The Interaction Between Debt Policy, Dividend Policy, Firm Growth, and Firm Value

• 발행기관: 한국유통과학회
• 저자명: Akhmadi AKHMADI Robiyanto ROBIYANTO
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.11, 699~705쪽, 전체 7쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.11.30

영문 초록

This study aims to examine the antecedent factors of debt policy on the influence of firm growth on firm value. There was a total of 19 companies involved accounting for 95 observational data from a population of 169 companies listed on the Kompas 100 Index of the Indonesia Stock Exchange from 2014 to 2018. The data were analyzed through descriptive statistics, classic assumption tests, multiple regression, and hypothesis testing. The results prove that the firm growth, proxied by asset growth or sales growth, did not have a significant influence on the debt policy. Further, there was no significant influence of debt policy on firm value when using debt ratio and also dividend policy as a control variable. In contrast, there was a positive and significant influence on the firm value when using debt to equity ratio proxy, both with or without using the control variable. Therefore, the debt policy was not proven as an antecedent on the influence of firm growth on firm value. This finding implies that there was a tendency for the company management to adopt the policy, which would increase the debt ratio to increase the investors’ confidence in the stock market and investors neglect the company’s dividend policy.

목차

1. Introduction

2. Literature Review

3. Research Methods

4. Results and Discussion

5. Conclusions

References

키워드

Kompas 100 Indonesia Stock Exchange (IDX) Firm Value Debt Policy Dividend Policy