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"[ABSTRAKPenelitian ini menguji pengaruh kebijakan utang, kebijakan dividen dankeputusan investasi terhadap nilai perusahaan. Penelitian menggunakan StructuralEquation Model (SEM) dengan data panel dengan sampel 115 perusahaan yangterdaftar di Bursa Efek Indonesia dengan data tahun 2011-2013. Variabel yangdigunakan untuk mengukur kebijakan utang menggunakan debt to equity ratio(DER), kebijakan dividen menggunakan dividend payout ratio (DPR), keputusaninvestasi menggunakan proksi pertumbuhan/penurunan aset tetap dan nilaiperusahaan menggunakan rasio price to book value (PBV). Hasil penelitian pervariabel menujukan bahwa kebijakan utang berpengaruh terhadap kebijakandividen, keputusan investasi tidak berpengaruh terhadap kebijakan dividen,kebijakan utang berpengaruh terhadap nilai perusahaan, kebijakan dividen dankeputusan investasi tidak berpengaruh terhadap nilai perusahaan. Bila dilihat daripengujian model struktural, kebijakan utang berpengaruh langsung terhadap nilaiperusahaan secara langsung tanpa melalui kebijakan dividen terlebih dahulu. Hasilpenelitian tersebut juga membuktikan bahwa kebijakan dividen dapat berdirisendiri sebagai variabel independen karena keputusan investasi tidak berpengaruhterhadap kebijakan dividen dan terhadap nilai perusahaan

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ABSTRACTThis study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn?t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn?t affect dividend policy and firmvalue.;This study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn?t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn?t affect dividend policy and firmvalue.;This study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn?t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn?t affect dividend policy and firmvalue., This study examines the effect of debt policy, dividend policy and investmentdecision on firm value. This study used structural equation model (SEM) withpanel data, took 115 listed companies in Indonesia Stock Exchange from year2011-2013. This study used variables such as debt to equity ratio (DER) tomeasure debt policy, dividend payout ratio (DPR) to measure dividend policy,proxy of growth/reduction of the fixed assets and price to book value ratio (PBV)to measure firm value. The results of the study addressing that each variable suchas debt policy affects dividend policy, investment decision doesn’t affect dividendpolicy, debt policy affect firm value, dividend policy and investment decision donot affect firm value. Result from the structural testing model, debt policy affectfirm value directly without pass through dividend policy first. The result of thestudy also revealed that dividend policy could stand alone as an independentvariable because investment decision doesn’t affect dividend policy and firmvalue.]"

"This research aims to test the debt policy as a mechanism to reduce agency conflict among majority and minority shareholders. This test aims to answer the problems to what extend dbt can be used as corporate governance mechanism in a sense of reducing agency conflict

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"Tujuan utama dari penelitian ini adalah untuk mengetahui pengaruh dari stuktur kepemilikan saham pada kebijakan utang perusahaan. Penelitian ini menggunakan 32 perusahaan yang terdaftrar di Bursa Efek Indonesia dengan periode penelitian dari tahun 2005-2007. Variabel terikat penelitian yang digunakan adalah rasio utang yang merupakan proksi terhadap kebijakan utang perusahaan sementara itu variabel struktur kepemilikan dan variabel karakteristik perusahaan seperti volatilitas pendapatan (ERNVOL), non-debt tax shields (DEPR), pengeluaran pada aset tidak berwujud (RDAD), pertumbuhan total aset (GROWTH), dan ukuran perusahaan (TA) adalah variabel bebas penelitian. Pengujian dilakukan dengan menggunakan metodologi data panel, dari hasil uji menunjukkan bahwa kebijakan utang perusahaan dipengaruhi oleh struktur kepemilikan institusi (INSTL) dan berperan penting untuk mengurangi terjadinya konflik keagenan. Variabel lain yang menjukkan pengaruh yang signifikan seperti non-debt tax shields (DEPR), pertumbuhan total aset (GROWTH), dan ukuran perusahaan (TA).

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The objective of this study is to identify the impact of ownership structure on corporate debt policy. This study, use 32 companies from Indonesia Stock Exchange from 2005 to 2007 explores the impact of ownership structure (INSTL and MGROWN) and companies haracteristic variables such as earnings volatility (ERNVOL), non-debt tax shields (DEPR), expenditures in intangible assets (RDAD), asset growth (GROWTH), and size of the firm (TA) on debt policy in an integrated framework by using Panel Data equations estimation procedure. The findings show that there are significant impact of institutional ownership which serves effective control mechanism on corporate debt policy as hypothesized and insiders ownership

which serve as effective bonding mechanism. Findings of such evidence suggest that institutional holding and insider ownership thus have played an important role in managers' strategic management decision and reduce agency conflict. Other significant variable such as -debt tax shields (DEPR), asset growth (GROWTH), and size of the firm (TA)."

