Pengaruh Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Kebijakan Hutang Dan Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bei)
DOI:
https://doi.org/10.26740/jaj.v4n1.p51-70Keywords:
Institution Ownership, Firm Size, Firm Value, LeverageAbstract
Abstract
This study aims to test empirically: 1)the influence of institutional ownership on corporate value, 2)the effect of firm size on firm value, 3)the influence of institutional ownership on debt policy, 4)the effect of firm size on debt policy. The population in this study is a public company in Indonesia Stock Exchange with manufacturing companies in the sample. Sampling method using purposive sampling. Analytical techniques used in this study using multiple linear regression which include normality test, test classic assumptions and hypothesis testing. The results showed that 1) the institutional ownership has a significant effect confirm value, 2) the size of the company has a significant effect on firm value, 3) institutional ownership have a significant effect on corporate debt policy, 4) firm size had no significant effect on corporate debt policy.
References
Achmad, K., I. Subekti, dan S. Atmini, 2007. Investigasi Motivasi dan Strategi Manajemen Laba pada Perusahaan Publik di Indonesia. Kumpulan Makalah, Simposium Nasional Akuntansi(SNA) X, Makassar, 26-27 Juli, h 1-26.
Barros, Lucas Ayres B. de C. and Alexandre Di Miceli da Silveira. 2007. Overconfidence, Managerial Optimisme and the Determinants of Capital Structure. Available on line at www.ssrn.com
Bao, B. H., and D.H. Bao, 2004.Income Smoothing, Earnings Quality and Firm Valuation.Journal of Business Finance & Accounting 31, No. 9-10, November, pp 1525-1557. https://doi.org/10.1111/j.0306-686x.2004.00583.x
Bjuggren, Per-Olof, Johan E. Eklund, and Daniel Wiberg, 2007. Institutional Owners and Firm Performance: The Impact of Ownership Categories on Investments. Working Paper, Jonkoping International Business School (JIBS), and Centre of Excellence for Science and Innovation Studies (CESIS), Royal Institute of Technology, Stockholm, Sweden, February, pp 1-26.
Boediono, Gideon SB., 2005. Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governance dan Dampak Manajemen Laba dengan Menggunakan Analisis Jalur. Simposium Nasional Akuntansi 8 :Ikatan Akuntan Indonesia.
Bringham, Eugene; Louis C. Gapenski dan Philip R. Daves. 1999. Intermediate Financial Management. New Jersey-USA: Prentice-Hall.
Claessens, S., S. Djankov, and L.H.P. Lang, 2000a. The Separation of Ownership and Control in East Asian Corporation.Journal of Financial Economics 58, pp 81-112 https://doi.org/10.1016/s0304-405x(00)00067-2
------------------------------------------------, and Joseph P.H. Fan 2000b. Expropriation of Minority Shareholders: Evidence from East Asia. Policy Research Working Paper 2088, The Word Bank, http://www.worldbank.org/html/dec/Publications/ Workpapers/wps2000series/wps2088/wps2088.pdf, pp 1-33.
Chen, Carl Steiner,TL.1999. Managerial Ownwrship and Agency Conflict :a Nonlinear Simultaneous Equation Analysis of Managerial Ownership Risk Taking, Debt Policy and Dividen Policy. Financial Review,Vol 34,pp 119-137 https://doi.org/10.1111/j.1540-6288.1999.tb00448.x
Christianti, Ari. 2006. Penentuan Perilaku Kebijakan Struktur Modal Pada Perusahaan Manufaktur Di Bursa Efek Jakarta: Hipotesis Static Trade Off Atau Pecking Order Theory. SNA IX : Ikatan Akuntansi Indonesia
Chu, Ei Yet. 2005. Large shareholder, capital structure and diversification. Evidence from Malaysia manufacturing firms.Available on line at www.ssrn.com
Darmawati, D., 2003. Corporate Governance dan Manajemen Laba: Suatu Studi Empiris. Jurnal Bisnis dan Akuntansi,Vol. 5, No. 1, h 47-68.
Deb Solvan.S and Chaturvedula.. 2002. Ownership Structure and Firm Value: Empirical Study on Corporate governance System of Indian Firms. Avalable on line at www.ssrn.com
Demsetz and B. Villalonga, 2001.Ownership Structure and Corporate Performance.Journal of Corporate Finance 7, Vol. 7, Issue 3, September, pp 209-233. https://doi.org/10.1016/s0929-1199(01)00020-7
Faccio, Mara, and L.H.P Lang, 2002.The Ultimate Ownership of Western European Corporations.Journal of Financial Economics, Vol. 65, pp 365-395. https://doi.org/10.1016/s0304-405x(02)00146-0
Foster, George, 1986. Financial Statement Analysis, Second Edition, Englewood Cliffs, New Jersey: Prentice-Hall, A Division of Simon & Schuster, Inc.
