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The Influence of Ownership Structure, Corporate Governance, Investment Decision, Financial Decision and Dividend Policy on the Value of the Firm Manufacturing Companies Listed on The Indonesian Stock Exchange


Muhammad Nasrum


School of Management YAPIM Maros Indonesia

June 27, 2013

Journal Managerial Volume 1 Number 1

Abstract:     
The study aims to determine the significance of the effect of ownership structure, corporate governance, investment decisions, financial decisions and dividend policy on the value of the firm. The data used in this study are secondary data, the stock ownership structure data, the number of audit committee, the board of directors, the proportion of independent commissioners, the number and price of shares and the annual financial statement data of manufacturing companies listed on Stock Exchanges of Indonesia. The primary data were obtained through questionnaires distribution. The population are all listed manufacturing companies in Indonesian stock exchange and forty samples were selected by means of simple random sampling technique for the period of 9 years (2000-2009). The analysis procedure was path analysis consisting of four sub-structure.

The study indicates that the ownership structure and corporate governance have a positive influence on investment decisions. On the contrary, both have a negative effect on the financial decisions. Meanwhile, the investment decisions have a positive influence on financial decisions. Both ownership structure and corporate governance have a positive influence on dividend policy, while making investment and financial decisions would negatively affect the dividend policy. Ownership structure, corporate governance, investment decision, financing decision, and dividend policy have a positive influence on the value of the firm.

Number of Pages in PDF File: 12

Keywords: Ownership Structure, Corporate Governance, Financial Decisions and Corporate Values

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Date posted: July 3, 2013 ; Last revised: July 13, 2013

Suggested Citation

Nasrum, Muhammad, The Influence of Ownership Structure, Corporate Governance, Investment Decision, Financial Decision and Dividend Policy on the Value of the Firm Manufacturing Companies Listed on The Indonesian Stock Exchange (June 27, 2013). Journal Managerial Volume 1 Number 1. Available at SSRN: http://ssrn.com/abstract=2286074

Contact Information

Muhammad Nasrum (Contact Author)
School of Management YAPIM Maros Indonesia ( email )
Indonesia
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