"Pinjaman daerah sebagai alternatif pembiayaan daerah perlu direncanakan dan dikendalikan secara matang dan komprehensif sehingga dalam pengelolaannya tidak memberatkan keuangan daerah. Namun yang lebih penting dan mesti dijadikan pegangan adalah harus dihindari jumlah pinjaman di luar kemampuan kapasitas keuangan daerah. Oleh karenanya, Pemerintah perlu mengatur secara hati-hati kebijakan pinjaman daerah agar tidak terjadi distorsi dalam implementasinya serta tidak akan bertentangan dengan spirit otonomi daerah itu sendiri. Tujuan penelitian ini adalah evaluasi terhadap formulasi kebijakan pemerintah, khususnya formulasi DSCR pada Peraturan Pemerintah Nomor 54 Tahun 2005 tentang Pinjaman Daerah, untuk dikaji apakah sebagai instrument kebijakan cukup efektif dalam pengukuran kapasitas fiskal daerah. Desain penelitian merupakan penelitian kualitatif dengan mengintegrasikan metode evaluasi, metode studi literatur, dan metode wawancara, dengan model penguraian dalam bentuk analisis deskriptif berdasarkan teori analisis kebijakan mempergunakan model retrospektif (model evaluatif). Teknik pengumpulan data dilakukan dengan teknik studi literatur (data skunder) sebagai sumber data utama dan teknik wawancara (data primer) sebagai data pelengkap. Sehubungan obyek penelitian adalah formulasi kebijakan pemerintah, maka locus penelitian diarahkan pada institusi tingkat penyusun kebijakan, yaitu Departemen Keuangan cq. Ditjen Perbendaharaan dan Ditjen Perimbangan Keuangan di Jakarta. Sedang teknik analisis data dilakukan melalui klasifikasi, kompilasi dan komparasi data APBD tahun 2005 dan 2006, kemudian dilakukan kajian berdasarkan analisis kebijakan retrospektif menyangkut : (a) analisa DSCR dengan komponen PAD, DAU, DBH, Belanja Wajib; dan (b) kapasitas fiskal daerah beserta faktor-faktor pendukungnya. Temuan dalam penelitian ini adalah : (1) adanya ketidaksesuaian (mismacht) komponen pembagi dalam formulasi DSCR serta terlalu kecilnya angka rasio DSCR yang ditetapkan yaitu sebesar > 2,5 menyebabkan kurang efektifnya analisa DSCR dalam pengukuran kapasitas fiskal daerah; dan (2) dilematis permasalahan investasi daerah terkait dengan kebijakan Peningkatan Iklim Investasi dan kebijakan Percepatan Pembangunan Kawasan dan Daerah Tertinggal. Sehubungan hal tersebut, peneliti menyarankan dalam penetapan pinjaman daerah, disamping menggunakan parameter analisa DSCR, perlu mempertimbangkan manfaat langsung proyek dan dampak sosial kepada masyarakat. Disamping itu, dalam upaya penyempurnaan formulasi DSCR, untuk memperoleh refleksi kapasitas daerah yang lebih realistis, khusus menyangkut komponen DAU selain dikurangi biaya wajib (belanja pegawai dan belanja legislatif) juga perlu diperhitungkan dengan belanja rutin (belanja barang, pemeliharaan serta belanja operasional pemerintahan umum lainnya) yang sifatnya termasuk dalam belanja mengikat (committed expenditure). Hal ini mempertimbangkan realita porsi terbesar dana DAU (hampir 70 persen) dialokasikan untuk belanja pegawai/rutin operasional, sehingga sisanya sebesar 30 persen merupakan dana bebas yang dapat dipergunakan untuk pembayaran pinjaman. Diharapkan dengan format baru tersebut hasil perhitungan DSCR akan menjadi lebih akurat dan obyektif. Sedangkan penetapan ambang minimum sebesar 2,5 dipandang cukup moderat sebagai batas ukuran untuk sekaligus mengakomodir dua kepentingan, yaitu : kesempatan yang adil bagi daerah-daerah yang memiliki kapasitas fiskal rendah, dan mengamankan prudent borrowing policy yang telah digariskan pemerintah.

