Capital Structure, Investment Opportunity Set, Growth Sales, Firm Size and Firm Value: R&D Intensity as Mediating
This research aimed to develop a theoretical approach as a mean to improve company value. The effort done were involving capital structure, investment opportunity set, sales growth, and company size, also proposing a research and development as an intervening variable so that to build a grand theo...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English English |
| Published: |
Quality-Access to Success
2018
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| Subjects: | |
| Online Access: | http://repository.unikal.ac.id/3/ http://repository.unikal.ac.id/3/ http://repository.unikal.ac.id/3/1/HASIL%20CEK%20TURNITIN%20QUALITY%20ACCESS%202018_MAHIRUN%20%28OK%29.pdf http://repository.unikal.ac.id/3/2/bibliography.txt |
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| Summary: | This research aimed to develop a theoretical approach as a mean to improve company value. The effort done were
involving capital structure, investment opportunity set, sales growth, and company size, also proposing a research
and development as an intervening variable so that to build a grand theoretical model. The population of this research
was manufacture companies registered in Indonesia Stock Exchange during observation period from 2007 to 2015.
Path analysis was used as a mean of analysis helped by AMOS program. The main finding was R&D intensity which
is the mediation between the effect of debt to equity ratio and capital expenditure to book value of assets to to tobin’s
q value. Debt equity ratio ot shown to have indirect influence on to tobin’s q positive value through R&D intensity.
While R&D intensity did not mediate the effect of capital expenditure to book value of assets, and sales growth rate
against to tobin’s q. The result showed R&D intensity and sales growth gave positive and no significant effect on to
tobin’s q value, while debt to equity ratio gave negative and significant effect on to tobin’s q value, capital expenditure
to book value of assets gave negative ang no significant effect to tobin’s q value. Meanwhile, debt to equity ratio gave
positive and no significant effect on R&D intensity, and capital expenditure to book value of assets and sales growth
did not influence the R&D intensity. |
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