Analisis Pengaruh Leverage Terhadap Nilai Perusahaan Pada Perusahaan Yang Melakukan Diversifikasi
| Main Authors: | , Deddy Irfandy, , Prof. Dr. Jogiyanto Hartono, MBA. |
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| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2012
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| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/99592/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=55765 |
Daftar Isi:
- The effect of financial leverage to the value of the firm is a relationship which is both interesting and important to be analyzed. Whether a financing from external capital market, which is shown by a high degree of leverage, will increase the value of the firm or on the contrary it will decrease the value of the firm, or is there any other factor which influence the relationship between leverage and the value of the firm, these kind of questions need to have a thorough study so that the stakeholder of the firm can have a reference for decision making to decide what is the optimum ratio of leverage for their firm. The main purpose of this study is to analyzed the effect of financial leverage to the value of the firm, especially on a diversified firms. There are two alternative hypotheses which will be proven in this study, the first hypotheses is leverage having a positive significant effect to the value of the firm, and the second hypotheses is the relationship between leverage and the value of the firm is moderated by firm diversification, so that leverage should give a more positive effect to the value of the firm in a diversified firm rather than in a non-diversified firm. Data in this study are a secondary data which taken from Indonesia Stock Exchange. Samples which being used in the study are taken by a purposive sampling method. To analyzed the effect of financial leverage to the value of the firm and to analyzed whether there is a moderation effect of firm diversification on the relationship between financial leverage and the value of the firm, this study is using univariate and multivariate analysis with one-tail t-test and confidence interval between 95% to 99%. The result of the study is proven that leverage is having a positif significant effect to the value of the firm and also proven that diversification is having a moderation effect to relationship between leverage and the value of the firm. Leverage is proven to have more positive effect to the value of the firm in a diversified firm rather than in a non-diversified firm.