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"Penelitian ini bertujuan untuk menguji pengaruh price earnings ratio dan Tobin rsquo;s Q terhadap keputusan investasi pada perusahaan terbuka di Bursa Efek Indonesia. Penelitian ini dilakukan pada perusahaan terbuka non keuangan di Indonesia periode 2007-2016. Data penelitian didapat dari Thomson Reuters Datastream yang terdiri dari 198 perusahaan sebagai sampel penelitian. Hasil penelitian ini menunjukkan bahwa Tobin rsquo;s Q memiliki pengaruh yang positif dan signi kan terhadap keputusan investasi pada perusahaan terbuka di Indonesia. Di sisi lain, Price Earnings Ratio PER menunjukkan hasil yang tidak signi kan terhadap keputusan investasi pada perusahaan terbuka di Indonesia. Selain itu, penelitian ini juga melakukan pengujian pengaruh PER dan Tobin rsquo;s Q terhadap keputusan investasi di masing-masing sektor pada pasar modal Indonesia. Pengujian tersebut menyajikan hasil yang sama dengan pengujian pada seluruh perusahaan terbuka non keuangan di Indonesia.

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This study aims to examine the effect of price earnings ratio PER and Tobin rsquo s Q on investment decisions listed rms in Indonesia Stock Exchange IDX . This research was conducted on non nancial listed rms in Indonesia within period 2007 2016. The data was obtained from Thomson Reuters Datastream consisting of 198 rms as research samples. The result of this study indicate that Tobin rsquo s Q has a positive and signi cant in uence on investment decisions in listed rms in Indonesia. On the other hand, Price Earnings Ratio PER shows insigni cant results on investment decisions in open companies in Indonesia. In addition, this study also examined the effect of PER and Tobin rsquo s Q on investment decisions in each sector of the Indonesian capital market. This additional study also presents the same results as previous research."

"Dalam keputusan investasi, penilaian terhadap nilai suatu saham merupakan hal yang sangat menentukan keberhasilan investasi tersebut. Penelitian - penelitian mengenai penilaian harga saham di Indonesia sebelumnya cenderung menunjukkan bahwa harga saham tidak sama dengan nilai intrinsik atau nilai fundamental perusahaan tersebut. Dalam karya akhir ini akan dibahas mengenai penilaian harga saham suatu perusahaan yang bergerak di industri ritel. PT. Mitra Adi Perkasa, Tbk adalah perusahaan ritel yang memiliki beberapa unit usaha yang terbagi dalam dua segmen utama yaitu department store dan specialty store. MAP merupakan pengelola dan pemilik beberapa lisensi merek - merek terkenal dunia seperti SOGO, SEIBU, Starbucks Coffee, Burger King, ZARA, Cold Stone Creamery, Kinokuniya Book Store, Giorgio Armani, Emporio Armani, Marks & Spencer dan lain - lain. Disamping itu perusahaan juga merupakan distributor dan produsen untuk beberapa produk/ merek pakaian dan alat olah raga ternama dunia seperti Reebok, Spalding, Lotto, Mizuno, Airwalk, Rockport, Golf House dan lain - lain. Sepanjang tahun 2007 harga saham MAP mengalami penurunan sebesar 23% dari Rp. 910 per lembar sahamnya pada awal tahun 2007 menjadi Rp. 700 per lembar saham pada akhir tahun tanggal 28 Desember 2007. Padahal kinerja perusahaan mengalami peningkatan yang cukup signifikan dimana total penjualan meningkat sebesar 16,6% pada tahun 2007 mencapai Rp. 3,8 triliun dimana sebelumnya Rp. 3,3 triliun pada tahun 2006. Laba operasi pada tahun 2007 juga mengalami peningkatan yang cukup tinggi yaitu sebesar 31,3% atau mencapai Rp. 257 miliar dimana sebelumnya Rp. 195 miliar. Laba bersih pada tahun 2007 meningkat sebesar 5,5% mencapai Rp. 115 miliar dimana sebelumnya Rp. 109 miliar. Pada tahun 2007 perusahaan juga menerima penghargaan dari dua majalah investasi dan keuangan ternama Asia yaitu Finance Asia dan Asia Magazine sebagai The Best Managed Company (Small Cap Sector). Hal ini cukup menarik perhatian penulis untuk mengetahui apakah saham MAP ini sudah dinilai pada nilai wajarnya. Penelitian karya akhir ini akan menggunakan pendekatan top down analysis yang diawali dengan melakukan analisis terhadap faktor eksternal perusahaan yaitu ekonomi makro yang terdiri dari faktor pertumbuhan ekonomi, faktor inflasi, nilai tukar, dan suku bunga. Kemudian penelitian ini dilanjutkan dengan melakukan analisis pada industri ritel di Indonesia. Selain itu analisis juga dilakukan terhadap faktor internal perusahaan yaitu strategi perusahaan dan keunggulan kompetitif yang dimiliki oleh perusahaan. Berdasarkan analisis yang dilakukan tersebut dapat disusun asumsi - asumsi pada proyeksi keuangan perusahaan dalam beberapa tahun mendatang untuk mendapatkan nilai intrinsik saham yang akan dilakukan dengan menggunakan metode Economic Value Added dan dua model pembanding lainnya yaitu metode Dividend Discount Model dan Earning Based Model atau yang disebut juga dengan Residual Income Model. Hasil penelitian dengan menggunakan tiga metode tersebut dilakukan dengan menggunakan analisis skenario yaitu skenario most likely, skenario pessimistic, dan skenario optimistic. Dari hasil perhitungan dengan metode Economic Value Added diperoleh nilai intrinsik saham perusahan sebesar Rp. 3.920,42 per lembar saham. Sementara itu dari hasil perhitungan dengan metode Dividend Discount Model diperoleh nilai intrinsik perusahaan sebesar Rp. 997,60 per lembar saham. Sedangkan dengan metode Earning Based Model/ Residual Income Model diperoleh nilai intrinsik sebesar Rp. 3.002,02 per lembar saham. Berdasarkan hasil perhitungan ketiga metode tersebut dapat disimpulkan bahwa nilai saham adalah undervalued karena nilai intrinsiknya lebih besar dari nilai pasarnya yang sebesar Rp. 700 per lembar sahamnya. Oleh karenanya berdasarkan hasil penelitian ini dapat disimpulkan bahwa saham PT. Mitra Adi Perkasa, Tbk layak untuk dibeli terutama bagi investor yang memiliki tujuan jangka panjang.

