PENGARUH KEBIJAKAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN KINERJA PERUSAHAAN SEBAGAI VARIABEL INTERVENING (Studi pada Perusahaan Manufaktur di Bursa Efek Indonesia)

Abstract

This study aimed to test whether the company’s performance mediated the company policy in influencing the value of the firm. The study took a sample of 116 manufacturing companies listed in Indonesia Stock Exchange period of 2004 until 2006, with purposive sampling method. The theory underlying this research is theory of capital structure (Modigliani and Miller, 1963), and agency theory (Jensen and Meckling, 1976). Results of this research show that financial leverage significant negative effect on company’s performance, and a significant positive influence firm value. Capital expenditure is not significant negative effect on the company’s performance and firm value.  While the manager incentives has a significant positive on company’s performance, but no significant effect on firm value. Specific findings of this research is that the company’s performance mediates the influence of corporate managers incentives to firm value.

Keywords: Financial leverage, capital expenditure, managerial incentive, firm performance, and firm value