INVESTMENT DECISION , CAPITAL DECISION , INDUSTRY PERFORMANCE , ECONIMIC MACROS AS ANTECEDENT VARIABLES OF FINANCIAL RISK MANAGEMENT AND FINANCIAL DISTRESS AGAINST VALUE OF THE FIRM WITH GCG AS A VARIABLE MODERATING FOR MANUFACTURING COMPANIES REGISTERED ON THE INDONESIAN STOCK EXCHANGE
DOI:
https://doi.org/10.14738/abr.69.5272Keywords:
Investment Decision, Capital Decision, Industry Performance, Macro Economic, Financial Risk Management, Financial Distress, Value Of The Firm, GCGAbstract
The purpose of this study is to analyze and prove the effect of Investment Decision, Capital Decision, Industry Performance, Macro Economic As Antecedent Variables of Financial Risk Management And Financial Distress To Value Of The Firm With GCG As Moderating Variables. The population of this study is manufacturing companies listed on the BEI from 2014 to 2016 . Using the method of purposive sampling it was found 40 manufacturing companies as research samples. The result of this research shows that Investment Decision, Capital Decision , Industry Performance , Macro Economic, Financial Distress and GCG have significant influence to the company value of the firm , but Financial Risk Management has no significant influence to company value of the firm . GCG moderates significantly the influence of Financial Distress and Financial Risk Management on Value of the firmReferences
Anthony S, Marcia. 2014. Financial Institutions Management: A Risk Management Approach, Eighth edition, Mc Graw-Hill International Edition.
Baspenas, 2004. Industrial Development Report.
Bapenas, Decree No. Kep-29 / PM / 2004 dated September 24, 2004
Bappenas, 2004, Increasing Daylight Manufacturing Industry,
Basri, faisal: https://faisalbasri.com/2015/08/30/ stimulate-industrialization- to support growth-quality Central Bureau of Statistics, 2017 "Manufacturing Industry Directory"
Bodroastuti, Tri.2009. The Influence of Corporate Governance Structure to Financial Distress. Journal of Economics of STIE Widya Manggala.
Brigham, E.F. and Houston, 2014. Essentials of Financial Management (Translation) book 1, edition 11. Salemba Empat. Jakarta.
Daily, Catherine M., and R. Dalton. 1994. Bankruptcy and Corporate Governance: The Impact of Board Composition and Structure. The Academy of Management Journal. December, Vol. 37 (6), 1603-1617.
Damodaran, Aswath (2014). Applied Corporate Finance, Fourth Edition, New York Stren School of Business: John Willey & Sons.
Darmawan, Arief, 2016 "Development of Manufacturing Industry in Indonesia in 2015-2016" November 2016.www.academia.ecu
Emrinaldi. 2007. Analysis of the Influence of Corporate Governance Practices on Financial Distress: An Empirical Study. Journal of Business and Accounting, Vol. 9, No. 1, h. 88-104
Fama, Eugene F.1978. The effect of a Firm's Investment and Financing Decision on the Walfaare of its Security Holders. The American Economic Review, Vol 68 No.3 June
Fama and French .1998. The Institutional Evidence. The Journal of Finance. Vol LIII. No.6. December.
Frimpong Joseph Magnus. 2006 Modeling and Forecasting Volatility of Returns on the Ghana Stock Exchange Using Garch Models. American Journal of Applied Sciences 3 (10): 2042-2048
Gany Ibrahim Fenandar, Surya Raharja 2012. Influence of Investment Decisions, Funding Decisions, and Dividend Policies Against Corporate Values Diponegoro Journal of Accounting Volume 1, Number 2, Year 2012, Pages 1-10
Ghozali, Imam 2015, Partial Least Squares: Concepts, Techniques and Applications Using the SmartPLS Program. Semarang: Issuing Board of Diponegoro University.
Hasnawati, S. 2005. Implications of Investment Decisions, Funding, and Dividends Against Corporate Value Public on the Jakarta Stock Exchange. Entrepreneur: No.09 / Th XXXIX. September 2005: 33-41.
IGAK. S Purnama, IGB.Wiksuana, IKetut Mustanda 2013. The Influence of Macro Economic Performance on Industry Performance and Corporate Financial Performance and the Stock Return of Banking Companies. Journal of Management, Business Strategy, and Entrepreneurship Vol. 7, No. 1, February.
Imron, Ali, Kashif Ur Rehman, Ayse Kucuk Yilmaz, M Aslam Khan, Hasan Afzal, 2010. "Causal Relationship between macro-economical indicators and stock exchange prize in Pakistan", African journal of Business Management, April.
Iramani, 2007, Analysis of Ownership Structure and Relative Industrial Ratio as Predictors in the Model of Financial Difficulties, Business Journal and Management. STIE Perbanas Surabaya
Keown, Martin, Petty & Scott Jr, 2005: "Financial Management: Principle and Aplications, 10th Edition. Pearson ISBN13: 978013145065
Ruan, Tian and Ma (2011), Managerial Ownership, Capital Structure and Firm Value: Evidence from China's Civilian-run Firms, Australian Accounting, business and Finance. Vol 3.
Sri Hermuningsih (2013). "Influence of Profitability, Growth Opportunity, Capital Structure Against Corporate Values in Public Companies in Indonesia that fall into the category of LQ 45" Bulletin of Monetary Economics and Banking, October 2013
Sukirno, Sadono, 2011. "Macro Economy, Prngantar Theory" Third edition, PT. Raja Grafindo Persada, Jakarta.
Tamir Levy. 2009 The Oslo Index and Stock Returns. International Research Journal of Finance and Economics ISSN 1450-2887 Issue 23.
Tandelilin, Eduardus 1997, Datermin ants of Systematic Risk: The Experience of Some Indonesian Common Stock, Yogyakarta: BPFE.
Tirapat, S. and Nittayagasetwat, A. 1999. An Investigation of Thai Listed Firms' Financial Distress Using Macro and Micro Variables. Multinational Finance Journal 3: 103-125.
Van Home J, J M. Warchowicz, Jr., 2013. Fundamental Of Financial Management, (translation) book 1, edition 13, Salemba Empat
---------, "Capital Market Directory (2010-2014). Bank Indonesia
---------, "IDX Indonesia Stock Exchange"