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Local borrowing as alternative for local financing must be planned and controlled thoughtfully and comprehensively in order for its management not putting any burden on local finance. Yet more importantly and the thing to be held on is the avoidance on the amount of borrowing beyond the ability of the local finance capacity. For that reason, the government must regulate carefully policies on local borrowing so there wouldn’t be any distortion in its implementations as well as not contrary to the spirit of the local autonomy itself. The aim of this research is evaluation on government policy formulation, especially DSCR formulation in Government Regulation Number 54 Year 2005 concerning Local Borrowing, in order to be analyzed whether as policy instrument it is effective enough in measuring local fiscal capacity.

The research design is qualitative kind which its integrated evaluation method, literature study method, and interview method, with explanation model using descriptive analysis based on policy analysis theory using retrospective model (evaluative model). Data collecting technique is performed by literature book study technique (secondary data) as the primary data source and interview technique (primary data) as supplementary data source. Since the research object is government policy formulation, therefore the research locus is directed toward policy making institution level that is Ministry of Finance in this case Directorate General of Trasury and Directorate General of Finance Balance in Jakarta. The data analysis technique is performed through classification, compilation, and comparison on local budget data in 2005 and 2006, afterward analysis is performed based on retrospective policy analysis related to : (a) DSCR analysis with the components of PAD, DAU, DBH, Obligatory Expenditures; and (b) local fiskal capacity along with its supplementary factors.

The findings of this research are : (1) the existence of mismatch on the dividing component in DSCR formulation as well as the too small figure of DSCR ratio determined that is > 2,5 resulting in lack of effectiveness on DSCR analysis in measuring local fiskal capacity; and (2) dilemmatic local investment problems related to the policy of Investment Climate Improvement and policy of Acceleration on Left Behind Region and Local Development.

Related to the above thing, the researcher suggest that in determining local borrowing, besides using DSCR analysis parameter, it is also necessary to consider the immediate benefits of the project and its social effects on community. Besides that, in the efforts to perfect DSCR formulation, to obtain more realistic local capacity reflection, especially related to DAU component other than reducing obligatory costs (employee expenditures and legislative expenditures), it is also necessary to calculate the routine expenditures (expenditures on goods, maintenance, and other general government operational expenditures) with its characteristic included in committed expenditures. These by considering the reality that the largest portion of DAU funds (almost 70 percent) is allocated for employee expenditure/operational routines, therefore the remaining of 30 percent is free funds that can be used for borrowing payment. It is expected that with that new format the calculation results of DSCR will be more accurate and objective. As for the determination of minimum threshold of 2,5 it is considered moderate enough as measuring limit in order simultaneously accommodate two interests those are : fair opportunities for local areas with low fiscal capacities, and securing prudent borrowing policy already determined by the government."

"The research tries to know impact insider ownership and Debt Policy to stock return. The research objects are the company that was registered in the Indonesian Stock Exchange in 2005 until 2008 that announce dividend. The sampling method is purposive sampling method an it can find 13 sample companies that announce dividend. Hypothetical testing method is Multistage Regression with the significance level 0,05. The result shows there is no significant impact insider ownership and Debt Policy to Devidend Policy. So Devidend Policy no impact to Stock Return."

"This research examined the influence of managerial ownership, debt policy, ROA and firm size on dividend policy. Actually under dividend policy still have many puzzles. The research model is developed from Chen & Steiner (1999), Moh 'd, Rimbey & Perry (1995), Jensen, Solberg and Zorn (1992), Chrutchley & Hansen (1989), with focusing at 60 samples from manufacturing company. Data are taken from Indonesia Capital Market Directory in 1995-1996. It uses 3 equations, the first is multiple regressions for examining four hypothesis. The results show: managerial ownership is positive and significant to dividend policy, debt policy is negative and significant to dividend policy, ROA is negative and significant to dividend policy, and firm size is positive but is not significant to dividend policy.The second and third are simple regressions for analyzing two grouped of managerial ownership. The results show that the low rate of managerial ownership and the high rate of managerial ownership are positive relation on dividend policy. The results don 'tprove the different oflinier relation between managerial ownership and dividend policy."

