ANALISIS PENGARUH LIKUIDITAS SAHAM TERHADAP NILAI PERUSAHAAN MELALUI KEPUTUSAN MANAJEMEN KEUANGAN (STUDI PADA PERUSAHAAN LQ45 DI BURSA EFEK INDONESIA, PERIODE 2016 - 2018)

Giovanni Edward Margali, Marjam M. Mangantar, Ivonne S. Saerang

Abstract


LQ 45 is one of the indices on the Indonesia Stock Exchange (IDX), where indexes are obtained by calculating with valuations such as liquidity, in the sense. There are compelling reasons to think that market liquidity will affect company performance. Because of the level of selling power of these shares, it plays a central role in corporate governance, approval and performance. This research itself wants to see the effect of direct liquidity on firm value and the indirect effect of liquidity on firm value by moderating financial management decisions regarding investment decisions, dividend policies and purchasing decisions.In this study,the researchers found that stock liquidity directly affected the value of the company, and stock liquidity did not affect financial management decisions (investment decisions, dividend policies and funding decisions) which would later have an indirect effect on firm value.

Keywords : stock liquidity, investment decisions, dividend policy, funding decisions, company value.


Full Text:

PDF

References


Alas, R., Übius, U., Lorents, P., & Matsak, E. (2017). Corporate Social Responsibility In European And Asian Countries. Jurnal Manajemen Bisnis Dan Inovasi (JMBI) UNSRAT Vol. 4 No. 1

Arie, A. dan Rohman, A. (2012). Pengaruh keputusan investasi, keputusan pendanaan dan kebijakan deviden terhadap nilai perusahaan, Journal of Accounting, Vol. 1, No.2, 2012.

Brigham, E.F. dan Houston, J.F. (2011). Dasar-dasar Manjemen Keuangan (Alih Bahasa: Ali Akbar Yulianto). Jakarta, Salemba Empat, 2011.

Eaton W. G. (2015). The Effect of Market Liquidty on the Firm; Does Liquidity Impact Firm Value, Terry College of Business, University of Georgia, USA

Fauzi, A. (2018). Peran Analisis Kredit Terhadap NPL pada PT. X. Jurnal Manajemen Bisnis Dan Inovasi (JMBI) UNSRAT Vol. 5 No. 2

Ghaesani, Y. N. dan Gharsarmaf, R. (2018).Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan, Jurnal Manajemen dan Bisnis Sriwijaya, Vol. 16, No. 3

Ha Thanh Doan dan Vo Xuan Vinh, (2017) Stock market liquidity and firm investment; evidence from Vietnam, Jounal of International Business and Economics, Vol. 5, No. 1.

Jensen, M., C., dan W. Meckling (1976). Theory of the firm: Managerial behavior, agency cost and ownership structure, Journal of Finance Economic

Khapko, M. (2009). The impact of stock market liquidity on corporate finance decisions, Central European University Department of Economic, Budapest Hungary.

Lara, M., Muchdie dan Uzair, A. (2017). Struktur Modal Dan Keputusan Investasi Terhadap Nilai Perusahaan”, Jurnal Ekonomi dan Bisnis, Vol.1, No. 2

Mangantar, M., & Ali, M. (2015). An Analysisof the Influence of Ownership Structure, Investment, Liquidity and Risk to Firm Value; Evidence from Indonesia, American Journal of Economics and Business Administration

Maug, E. (1998). Large shareholders as monitors: is there a trade off between liquidity and control? Journal of Finance Vol. 53, No. 1

Pangestu, D. S., Yunan, S. (2017). Pengaruh keputusan investasi, keputusan pendanaan dan kebijakan dividen terhadap nilai perusahaan pada sektor perkebunan yang terdaftar di Bursa Efek Indonesia periode 2011-2014, Journal of Economics and Business Vol. 1, No. 1

Saputri, Y. A., Sulastri, S., dan Samadi, W. B. (2016). Pengaruh Keputusan Investasi Terhadap Nilai Perusahaan Pada Perusahaan Sektor Manufaktur Sub Sektor Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia, Jurnal Ilmiah Manajemen Bisnis dan Terapan No. 22

Sartini, L. P. N., dan Purbawangsa, B. I. A. (2014) Pengaruh Keputusan Investasi, Kebijakan Dividen, Serta Keputusan Pendanaan Terhadap Nilai Perusahaan Manufaktur Di Bursa Efek Indonesia, Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan

Sartono, A. (2008). Manajemen Keuangan Teori dan Aplikasi, Edisi Empat, BPFE;Yogyakarta

Sondakh, P., Saerang, I., dan Samadi, R. (2019). Pengaruh Struktur Modal (ROA, ROE dan DER) terhadap Nilai Perusahaan (PBV) pada Perusahaan Sektor Properti yang Terdaftar di BEI (Periode 2013-2016). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntasi

Suroto (2015). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Periode Februari 2010-Januari 2015), Jurnal Ilmiah UNTAG Semarang, Vol. 4, No. 3

Saerang, D. P. E., Tulung, J. E., & Ogi, I. W. J. (2018). The influence of executives’ characteristics on bank performance: The case of emerging market. Journal of Governance & Regulation, 7(4), 13-18.

Suman, B., Gatchev, V., dan Spind, P. A (2007). Stock Market Liquidity and Firm Dividend Policy, Journal of Financial and Quantiative Analysis

Tulung, J. E., & Ramdani, D. (2018). Independence, size and performance of the board: An emerging market research. Corporate Ownership & Control, 15(2-1), 201-208.

Tulung, J. E., Saerang, I. S., & Pandia, S. (2018). The influence of corporate governance on the intellectual

capital disclosure: a study on Indonesian private banks. Banks and Bank Systems, 13(4), 61-72.




DOI: https://doi.org/10.35794/jmbi.v7i2.30252

Refbacks

  • There are currently no refbacks.


View My Stats

 

 Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.