Friend,I and L.H.P. Lang ,1988, An Empirical Test of The Impact of Managerial Selt-Interest on Corporate Capital Structure, The Journal of Finance;43,pp.271-282 https://doi.org/10.2307/2328459
Ghozali, Imam. 2005. Analisis Multivariat dengan Program SPSS.Badan Penerbit Universitas Diponegoro : Semarang
Ghozali, Imam, 2006. Structural Equation Modeling: Metode Alternatif dengan Partial Least Square. Semarang: Badan Penerbit, Universitas Diponegoro.
Gomes, A., G. Gorton, and L. Madureira, 2005.SEC Regulation Fair Disclosure, Information, and the Cost of Capital.Working Paper, http://papers. ssrn.com/sol3/papers.cfm?abstract_id=529162, September, pp 1-57.
Hair, J.F., Rolph E. Andrson, Ronald L. Tatham, and William C. Black, 1998.Multivariate Data Analysis, Fifth Edition. New Jersey: Prentice-Hall Int, Inc.
Herawati, Erna, 2007. Pengaruh Elemen-elemen Mekanisme Good Corporate Governance terhadap Earnings Management dan Kinerja Perusahaan.Disertasi, Program Pascasarjana Universitas Airlangga, Surabaya, pp 1-216.
Haruman, tendi. 2008. Pengaruh Struktur Kepemilikan Terhadap Keputusan Keuangan Dan Nilai Perusahaan Survey pada Perusahaan Manufaktur di PT. Bursa Efek Indonesia. SNA XI :Ikatan Akuntan Indonesia.
Herry dan Hamin, 2005. Tingkat Kepemilikan Manajerial dan Nilai Perusahaan: Bukti Empiris pada Perusahaan Publik di Indonesia, Ikatan Sarjana Ekonomi Indonesia (ISEI) Cabang Surabaya.Simposium Riset Ekonomi II, Surabaya, 23-24 Nopember, h 1-16.
Hsu, Grace C.M., and Ping-Sheng Koh, 2005. Does the Presence of Institutional Investors Influence Accruals Management? Evidence from Australia.Corporate Governance: An International Review, Volume 13, Issue 6, November, pp 809-823. https://doi.org/10.1111/j.1467-8683.2005.00472.x
Jennings, William W., 2002. Further Evidence on Institutional Ownership and Corporate Value. Working Paper, U.S. Air Force Academy, http://papers. ssrn.com/sol3/papers.cfm?abstract_id=555886, pp 1-27.
Jensen, Michael. C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.AEA Papers and Proceedings, May, Vol. 76 No. 2, 323-329. https://doi.org/10.1017/cbo9780511609435.005
Jones, Steward, and Rohit Sharma, 2001.The Impact of Free Cash Flows, Financial Leverage and Accounting Regulation on Earnings Management in Australia ˜Old and ˜New Economics.Managerial Finance, Vol. 27 (12), pp 18-39. https://doi.org/10.1108/03074350110767420
Komalasari, Puput Tri, dan Zaki Baridwan, 2001. Asimetri Informasi dan Cost of Capital. Jurnal Riset Akuntansi Indonesia, Vol. 4., No. 1, Januari, h 64-81.
La Porta, Rafael, F. Lpoez-De-Silanes, and A. Shleifer, 1999. Corporate Ownership Around the Word. Journal of Finance, Vol. 54, No. 2, pp 471-517. https://doi.org/10.1111/0022-1082.00115
Porta, R, L., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R, W 2000. Agency Problems and Dividend Policies Around the World. Journal of Finance, Vol. LV, No. 1, pp 1-33. https://doi.org/10.1111/0022-1082.00199
Midiastuty, P.P. dan M. Machfoedz, 2003. Analisis hubungan Mekanisme Corporate Governance dan Indikasi Manajemen Laba. Kumpulan Makalah, Simposium Nasional Akuntansi (SNA) VI, Surabaya, 16-17 Oktober, h 176-186.
