similar studies have been carried out in other countries such as in United States and Malaysia. This research used nonfinancial companies listed on the Indonesia Stock Exchange (IDX) as sample. Data were analyzed in form of financial statements that have been audited and published by the IDX from 2009 to 2011. Analyses were performed by using multiple linear regression method to test the research hypothesis. The results showed that the profitability and firm size positively affects the market to book value while growth and leverage negatively affect the market to book value of the company. The results support the hypothesis that fundamental factors has affect to market to book value significantly. Even so, there are a typical different result of this study compared with previous studies because there are differences in scope and characteristics of the data. Limitation of this research disclosed in the last part, that provides the challenge of this study. Also, some suggestions explained for further researchers whose are interested in this topic.