ANALISIS HUBUNGAN FINANCIAL LEVERAGE, BIAYA MODAL DAN NILAI PERUSAHAAN PADA INDUSTRI PROPERTI DI INDONESIA PERIODE TAHUN 2008-2010

• Main Authors: , Nicholas Arief Subroto, , Boyke R. Purnomo, SE., MM.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/125627/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=65796
• Institution: Universitas Gadjah Mada

Nowadays, property industry in Indonesia is growing rapidly. This can be seen by the rampant development in major cities in Indonesia. The Company which runs in property industry typically use multiple funding sources for financing their projects. Source of fund can be obtain from shareholder capital subscription and also from long term liabilities. Liabilities has an important role affecting the company capital structure and ultimately expected to enhance shareholder value. Referring to journal of Sanjay J. Bhayani, which analyzes the impact of financial leverage on cost of capital and valuation of companies in the cement industry in India, this thesis investigates in the property industry in Indonesia. The study was conducted on 28 property companies listed on the Indonesia Stock Exchange with the observation period of 2008 through 2010. The conclusion of this study shows that financial leverage has no impact on cost of capital and corporate valuatio. On the contrary, financial leverage Based on multiple regression test shows that financial leverage, cost of caspital and price earning ratio has no impact on movement of corporate valuation, and also has positive but very weak correlation.