Mitra, Santanu, 2002. The Impact of Institutional Stock Ownership on a Firms Earnings Management Practice: an Empirical Investigation. A Dissertation, Submitted to the Graduate Faculty of the LouisianaStateUniversity and Agricultural and Mechanical College in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in The Department of Accounting, December, pp 1-154.
Mursalim, 2005. Income Smoothing dan Motivasi Investor: Studi Empiris pada Investor di BEJ. Kumpulan Makalah, Simposium Nasional Akuntansi (SNA) VIII, Solo, 15-16 September, h 195-206.
Penman, Stephen H., 2004.Financial Statement Analysis and Security Valuation, 2ndEd., Singapore: McGraw-Hill/Irwin.
Pizarro, V., S. Mahenthiran, D. Cademamartori, and C. Roberto, 2006. The Influence of Insiders and Institutional Owners on the Value, Transparency, and Earnings Quality of Chilean Listed Firms.Editorial Manager (tm) for Contemporary Accounting Research Manuscript Draft, http://ssrn.com/ abstract=982697,pp1-33.
Putra, Teguh.P. 2008. Pengaruh Struktur Aktiva, Growth, Market To Book Ratio, Size, Tangibility, dan Profitability Terhadap Struktur Modal (Kajian Empiris Perusahaan Manufaktur di Indonesia Yang Terdaftar di Bursa Efek Jakarta Periode 2003-2005). Skripsi FE UNS.
Putri, Imanda dan Mohammad Nasir. 2006. Analisis Persamaan Simultan KepemiliKAN Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen Dalam Perspektif Teori Keagenan. SNA 9 : Ikatan Akuntan Indonesia.
Rahcmawati, Andri dan Hanung Triatmoko.2007. Analisis Faktor-Faktor yang Mempengaruhi Kualitas Laba dan Nilai Perusahaan. SNA 10 : Ikatan Akuntan Indonesia
Siallagan, Hamonangan dan Masud Machfoed. 2006. Mekanisme corporate governance, kualitas laba dan nilai perusahaan. SNA IX : Ikatan Akuntan Indonesia.
Scott, William R., 2003. Financial Accounting Theory. Third Edition, Toronto, Ontario: Pearson Education Canada Inc.
Siregar Baldric,2008. Ekspropriasi Pemegang Saham Minoritas Dalam Struktur Kepemilikan Ultimat, SNA 11 : Ikatan Akuntan Indonesia.
Soliha, Euis, dan Taswan, 2002. Pengaruh Kebijakan Hutang terhadap Nilai Perusahaan serta Beberapa Faktor yang Mempengaruhinya.Jurnal Bisnis dan Ekonomi, September, h 1-17.
Subekti, Imam, 2005. Asosiasi antara Praktik Perataan Laba dan Reaksi Pasar Modal di Indonesia.Kumpulan Makalah, Simposium Nasional Akuntansi(SNA) VIII, Solo, 15-16 September, h 223-237.
Sujianto,Agus Eko .2001. analisis Variabel-Variabel yang Mempengaruhi Struktur Keuangan Pada Perusahaan Manufaktur yang Go Publik di Bursa Efek Jakarta. Jurnal Ekonomi dan Bisnis.Vol 2, No 2.
Tarjo dan Jogianto. 2003. Analisa Free Cash Flow Dan Kepemilikan Manajerial Terhadap Kebijakan Utang Pada Perusahaan Publik Di Indonesia. SNA VI : Ikatan Akuntansi Indonesia.
Umar, hussein. 2004. Metode Riset Ilmu Administrasi Negara, Pembangunan dan Niaga. PT. Gamedia Pustaka : Jakarta
Wahyudi dan Perwestri, Hartini.P. 2006. Implikasi struktur Kepemilikan Terhadap Nilai Perusahaan dengan keputusan keuangan sebagai variabel intervening. SNA IX : Ikantan Akuntan Indonesia.
Wasilah, 2005. Hubungan antara Asimetri Informasi dengan Praktek Perataan Penghasilan di Indonesia. Jurnal Akuntansi dan Keuangan Indonesia 2 (1), h1-23. https://doi.org/10.21002/jaki.2005.01
Wardani, Kusuma. 2008. Pengaruh Corporate governance Terhadap Kinerja Perusahaan. Universitas Islam Indonesia. Yogjakarta. www.uii.com.
Wardhani, Ratna. 2006. Mekanisme Corporate governance dalam Perusahaan yang Mengalami Masalah Keuangan. SNA 9 : Ikatan Akuntan Indonesia.