"Skripsi ini membahas mengenai hubungan antara agresivitas pajak, proporsi Komisaris Independen, dan kebijakan hutang perusahaan pada perusahaan manufaktur BEI tahun 2008 - 2013 sengan total observasi 640 perusahaan-tahun. Hasil penelitian menunjukkan bahwa terdapat hubungan negatif yang signifikan antara agresivitas pajak dan hutang pada FEM pertama dan kedua. Hasil juga menunjukkan hubungan yang tidak signifikan antara proporsi Komisaris Independen dan hutang perusahaan. Adapun proporsi Komisaris Independen sebagai pemoderasi hubungan negatif antara agresivitas pajak dan hutang memiliki hasil yang beragam di ketiga FEM. Pada proksi pertama dan kedua terdapat moderasi memperlemah hubungan positif dan hubungan negatif secara berurutan, dan tidak ada hubungan yang signifikan pada proksi ketiga.

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The focus of this study is the correlation between corporate tax aggressiveness, proportion of independent commissioners, and corporate debt policy with 640 firm-year observations. The result of this research is there is a negative correlation between tax aggressiveness and debt policy for two of three fixed-effect models used in this hypotheses. For the proportion independent commissioners there is no significant correlation between it and debt policy. The proportion of independent commissioners as moderating variable has various results across three proxies used for tax aggressiveness. The first and second proxy result a weakening of positive and negative correlation from independent commissioner repeatedly, and the third one does not show significant result for the moderating variable."

"Tujuan dari penelitian ini adalah untuk mengetahui pengaruh antara insiders ownership, institutional investors, insiders and institutional dispersion, firm growth, firm size, asset structure, firm profitability dan tax rate terhadap kebijakan hutang. Penelitian ini dilakukan terhadap 21 perusahaan yang terdaftar di Bursa Efek Jakarta pada tahun 2001 hingga 2003.Metode penelitian yang digunakan yaitu metode regresi linier berganda yang menguji apakah variabel - variabel independen mempunyai pengaruh terhadap variabel dependen. Variabel independen yang digunakan yaitu insiders ownership, institutional investors, insiders and institutional dispersion, firm growth, firm size, asset structure, firm profitability dan tax rate, sedangkan variabel dependen yang digunakan adalah kebijakan hutang.Setelah melalui serangkaian pengujian asumsi klasik multikolinieritas, heteroskedastisitas dan autokorelasi, ternyata tidak ditemukan asumsi yang tidak memenuhi pengujian asumsi klasik. Dengan demikian dalam penelitian ini tetap difokuskan pada variabel insiders ownership, institutional investors, insiders and institutional dispersion, firm growth, firm size, asset structure, firm profitability dan tar rate terhadap kebijakan hutang.Setelah melalui pengujian hipotesa dengan uji t-test maka didapatkan bahwa insiders and institutional dispersion, firm size dan asset structure berpengaruh positif dan signifikan terhadap kebijakan utang sedangkan firm profitability berpengaruh negatif dan signifikan terhadap kebijakan utang, insiders ownership dan tax rate berpengaruh positif dan tidak signifikan terhadap kebijakan utang, institutional investors dan firm growth berpengaruh negatif dan tidak signifikan dengan kebijakan utang. Berdasarkan hasil uji keseluruhan variabel independen terhadap variabel dependen (uji-F) menunjukkan adanya pengaruh dan signifikan terhadap kebijakan utang. Hal ini mendukung penelitian sebelumnya yang telah dilakukan oleh Mohd, et al, Titman dan Wessel (1988) dan Jensen, el al. (1992).

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The purpose of this study is to examine the influence of insider ownership, institutional investors, insiders and institutional dispersion, firm growth, firm size, asset structure, firm profitability and tax rate on debt policy. This study was conducted in 21 firms listed in Jakarta Stock Exchange in 2000 - 2003.

Hypothesis testing is used to examine the significance or insignificance of independent variables influence on the dependent variable. The independent variable use in this study are insiders ownership, institutional investors, insiders and institutional dispersion, firm growth, firm size, asset structure, firm profitability and tar rate while the dependent one is debt policy.

Classical assumption test shows that there is no multicollinearity, autocorrelation and heteroscedastisity among those independent variables in the regression model.

Through the t-test hypothesis testing, we have results, which proved that insiders and institutional dispersion, firm size, asset structure have positive and significant influence on debt policy, firm profitability influence debt policy negatively and significantly on debt policy, insiders ownership and tax rate influence debt policy positively and insignificantly on debt policy while institutional investors and firm growth influence debt policy negatively and insignificantly on debt policy. Based on the result testing independent variables on dependent variable (F-test) indicates that there is significant influence on debt policy. This finding support the previous studies held by Mohd, et al. (1998), Titman and Wessel (1988) and Jensen, et al. (1992)."