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PENGARUH STRUKTUR KEPEMILIKAN, KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN: PROFITABILITAS SEBAGAI VARIABEL MODERATING
This research is aimed to determine the influence of ownership structure and financial decision to the firm value with the profitability as the moderating variable. The population is all automotive companies and components which are listed in Indonesia Stock Exchange (IDX) in 2011-2015 periods. The sample collection technique has been conducted by using purposive sampling, therefore, 30 automotive companies and components which are listed in Indonesia Stock Exchange (IDX) have been obtained as samples. The data analysis technique of this research has beencarried out by using multiplelinear regression analysis and the SPSS20. Based on the result of hypothesis test, it shows that managerial ownership (MOWN) give negative and significant influence to the firm value (PBV), meanwhile Institutional Ownership (INST), Debt to Equity Ratio (DER), Dividend Payout Ratio (DPR) do not give any significant influence to the firm value (PBV). Managerial Ownership structure (MOWN), Institutional Ownership (INTS), Debt to Equity Ratio (DER) which are moderated by the Return on Asset (ROA) give significant influence to the firm value (PBV) and Return on Asset (ROA) cannot moderate the Dividend Payout Ratio (DPR).
Keywords: Ownership structure, financial decision, firm value
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