Widyaningdyah, A. U., 2001. Analisis Faktor-Faktor yang berpengaruh terhadap Earnings Management pada Perusahaan Go Public di Indonesia. Jurnal Akuntansi & Keuangan, Nopember Vol. 3, No. 2.
Zhang, Y., Donald R. Deis, P. Huang, and J.S. Moffitt, 2004. Earnings Smoothing Choice, Firm Value and Corporate Monitoring. Working Paper, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=591282, September, p 1-40.
Barros, Lucas Ayres B. de C. and Alexandre Di Miceli da Silveira. 2007. Overconfidence, Managerial Optimisme and the Determinants of Capital Structure. Available on line at www.ssrn.com
Bao, B. H., and D.H. Bao, 2004.Income Smoothing, Earnings Quality and Firm Valuation.Journal of Business Finance & Accounting 31, No. 9-10, November, pp 1525-1557. https://doi.org/10.1111/j.0306-686x.2004.00583.x
Bjuggren, Per-Olof, Johan E. Eklund, and Daniel Wiberg, 2007. Institutional Owners and Firm Performance: The Impact of Ownership Categories on Investments. Working Paper, Jonkoping International Business School (JIBS), and Centre of Excellence for Science and Innovation Studies (CESIS), Royal Institute of Technology, Stockholm, Sweden, February, pp 1-26.
Boediono, Gideon SB., 2005. Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governance dan Dampak Manajemen Laba dengan Menggunakan Analisis Jalur. Simposium Nasional Akuntansi 8 :Ikatan Akuntan Indonesia.
Bringham, Eugene; Louis C. Gapenski dan Philip R. Daves. 1999. Intermediate Financial Management. New Jersey-USA: Prentice-Hall.
Claessens, S., S. Djankov, and L.H.P. Lang, 2000a. The Separation of Ownership and Control in East Asian Corporation.Journal of Financial Economics 58, pp 81-112 https://doi.org/10.1016/s0304-405x(00)00067-2
------------------------------------------------, and Joseph P.H. Fan 2000b. Expropriation of Minority Shareholders: Evidence from East Asia. Policy Research Working Paper 2088, The Word Bank, http://www.worldbank.org/html/dec/Publications/ Workpapers/wps2000series/wps2088/wps2088.pdf, pp 1-33.
Chen, Carl Steiner,TL.1999. Managerial Ownwrship and Agency Conflict :a Nonlinear Simultaneous Equation Analysis of Managerial Ownership Risk Taking, Debt Policy and Dividen Policy. Financial Review,Vol 34,pp 119-137 https://doi.org/10.1111/j.1540-6288.1999.tb00448.x
Christianti, Ari. 2006. Penentuan Perilaku Kebijakan Struktur Modal Pada Perusahaan Manufaktur Di Bursa Efek Jakarta: Hipotesis Static Trade Off Atau Pecking Order Theory. SNA IX : Ikatan Akuntansi Indonesia
Chu, Ei Yet. 2005. Large shareholder, capital structure and diversification. Evidence from Malaysia manufacturing firms.Available on line at www.ssrn.com
Darmawati, D., 2003. Corporate Governance dan Manajemen Laba: Suatu Studi Empiris. Jurnal Bisnis dan Akuntansi,Vol. 5, No. 1, h 47-68.
Deb Solvan.S and Chaturvedula.. 2002. Ownership Structure and Firm Value: Empirical Study on Corporate governance System of Indian Firms. Avalable on line at www.ssrn.com
Demsetz and B. Villalonga, 2001.Ownership Structure and Corporate Performance.Journal of Corporate Finance 7, Vol. 7, Issue 3, September, pp 209-233. https://doi.org/10.1016/s0929-1199(01)00020-7
Faccio, Mara, and L.H.P Lang, 2002.The Ultimate Ownership of Western European Corporations.Journal of Financial Economics, Vol. 65, pp 365-395. https://doi.org/10.1016/s0304-405x(02)00146-0
Foster, George, 1986. Financial Statement Analysis, Second Edition, Englewood Cliffs, New Jersey: Prentice-Hall, A Division of Simon & Schuster, Inc.
Friend,I and L.H.P. Lang ,1988, An Empirical Test of The Impact of Managerial Selt-Interest on Corporate Capital Structure, The Journal of Finance;43,pp.271-282 https://doi.org/10.2307/2328459
Ghozali, Imam. 2005. Analisis Multivariat dengan Program SPSS.Badan Penerbit Universitas Diponegoro : Semarang
Ghozali, Imam, 2006. Structural Equation Modeling: Metode Alternatif dengan Partial Least Square. Semarang: Badan Penerbit, Universitas Diponegoro.
