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PENGARUH KEPUTUSAN PENDANAAN, KEPUTUSAN INVESTASI, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa EfekIndonesia SelamaPeriode 2009-2011)

SKRIPSI Diajukan untuk MemenuhiSyarat Mencapai Gelar Sarjana Ekonomi Jurusan Akuntansi Fakultas Ekonomi Dan Bisnis Universitas Sebelas Maret

Disusunoleh: NIKEN NAWANG WULAN F1311066

FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS SEBELAS MARET SURAKARTA 2013

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PENGARUH KEPUTUSAN PENDANAAN, KEPUTUSAN INVESTASI, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Selama Periode 2009-2011)

Niken Nawang Wulan F1311066

Abstrak

Penelitian ini bertujuan untuk menguji pengaruh keputusan pendanaan, keputusan investasi, dan kebijakan dividen terhadap nilai perusahaan. Populasi dari penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2009-2011. Penelitian ini menggunakan metode purposive sampling untuk mendapatkan 99 perusahaan manufaktur sebagai sampel akhir. Analisis data menggunakan analisis regresi berganda. Hasil penelitian ini menunjukkan bahwa keputusan investasi berpengaruh positif dan signifikan terhadap nilai perusahaan. Sebaliknya, keputusan pendanaan berpengaruh negatif dan signifikan terhadap nilai perusahaan yang tidak sesuai dengan hipotesis. Sementara itu, kebijakan dividen tidak berpengaruh signifikan terhadap nilai perusahaan. Kata Kunci: Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen, Nilai Perusahaan

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THE EFFECT OF FINANCING DECISION, INVESTMENT DECISION, AND DIVIDEND POLICY ON FIRM VALUE (Study on Manufacturing Companies Listed on Indonesia Stock Exchange in Period 2009-2011)

Niken Nawang Wulan F1311066

Abstract

This research aims to examine the effect of financing decision, investment decision, and dividend policy on the firm value. Population of this research is manufacturing companies listed in Indonesia Stock Exchange in the period 20092011. This research employs purposive sampling method producing of 99 manufacturing companies as a final sample. Data analysis is multiple regression analysis. The results of this research indicate that the investment decision has a positive and significant association with firm value. In contrast, the financing decisions has a negative and significant association with firm value that is opposite with the hypothesis. Meanwhile, the dividend policy has not significant association with firm value. Keywords: Financing decision, Investment decision, Dividend policy, Firm value

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MOTTO

Sesuatu yang belum dikerjakan, seringkali tampak mustahil; kita baru yakin kalau kita telah berhasil melakukannya dengan baik. (Evelyn Underhill)

Orang-orang hebat di bidang apapun bukan baru bekerja karena mereka terinspirasi, namun mereka menjadi terinspirasi karena mereka lebih suka bekerja. Mereka tidak menyia-nyiakan waktu untuk menunggu inspirasi. (Ernest Newman)

Apapun yang akan kita kerjakan, selalu minta doa dan restu dari orangtua.

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HALAMAN PERSEMBAHAN

Skripsi ini dipersembahkan untuk : “Almarhum Papa” “ Mama” “Mas Thesa, Mba Seska, Mba Vika, dan Adikku Fajar”

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DAFTAR ISI

JUDUL .................................................................................................................... I ABSTRAK ............................................................................................................ II ABSTRACT .......................................................................................................... III PERSETUJUAN ................................... ERROR! BOOKMARK NOT DEFINED. PENGESAHAN .................................... ERROR! BOOKMARK NOT DEFINED. MOTTO ............................................................................................................... VI HALAMAN PERSEMBAHAN........................................................................ VII DAFTAR ISI ..................................................................................................... VIII DAFTAR GAMBAR ......................................................................................... XII DAFTAR TABEL............................................................................................. XIII BAB I PENDAHULUAN ...................................................................................... 1 A. LATAR BELAKANG ........................................................................................ 1 B. RUMUSAN MASALAH .................................................................................... 5 C. TUJUAN PENELITIAN ..................................................................................... 6 D. MANFAAT PENELITIAN.................................................................................. 6 BAB II TINJAUAN PUSTAKA........................................................................... 8 A. SIGNALING THEORY ........................................................................................ 8 B. NILAI PERUSAHAAN ...................................................................................... 9 commit to user C. KEPUTUSAN PENDANAAN ........................................................................... 10

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D. KEPUTUSAN INVESTASI ............................................................................... 14 E. KEBIJAKAN DIVIDEN ................................................................................... 16 F.

