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All Journal Jurnal Fakultas Ekonomi : OPTIMAL INQUISITIVE: International Journal of Eonomic
Safitri Siswono
University Of Pancasila
Economics, Econometrics & Finance Education

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Hutang Optimal dan Nilai Perusahaan di Indonesia: Studi Pada Perusahaan yang Listing di BEI Aulia Keiko Hubbansyah; Lailah Fujianti; Safitri Siswono
Optimal: Jurnal Ekonomi dan Kewirausahaan Vol 15 No 2 (2021): Optimal: Jurnal Ekonomi dan Kewirausahaan
Publisher : Fakultas Ekonomi Universitas Islam 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33558/optimal.v15i2.3000

Abstract

This study aims to identify the optimal portion of debt in the capital structure that maximizes the firm value. Using the panel threshold estimation approach and company data listed on the Indonesia Stock Exchange for 2012-2019, this study provides strong empirical evidence that there is a non-linear relationship between debt and firm value. In this case, it is found that the optimal portion of debt for companies in Indonesia ranges from 48 - 54 percent relative to its equity. As shown this level of debt is empirically proven to have the greatest positive impact on increasing the firm value. But, when the portion of debt that exceeds 54 percent, it has no impact on the firm value. Meaning that the impact of additional debt on firm value will be insignificant, and only increase the level of the debt. Keywords: Firm value, firm debt, dividend, managerial ownership
THE EFFECT OF MANAGERIAL OWNERSHIP, DIVIDEND POLICY AND DEBT ON FIRM VALUE: THE INDONESIA STOCK EXCHANGE CASES Lailah Fujianti; Aulia Keiko Hubbansyah; Safitri Siswono; Lazarus Sinaga
INQUISITIVE : International Journal of Economic Vol 1 No 1 (2020): December
Publisher : FEB-UP Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35814/inquisitive.v1i1.1860

Abstract

This study aims to analyze the impact of managerial ownership, dividend policy and debt on firm value. Using a sample of 15 companies with an observation period of 8 years (2011-2018), this study finds that managerial ownership and debt policy have a negative effect on firm value. Meanwhile, dividend policy has a positive effect on firm value. This study stresses that the objective of the managerial ownership program to reduce the potential for agency conflicts and increase firm value has not been optimal. This, based on the findings in this study, is caused by the relatively small portion of managerial ownership in the sample companies, which is only about 5 percent of the total share ownership.
Co-Authors Hubbansyah, Aulia Keiko Lailah Fujianti LAILAH FUJIANTI Lazarus Sinaga