IMPLIKASI STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN: DENGAN KEPUTUSAN KEUANGAN SEBAGAI VARIABEL INTERVENING
Untung Wahyudi
Hartini Prasetyaning Pawestri
Univ Widyagama Malang

Abstract
The objective of this research was to examine the influence of ownership structure on the firm value with financial decision as intervening variable. Sample used in this research was the firms that are not included in the categories of banking industry, institution of credit matters, security, and insurance, for an observation period of 2003 and 2002 as comparison. The sample consists of companies registered on the Jakarta Stock Exchange. Data were collected through purposive sampling, and statistic method used is path analysis. The result of empirical examination using path analysis gives result that (1) Management ownership had influence on invesment decision and financing decision but its had not influence on dividend policy. (2) Institutional ownership had not influence on financing decision and firm value. (3) The financing decision had influence on firm value, but invesment decision and dividend policy had not influence on firm value. (4) Managerial ownership had direct and indirect influence on firm value with financing decision as intervening variable.

Keywords: managerial ownership, institutional ownership, invesment decision, financial decision, dividend policy, firm value.

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