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In the investment decision, valuation of the intrinsic value of the share is one of the most important determinants for the investment success. Previous researches regarding to the intrinsic value of share in Indonesia show that market price of a share tend to be not the same as the intrinsic value or the fundamental value of the company. This research will explain about the valuation of a company who engaged in retail industry. PT. Mitra Adi Perkasa, Tbk (MAP) is a retail company who owns several business line which comprises to two major segments namely department store and specialty store. MAP manage and owns several worldwide brand and license such as SOGO, SEIBU, Strabucks Coffee, Burger King, ZARA, Cold Stone Creamery, Kinokuniya Book Store, Giorgio Armani, Emporio Armani, Mark & Spencers and etc. The company also engaged as distributor and manufacturer of several apparel products and sports gear such as Reebok, Spalding, Lotto, mizuno, Airwalk, Rockport, Golf House and etc. During 2007 MAP`s stock price decreased 23% from Rp. 910 per share in the beginning of 2007 became Rp. 700 per share on December 28th 2007. In contrast, financial performance of the company increased significantly where the total sales increased 16,6% in 2007 to reach Rp. 3,8 trillion from previous Rp. 3,3 trillion in 2006. The operating income increased spectacularly 31,3% to reach Rp. 257 billion from previous Rp. 195 billion in 2006. The net income of the company increased 5,5% to reach Rp. 115 billion from previous Rp. 109 billion in 2006. In 2007 the company was awarded as best managed company at small cap sector by two famous Investment & finance Asian Magazines namely Finance Asia and Asia Magazine. Hence, it is interesting to know whether MAP`s stock or share price has been valued fairly or not. This research will use top down analysis approach which started with analysis of company`s external factors such macro economics consist of economic growth, inflation rate, exchange rate, and interest rate. The research continues with analysis of Indonesia`s retail industry. Beside external factor, there will be also the internal factor analysis such as company`s strategy and company`s competitive advantage. Based on the analysis which have been done several assumption can be made to make company`s financial projection for several coming years to calculate the intrinsic value of the company which will be done with Economic Value Added approach and two other methods : Dividend Discount Model and Earning Based Model/ residual Income model. The result of the research using this three methods is done by using the scenario analysis namely most likely scenario, pessimistic scenario and optimistic scenario. From the calculation using economic value added method it is showed that MAP has intrinsic value as much as Rp. 3,920.42 per share. Using the dividend discount model showed that MAP has intrinsic value amounting to Rp. 997.60 per share. While using the earning based model/ residual income model it is showed that MAP has intrinsic value amounting to Rp. 3,002.20 per share. Based on the calculation using that three methodology, can be summarized that the stock/ share price of the company is undervalued. Because of that the share of PT. Mitra Adi Perkasa, Tbk is feasible to buy especially for long term perspective investor."

