Efek Moderasi Systematic Risk pada Pengaruh Return On Asset dan Asset Growth Terhadap Firm Value yang di Mediasi oleh Degree Of Total Leverage (Studi Empiris Perusahaan Manufaktur yang Listing di BEI 2013-2015)
Abstract
The purpose if this research was conducted to obtain the results regarding the presence or absence of the influence of return on assets, asset growth of the firm value and see whether the presence of degree of total leverage can be a variable moderating the relationship then see whether the interaction between the return on asset, asset growth and degree of total Leverage with systematic risk can strengthen or weaken the relationship variables with firm value. This research uses secondary data from public company financial statments audited by an independent auditor, the data obtained from the site www.idx.co.id and Indonesian Capital Market Directory & (ICMD). This research population is all companies manufacturing sector which in listed in the Indonesian Stock Exchange (IDX) for 3 years, from the period 2013 to 2015, the sample selection by purposive sampling method from a total of 141 companies only use 41 manufacturing companies that eventually meet predetermined criteria which are then sampled in this research. The test data is done using Path Analisys to test the effect of mediating or intervening variable and Moderated Regression Analysis to analyze the moderating variable that is processed by applications using IBM SPSS 23 program as a tool. Test Results show that (1) Return on Asset significant negative effect on Degree of Total Leverage, (2) Asset Growth significant positive effect on Degree of Total Leverage, (3) Return on Asset significant positive effect on Firm Value, (4) Asset Growth no significant effect on Firm Value, (5) Degree of Total Leverage is not an intervening variable of relationship influence of both influence return on assets on Firm Value and the influence Asset Growth of the Firm Value, (6) Systematic Risk is variable the moderating influence of relationships Return on Assets of the Firm Value, (7) Systematic Risk is not
