PENGARUH INTELLECTUAL CAPITAL, KEBIJAKAN PERUSAHAAN, RISIKO BISNIS TERHADAP REAKSI PASAR

Abstract

This research aimed to examine the effect of intellectual capital, debt policy, investment policy, operational policy and business risks on the market reaction. Population was manufacturing companies which were listed on Indonesia Stock Exchange 2013-2017. While, the data collection technique used purposive sampling with four determined criteria. In line with, there were 87 companies as sample per year with total of 435 firm years. More over, the data analysis technique used multiple linear regression with SPSS 20. The research result concluded intellectual capital which was referred to value added intellectual coefficient had negative and significant effect on the market reaction. On the other hand, debt policy which was referred to debt to asset ratio had positive and significant effect on the market reaction. Meanwhile, both investment policy, which was referred to capital expenditure to book value asset ratio and operational policy, which was referred to total asset turnover had positive but insignificant effect on the market reaction (MtBV). In addition, business risk which was referred to operational asset variation coefficient had negative and significant on the market reaction.
Keywords: Intellectual Capital, Debt Policy, Investment Policy, Operational Policy, Bussines Risks, Market Reaction