PENGARUH ROE, CR, SIZE, DAN KEPEMILIKAN INSTITUSIONAL TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING
Abstract: This research was
conducted to examine the effect of Firm’s Value that valued by Price to Book
Value (Price to Book Value) from Profitability (Return On Equity), Liquidity
(Current Ratio), Size of Firms (Size), and Institutional Ownership (K_INST),
and with Capital Structure (DER) as the mediatior variable.
We use Property and Real Estate firms that listed on Indonesia Stock
Exchange (IDX) through period 2011-2015 and 2012-2016 with signalling theory as
a sample of research and based on purposive sampling, we selected 41 firms as
the sample of this research. We are using path analysis to examine the effect,
and using analytical methods, classical assumptions test that consist of
normality test, multicollinearity test, model fit, and residual covariance
test.
The result shows that simultantly using path analysis, ROE and Size have
affected DER, and contrast with Institutional Ownership and CR which doesnt.
With value of c.r of -3,882 from ROE proven that ROE have negative effect
toward PBV. In the other hand, PBV affected with positive effect from Size with
6,098 points of c.r value. Significant relation occured from DER with 0,018 p
value and -2,357, also CR with 0,020 and -2,329 c.r. Non-significant relation
occured with ROE, Size, and Institutional Ownership with p value of 0,262,
0,966, and 0,709. Also, DER can mediate the relation between ROE through PBV
with p sobel’s value of 0,0439. This research also found that with adjusted r-
square, DER have 14,2% described with the variables, followed by PBV that have
described by ROE, CR, Size, Institutional Ownership, and DER by 10,8%.
Keywords: Price to Book Value
(PBV), Debt to Equity Ratio (DER), Return on Equity (ROE), Current Ratio (CR),
Size of the firm (Size), Institutional Ownership (K_INST)
Penulis: Muhammad Hafiz
Siddik, Mochammad Chabachib
Kode Jurnal: jpmanajemendd170961
