PENGARUH KEBIJAKAN MANAJEMEN DAN TINGKAT SUKU BUNGA TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Manufaktur Di Bursa Efek Indonesia)

Abstract

This study aimed to examine the effect of management policy and interest rates on the firm value. While, the measurement of management policy used as follows: investment decision (PER), funding decision (DER), and debt policy (DAR). Meanwhile, the interest rates was measured by (SBI) and the firm value was measured by PBV. The research was quantitative. Moreover, the data collection technique used purposive sampling. In line with, there were 100 samples from 20 manufacturing companies of consumption goods industry which were listed on Indonesia Stock Exchange 2013-2017. The research result concluded investment decision had affected the firm value as the greater the investment, the more profit would be obtained by the company. Likewise, the funding decision had affected the firm value since the higher debt reflected on company’s capability to pay the debt in the future as well as, debt policy had affected the firm value as the higher the debt, the more risk of company value as the capital market users were not affected by the fluctuation of interest rates.
Keywords : investment decision, funding decision, debt policy, interest rates, firm value