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All Journal Jurnal Manajemen dan Agribisnis Forum Pasca Sarjana SOCA: Jurnal Sosial Ekonomi Pertanian Jurnal Ilmu-Ilmu Peternakan (Indonesian Journal of Animal Science) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Aplikasi Statistika & Komputasi Statistik Jurnal Jalan Jembatan
Bonar M. Sinaga
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Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Mathematics Other

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Journal : Jurnal Manajemen dan Agribisnis

 1 
LIBERALISASI KEUANGAN DAN PENGARUHNYA TERHADAP NILAI Q-TOBIN SEKTOR INDUSTRI DASAR DAN KIMIA DAN PERBANKAN Trias Andati; Hermanto Siregar; Bonar M. Sinaga; Noer Azam Achsani
Jurnal Manajemen & Agribisnis Vol. 9 No. 1 (2012): Vol. 9 No. 1 Maret 2012
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (612.028 KB) | DOI: 10.17358/jma.9.1.13-22

Abstract

This research attempts to analyze the effect of financial liberalization to Q-Tobin ratio of Basic and Chemical industry and Banking sectors. Using annual data of 52 listed company’s financial report from 2002 to 2009, the results show that the financial liberalization variables i.e. Foreign Direct Investment (FDI) and Investment Portfolio has negative effect on Q-Tobin of Basic and Chemical Industry and Banking sectors. The increase of the financial deepening variables has positive effect on Q-Tobin of Basic and Chemical Industry and Banking sectors. SBI (Sertifikat Bank Indonesia) and Money Supply has negative impact on Q-Tobin, while loan interest rates has positive impact on both sectors. The average of net fixed asset investment of two sectors has the same pattern of Q-Tobin values, and increased from 2002 to 2009, while at the year of 2008, Q-Tobin of all sectors experienced decreasing due to financial crisis. Furthermore, there should be a corporate financial performance indicator such as leverage ratio, to prevent short term investment of FDI. Capital Market’s regulation, should be considerate a sectoral policy in portfolio investment, to prevent from financial global crisis. Corporation of two sectors could give more attention on capital structure while analyzing the company’s investment decision.Keywords: Q-Tobin Ratio, Financial Liberalization, Investment, Panel Data
Co-Authors A. Rodgers ADOLF B. HEATUBUN ANTON HENDRANATA Arief Daryanto Assrianti Atien Priyanti Bayu Bandono Elwamendri Erliza Noor Evi Lisna Femi Hadidjah Elly Harianto . Heny K. S. Daryanto Hermanto Siregar Ketut Kariyasa M.O. ADNYANA Mangara Tambunan Max Antameng MOCH RUM ALIM Mohammad Junaedi Muhammad Arief Dirgantoro Nunung Kusnadi Nyak Ilham RASIDIN K. SITEPU Rasidin Karo-Karo Sitepu Ria Kusumaningrum Rina Oktaviani Safrida . Sjafri Mangkuprawira Slamet Muljono Sri Hartoyo SRI HERY SUSILOWATI Sri Utami Kuntjoro SUMARYANTO - Suseno Budidarsono Trias Andati Trias Andati Ujang Sehabudin, Ujang Usman - Yusman Syaukat