PENELITIAN TERDAHULU ............................................................................ 19

G. KERANGKA PEMIKIRAN............................................................................... 23 H. PENGEMBANGAN HIPOTESIS ....................................................................... 24 1.

Keputusan Pendanaan Terhadap Nilai Perusahaan ................................ 24

2.

Keputusan Investasi Terhadap Nilai Perusahaan ................................... 25

3.

Kebijakan Deviden Terhadap Nilai Perusahaan ..................................... 26

BAB III METODE PENELITIAN .................................................................... 28 A. POPULASI DAN SAMPEL............................................................................... 28 B. DATA DAN METODE PENGUMPULAN DATA................................................. 28 C. VARIABEL PENELITIAN ............................................................................... 29 1.

Variabel Dependen ................................................................................. 29

2.

Variabel Independen............................................................................... 30 a.

Keputusan Pendanaan ......................................................................... 30

b.

Keputusan Investasi ............................................................................ 31

c.

Kebijakan Deviden ............................................................................. 31

D. TEKNIK ANALISIS DATA ............................................................................. 32 1.

Analisis Statistik Deskriptif.................................................................... 32

2.

Uji Asumsi Klasik .................................................................................. 32 a.

Uji Normalitas..................................................................................... 32

b.

Uji Multikolinieritas ........................................................................... 33

c.

commit to user Uji Autokorelasi .................................................................................. 34

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Uji Heteroskedastisitas ....................................................................... 34 Analisis Regresi Berganda ..................................................................... 35

a.

Uji Koefisien Determinasi (R 2).......................................................... 36

b.

Uji Statistik F ...................................................................................... 36

c.

Uji Statistik t ....................................................................................... 36

BAB IV ANALISIS DATA DAN PEMBAHASAN .......................................... 38 A. SAMPEL PENELITIAN DAN STATISTIK DESKRIPTIF ....................................... 38 B. ANALISIS ASUMSI KLASIK .......................................................................... 40 1.

Uji Normalitas Data................................................................................ 40

2.

Uji Multikolinieritas ............................................................................... 41

3.

Uji Autokorelasi ..................................................................................... 42

4.

Uji Heteroskedastisitas ........................................................................... 43

C. PENGUJIAN HIPOTESIS................................................................................. 45 1.

Koefisien Determinasi (R2)..................................................................... 45

2.

Uji Statistik F.......................................................................................... 46

3.

Uji Statistik t ........................................................................................... 47

4.

a.

Hasil Uji Hipotesis Pertama................................................................ 47

b.

Hasil Uji Hipotesis Kedua .................................................................. 48

c.

Hasil Uji Hipotesis Ketiga .................................................................. 49 Regresi Berganda.................................................................................... 50

D. PEMBAHASAN ............................................................................................. 51 BAB V KESIMPULAN DAN SARAN .............................................................. 55 commit to user

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A. KESIMPULAN ............................................................................................... 55 B. KETERBATASAN .......................................................................................... 56 C. SARAN......................................................................................................... 56 DAFTAR PUSTAKA .......................................................................................... 57 LAMPIRAN ......................................................................................................... 60

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DAFTAR GAMBAR

Gambar 2. 1 Kerangka Pemikiran ......................................................................... 23 Gambar 4. 1 Hasil Uji Normalitas......................................................................... 40 Gambar 4. 2 Hasil Uji Heterokedastisitas ............................................................. 44

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DAFTAR TABEL

Tabel 2.1 Penelitian Terdahulu ............................................................................. 19 Tabel 4.1 Pembagian Sampel Berdasarkan Puposive Sampling ........................... 38 Tabel 4.2 Hasil Descriptive Statistics ................................................................... 38 Tabel 4.3 Hasil Uji Kolmogorov-Smirnov............................................................ 41 Tabel 4.4 Hasil Uji Multikolinieritas .................................................................... 42 Tabel 4.5 Hasil Uji Durbin Watson....................................................................... 43 Tabel 4.6 Hasil Uji Koefisien Determinasi ........................................................... 45 Tabel 4.7 Hasil Uji Statistik F ............................................................................... 46 Tabel 4.8 Hasil Uji Statistik t ................................................................................ 47 Tabel 4.9 Hasil Uji Regresi ................................................................................... 50

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