PENGARUH FAKTOR FUNDAMENTAL MIKRO DAN MAKRO TERHADAP NILAI PERUSAHAAN

Abstract

Optimizing firm value is one of the main objectives of the company. When the firm value is high, the stakeholders will be more prosperous. The purpose of this research is to find out the influence of micro fundamental factor which consists of debt policy (which is proxy by Debt to Equity Ratio), dividend policy (which is proxy by Dividend Payout Ratio), investment decision (which is proxy by Price Earnings Ratio), Profitability (which is proxy by Return On Equity), firm size (which is proxy by assets) and macro fundamental which consists of inflation rates and interest rates to the firm value (which is proxy by Price Book Value). The object of this research is all companies in the manufacturing groups which are listed in Indonesia Stock Exchange (www.idx.co.id) i.e. the financial statement data for consecutive 4 years in 2010-2013 periods. The hypothesis test of this research has been done by using multiple linear regressions analysis technique with the application of SPSS instrument. The use of sample is based on purposive sampling technique. Based on the specific criteria 23 companies have been obtained to be observed. The analysis method has been done by using multiple regressions analysis and it has been done by using the previous classic assumption test. The result of this hypothesis test shows that: 1) debt policy and dividend policy variable has negative influence to the firm value; 2) dividend policy, investment opportunity and profitability have positive influence to the firm value; 3) firm size, inflation and interest rates do not have any influence to the firm value.
Keywords: macro fundamental factor, micro fundamental factor, firm value.