"[ABSTRAKPenelitian ini dilakukan untuk melihat pengaruh penggunaan kefasihan pengucapan nama perusahaan sebagai dasar pengambilan keputusan investasi terhadap nilai pasar perusahaan dengan menggunakan sampel perusahaan terbuka yang terdaftar di Bursa Efek Indonesia pada periode 2009 ? 2013. Variabel yang digunakan dalam penelitian ini adalah nilai pasar perusahaan yang diwakili oleh rasio Tobin?s Q sebagai variabel dependen, nilai kefasihan pengucapan nama perusahaan sebagai variabel independen yang diteliti dan karakteristik perusahaan sebagai variabel kontrol. Nilai kefasihan pengucapan nama perusahaan diukur dengan menjumlahkan nilai panjang nama perusahaan, nilai keberadaan penggalan suku kata dalam bahasa Indonesia pada nama perusahaan dan nilai keberdaan penggalan suku kata yang memiliki arti secara harfiah yang dibuktikan dengan lolos dictionary check terhadap Kamus Besar Bahasa Indonesia. Dari hasil pengujian hipotesis dengan regresi linier berganda (GLS) terbukti bahwa penggunaan kefasihan pengucapan nama perusahaan sebagai dasar pengambilan keputusan investasi mempunyai pengaruh positif yang signifikan terhadap nilai pasar perusahaan.

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ABSTRACTThis research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 ? 2013 as the sample. The variables are market value of the firm that represented by Tobin?s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm.;This research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 ? 2013 as the sample. The variables are market value of the firm that represented by Tobin?s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm.;This research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 ? 2013 as the sample. The variables are market value of the firm that represented by Tobin?s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm., This research is conducted to know about the effect of company name fluency utilization as investment decision reference and market value of the firm using public companies that listed in Indonesia Stock Exchange over the period 2009 – 2013 as the sample. The variables are market value of the firm that represented by Tobin’s Q ratio as dependent variable, company name fluency score as independent variable and company characteristics as control variables. Company name fluency score is the sum of the score of company name length, the score of the presence of wording in bahasa and the score of the presence of meaningfull word that being proved by dictionary check to Kamus Besar Bahasa Indonesia. From the hypothesis tested using multiple linier regretions (GLS), it confirms that the utilization of company name fluency as investment decision reference has significant positive influence to market value of the firm.]"

"[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.]"

"Dalam pengelolaan keuangan, direksi pada BUMN di Indonesia bersinergi dengan Kementerian BUMN untuk mengambil keputusan investasi. Salah satu jenis investasi yang paling umum di BUMN adalah pembelian saham perusahaan swasta. Melalui pembelian saham, BUMN dapat memperluas lini bisnisnya dan memproyeksikan keuntungan yang lebih besar. Namun seringkali ditemukan bahwa keputusan pembelian saham perusahaan swasta dilakukan oleh BUMN karena adanya benturan kepentingan. Tulisan ini bertujuan untuk mengetahui tingkat keterlibatan benturan kepentingan dalam keputusan BUMN di Indonesia untuk berinvestasi dalam pembelian saham perusahaan swasta. Untuk mencapai tujuan penelitian, penulis menggunakan pendekatan kualitatif dengan studi kasus eksplanatori karena keterbatasan data. Analisis tersebut menguji sampel 14 keputusan investasi BUMN Indonesia saat berinvestasi dalam pembelian saham di perusahaan swasta selama periode 2010-2022. Temuan menunjukkan adanya dugaan benturan kepentingan dalam beberapa keputusan investasi saham yang dilakukan oleh BUMN di Indonesia. Benturan kepentingan ini dapat terjadi karena adanya hubungan kekeluargaan dengan pengurus perusahaan swasta. Selain itu, ada juga hubungan partai politik antara pihak-pihak yang terlibat. Temuan ini dapat membantu beberapa pihak, termasuk BUMN dan Kementerian BUMN untuk lebih memahami batasan investasi yang dapat dilakukan. Dalam jangka panjang, Kementerian BUMN dalam tugasnya sebagai pengawas BUMN dapat memiliki early warning system untuk menilai layak tidaknya investasi yang dilakukan.