Gomes, A., G. Gorton, and L. Madureira, 2005.SEC Regulation Fair Disclosure, Information, and the Cost of Capital.Working Paper, http://papers. ssrn.com/sol3/papers.cfm?abstract_id=529162, September, pp 1-57.
Hair, J.F., Rolph E. Andrson, Ronald L. Tatham, and William C. Black, 1998.Multivariate Data Analysis, Fifth Edition. New Jersey: Prentice-Hall Int, Inc.
Herawati, Erna, 2007. Pengaruh Elemen-elemen Mekanisme Good Corporate Governance terhadap Earnings Management dan Kinerja Perusahaan.Disertasi, Program Pascasarjana Universitas Airlangga, Surabaya, pp 1-216.
Haruman, tendi. 2008. Pengaruh Struktur Kepemilikan Terhadap Keputusan Keuangan Dan Nilai Perusahaan Survey pada Perusahaan Manufaktur di PT. Bursa Efek Indonesia. SNA XI :Ikatan Akuntan Indonesia.
Herry dan Hamin, 2005. Tingkat Kepemilikan Manajerial dan Nilai Perusahaan: Bukti Empiris pada Perusahaan Publik di Indonesia, Ikatan Sarjana Ekonomi Indonesia (ISEI) Cabang Surabaya.Simposium Riset Ekonomi II, Surabaya, 23-24 Nopember, h 1-16.
Hsu, Grace C.M., and Ping-Sheng Koh, 2005. Does the Presence of Institutional Investors Influence Accruals Management? Evidence from Australia.Corporate Governance: An International Review, Volume 13, Issue 6, November, pp 809-823. https://doi.org/10.1111/j.1467-8683.2005.00472.x
Jennings, William W., 2002. Further Evidence on Institutional Ownership and Corporate Value. Working Paper, U.S. Air Force Academy, http://papers. ssrn.com/sol3/papers.cfm?abstract_id=555886, pp 1-27.
Jensen, Michael. C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.AEA Papers and Proceedings, May, Vol. 76 No. 2, 323-329. https://doi.org/10.1017/cbo9780511609435.005
Jones, Steward, and Rohit Sharma, 2001.The Impact of Free Cash Flows, Financial Leverage and Accounting Regulation on Earnings Management in Australia ˜Old and ˜New Economics.Managerial Finance, Vol. 27 (12), pp 18-39. https://doi.org/10.1108/03074350110767420
Komalasari, Puput Tri, dan Zaki Baridwan, 2001. Asimetri Informasi dan Cost of Capital. Jurnal Riset Akuntansi Indonesia, Vol. 4., No. 1, Januari, h 64-81.
La Porta, Rafael, F. Lpoez-De-Silanes, and A. Shleifer, 1999. Corporate Ownership Around the Word. Journal of Finance, Vol. 54, No. 2, pp 471-517. https://doi.org/10.1111/0022-1082.00115
Porta, R, L., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R, W 2000. Agency Problems and Dividend Policies Around the World. Journal of Finance, Vol. LV, No. 1, pp 1-33. https://doi.org/10.1111/0022-1082.00199
Midiastuty, P.P. dan M. Machfoedz, 2003. Analisis hubungan Mekanisme Corporate Governance dan Indikasi Manajemen Laba. Kumpulan Makalah, Simposium Nasional Akuntansi (SNA) VI, Surabaya, 16-17 Oktober, h 176-186.
Mitra, Santanu, 2002. The Impact of Institutional Stock Ownership on a Firms Earnings Management Practice: an Empirical Investigation. A Dissertation, Submitted to the Graduate Faculty of the LouisianaStateUniversity and Agricultural and Mechanical College in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in The Department of Accounting, December, pp 1-154.
Mursalim, 2005. Income Smoothing dan Motivasi Investor: Studi Empiris pada Investor di BEJ. Kumpulan Makalah, Simposium Nasional Akuntansi (SNA) VIII, Solo, 15-16 September, h 195-206.
Penman, Stephen H., 2004.Financial Statement Analysis and Security Valuation, 2ndEd., Singapore: McGraw-Hill/Irwin.
Pizarro, V., S. Mahenthiran, D. Cademamartori, and C. Roberto, 2006. The Influence of Insiders and Institutional Owners on the Value, Transparency, and Earnings Quality of Chilean Listed Firms.Editorial Manager (tm) for Contemporary Accounting Research Manuscript Draft, http://ssrn.com/ abstract=982697,pp1-33.
