THE INFLUENCE OF OWNERSHIP STRUCTURE AND EXTERNAL FACTOR ON INTERNAL FACTOR, CAPITAL STRUCTURE, DIVIDEND POLICY, AND VALUE OF THE FIRM (A STUDY OF MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE)

Eddy , Poernomo (2012) THE INFLUENCE OF OWNERSHIP STRUCTURE AND EXTERNAL FACTOR ON INTERNAL FACTOR, CAPITAL STRUCTURE, DIVIDEND POLICY, AND VALUE OF THE FIRM (A STUDY OF MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE). TCMC Research Journal, 6.

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Abstract

This research tests and analyzes (1) the influence of ownership structure on capital structure, (2) the influence of ownership structure on dividend policy, (3) the influence of ownership structure on value of the firm, (4) the influence of external factor on internal factor, (5) the influence of external factor on capital structure, (6) the influence of external factor on value of the firm, (7) the influence of internal factor on capital structure, (8) the influence of internal factor on dividend policy, (9) the influence of internal factor on value of the firm, (10) the influence of capital structure on dividend policy, (11) the influence of dividend policy on capital structure, (12) the influence of capital structure on value of the firm , and (13) the influence of dividend policy on value of the firm. < The population of this study consists of manufacturing companies listed in Indonesia Stock Exchange, from which 37 companies were drawn as sample.. The data used were from 2002 to 2005. Descriptive and inferential statistics were applied, combined with Structural Equation Modeling (SEM). The results show that : (1) ownership structure has no significant effect on capital structure, (2) ownership structure has no significant effect on dividend policy, (3) ownership structure has no significant effect on value of the firm, (4) external factor has positive significant effect on internal factor, (5) external factor has no significant effect on capital structure, (6) external factor has no significant effect on value of the firm, (7) internal factor has negative significant effect on capital structure, (8) internal factor has no significant effect on dividend policy, (9) internal factor has positive significant effect on value of the firm, (10) capita! structure has negative significant effect on dividend policy, (11) dividend policy has no significant effect on capital structure, (12) capital structure has positive significant effect on value of the firm, and (13) dividend policy has negative s:gnificant effect on value of the firm. This research lends support to financing decision theory, trade-off model capital structure theory, and pecking order theory; while the - suit did not support agency theory and dividend policy theory.

Item Type: Article
Subjects: H Social Sciences > HG Finance > HG4001 Finance management. Business Finance. Corporation finance
Divisions: UNSPECIFIED
Depositing User: Fatchullah ZA
Date Deposited: 03 Nov 2017 16:17
Last Modified: 03 Nov 2017 16:17
URI: http://eprints.upnjatim.ac.id/id/eprint/7254

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