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In financial management, the Director of State-Owned Enterprise (SOEs) in Indonesia synergizes with the Ministry of SOE to make investment decisions. One of the most common types of investment in SOEs is the purchase of shares in private companies. However, it is often found that the decision to purchase private company shares is made by SOEs due to a conflict of interest. This paper aims to determine the level of involvement of conflicts of interest in the decisions of SOEs in Indonesia to invest in the purchase of shares of private companies. To achieve the research objectives, the authors used a qualitative approach with an explanatory case study due to data limitations. The analysis tested a sample of 14 Indonesian SOEs investment decisions when investing in the purchase of shares in private companies during the 2010-2022 period. This conflict of interest can occur because of a family relationship with the management of private companies. Also there is also a political party relationship between the parties involved. These findings can help several parties, including SOE and the Ministry of SOE to better understand the limits of investment that can be made. In the long term, the Ministry of SOE can have an early warning system to assess whether the investments made are appropriate or not."

"AbstractThis study observes the speculative element in the price determination and its mean reverting pattern. The existence of speculative element in the Indonesian stock market price determination was proven. Exponential Generalized Auto Regressive Conditional Heteroscedasticity (EGARCH) method indicates the non-stationary process of the residuals. There are systematic as well as unsystematic component embedded in the speculative behavior. Vector Error Correction Model (VECM) concludes that prices contain volatilities in the short run, but, it will revert to the mean in the long run. Investors? behavior are neutral toward expected gain vis a vis losses in a stock trading ."

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Pertumbuhan jumlah investor di pasar modal syariah di Indonesia terus meningkat dari tahun 2015 sampai 2019, khususnya investor di saham syariah. Membuat keputusan investasi didasari oleh keadaan setiap investor, baik rasional maupun irasional aspek. Investor syariah dihadapkan terhadap rasionalitas dan moralitas ketika melakukan investasi pada saham syariah. Penelitian ini bertujuan mencari faktor-faktor yang memengaruhi investment decision investor saham syariah di Indonesia. Penelitian menggunakan kuesioner online dari google formulir untuk pengumpulan data, sehingga didapatkan 108 responden yang mengisi kuesioner. Analisis yang digunakan dalam penelitian ini adalah Partial Least Square (PLS)-SEM dengan bantuan perangkat lunak SmartPLS versi 3.2.8. Hasil dari penelitian ini menunjukan faktor financial literacy, personal value, dan risk aversion memiliki pengaruh positif terhadap investment decision. Sedangkan information asymmetry tidak memiliki pengaruh terhadap investment decision. Hasil lain yang didapatkan dari penelitian ini adalah financial literacy, personal value, information asymmetry tidak memiliki pengaruh terhadap risk aversion.

 

 

 

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The development of the number of investor in Islamic Capital Market in Indonesia has increased from 2015 to 2019, especially investors on Islamic stock. Investment decision making is based on the condition of every investor, both rational and irrational aspect. Islamic investor faced with rationality and morality when investing in Islamic stock. This research aims to look for factors that influence investment decisions Islamic stock investors in Indonesia. This research using online questionnaire from Google. The analysis used in this research is Partial Least Square (PLS) SEM with tools SmartPLS version 3.2.8. The results of this research show the factor financial literacy, personal values, and risk aversion influence on investment decision, whereas information asymmetry has no influence on investment decision. Other results from this research are financial literacy, information asymmetry and personal value has no influence on risk aversion.

 

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"Penelitian ini mengkaji pengaruh investment decision (PER) para investor dan profitability (ROE) terhadap firm value (TOBINSQ) di pasar modal Indonesia selama periode 2018-2021. Menggunakan data panel fixed effect standard robust dan metode purposive sampling pada perusahaan yang terdaftar di Bursa Efek Indonesia, penelitian ini menemukan bahwa keputusan investasi berpengaruh signifikan dan positif terhadap nilai perusahaan. Selanjutnya, profitabilitas berperan sebagai variabel moderasi yang memperkuat hubungan antara keputusan investasi dan nilai perusahaan. Dengan meningkatnya profitabilitas, efek positif dari keputusan investasi pada nilai perusahaan semakin kuat. Hasil ini menunjukkan pentingnya profitabilitas dalam membentuk persepsi investor tentang nilai perusahaan.

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This study examines the influence of investor's investment decision (PER) and profitability (ROE) on firm value (TOBINSQ) in the Indonesian capital market during the 2018-2021 period. Using a robust standard fixed-effect panel data and purposive sampling method on companies listed on the Indonesia Stock Exchange, this study finds that investment decisions significantly and positively influence the firm value. Furthermore, profitability acts as a moderating variable that strengthens the relationship between investment decisions and firm value. As profitability increases, the positive effect of investment decisions on firm value becomes stronger. These results underscore the importance of profitability in shaping investors' perceptions of firm value."