Putra, Teguh.P. 2008. Pengaruh Struktur Aktiva, Growth, Market To Book Ratio, Size, Tangibility, dan Profitability Terhadap Struktur Modal (Kajian Empiris Perusahaan Manufaktur di Indonesia Yang Terdaftar di Bursa Efek Jakarta Periode 2003-2005). Skripsi FE UNS.
Putri, Imanda dan Mohammad Nasir. 2006. Analisis Persamaan Simultan KepemiliKAN Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen Dalam Perspektif Teori Keagenan. SNA 9 : Ikatan Akuntan Indonesia.
Rahcmawati, Andri dan Hanung Triatmoko.2007. Analisis Faktor-Faktor yang Mempengaruhi Kualitas Laba dan Nilai Perusahaan. SNA 10 : Ikatan Akuntan Indonesia
Siallagan, Hamonangan dan Masud Machfoed. 2006. Mekanisme corporate governance, kualitas laba dan nilai perusahaan. SNA IX : Ikatan Akuntan Indonesia.
Scott, William R., 2003. Financial Accounting Theory. Third Edition, Toronto, Ontario: Pearson Education Canada Inc.
Siregar Baldric,2008. Ekspropriasi Pemegang Saham Minoritas Dalam Struktur Kepemilikan Ultimat, SNA 11 : Ikatan Akuntan Indonesia.
Soliha, Euis, dan Taswan, 2002. Pengaruh Kebijakan Hutang terhadap Nilai Perusahaan serta Beberapa Faktor yang Mempengaruhinya.Jurnal Bisnis dan Ekonomi, September, h 1-17.
Subekti, Imam, 2005. Asosiasi antara Praktik Perataan Laba dan Reaksi Pasar Modal di Indonesia.Kumpulan Makalah, Simposium Nasional Akuntansi(SNA) VIII, Solo, 15-16 September, h 223-237.
Sujianto,Agus Eko .2001. analisis Variabel-Variabel yang Mempengaruhi Struktur Keuangan Pada Perusahaan Manufaktur yang Go Publik di Bursa Efek Jakarta. Jurnal Ekonomi dan Bisnis.Vol 2, No 2.
Tarjo dan Jogianto. 2003. Analisa Free Cash Flow Dan Kepemilikan Manajerial Terhadap Kebijakan Utang Pada Perusahaan Publik Di Indonesia. SNA VI : Ikatan Akuntansi Indonesia.
Umar, hussein. 2004. Metode Riset Ilmu Administrasi Negara, Pembangunan dan Niaga. PT. Gamedia Pustaka : Jakarta
Wahyudi dan Perwestri, Hartini.P. 2006. Implikasi struktur Kepemilikan Terhadap Nilai Perusahaan dengan keputusan keuangan sebagai variabel intervening. SNA IX : Ikantan Akuntan Indonesia.
Wasilah, 2005. Hubungan antara Asimetri Informasi dengan Praktek Perataan Penghasilan di Indonesia. Jurnal Akuntansi dan Keuangan Indonesia 2 (1), h1-23. https://doi.org/10.21002/jaki.2005.01
Wardani, Kusuma. 2008. Pengaruh Corporate governance Terhadap Kinerja Perusahaan. Universitas Islam Indonesia. Yogjakarta. www.uii.com.
Wardhani, Ratna. 2006. Mekanisme Corporate governance dalam Perusahaan yang Mengalami Masalah Keuangan. SNA 9 : Ikatan Akuntan Indonesia.
Widyaningdyah, A. U., 2001. Analisis Faktor-Faktor yang berpengaruh terhadap Earnings Management pada Perusahaan Go Public di Indonesia. Jurnal Akuntansi & Keuangan, Nopember Vol. 3, No. 2.
Zhang, Y., Donald R. Deis, P. Huang, and J.S. Moffitt, 2004. Earnings Smoothing Choice, Firm Value and Corporate Monitoring. Working Paper, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=591282, September, p 1-40.
Downloads
Published
2012-10-16
How to Cite
Nuraina, E. (2012). Pengaruh Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Kebijakan Hutang Dan Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bei). AKRUAL: Jurnal Akuntansi, 4(1), 51–70. https://doi.org/10.26740/jaj.v4n1.p51-70
Issue
Section
Articles
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
Abstract views: 14452
,
PDF Downloads: 10692
