The Determinants of Firm Value in Indonesia｜國立臺灣科技大學博碩士論文系統

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研究生：	Yuliana Nathania Sutedjo Yuliana Nathania Sutedjo
論文名稱：	The Determinants of Firm Value in Indonesia The Determinants of Firm Value in Indonesia
指導教授：	陳俊男 Chun-Nan Chen
口試委員:	鄭仁偉 Hsuan-Chu Lin 余士迪 Jen-Wei Cheng 林軒竹 Shih-Ti Yu
學位類別：	碩士 Master
系所名稱：	管理學院 - 財務金融研究所 Graduate Institute of Finance
論文出版年：	2021
畢業學年度：	109
語文別：	英文
論文頁數：	61
中文關鍵詞：	Firm Value 、Intangible Assets 、Debt Policy 、Dividend Policy 、Liquidity 、Profitability 、Asset Turnover 、Good Corporate Governance 、Life Cycle
外文關鍵詞：	Firm Value, Intangible Assets, Debt Policy, Dividend Policy, Liquidity, Profitability, Asset Turnover, Good Corporate Governance, Life Cycle
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The purpose of this study is to analyze the effect of intangible assets, financial performance, financial policies, good corporate governance and firm life cycle on firm value of companies listed on the Indonesia Stock Exchange. The variables used in this study are intangible assets, debt policy, dividend policy, liquidity, profitability, asset turnover, good corporate governance and firm life cycle as the independent variables and firm value as the dependent variable. The sample of this study was taken from the Indonesia Stock Exchange for the three-year period from 2016-2018. Using a purposive sampling method, 194 non-financial and non-construction companies are selected. The analytical method used in this research is multiple regression. The results showed that intangible assets, debt policy, dividend policy, liquidity, and profitability have an influence on firm value, while asset turnover, good corporate governance and firm life cycle have no influence on firm value.

CHAPTER 1 INTORDUCTION
1     Motivation and Background …………………………………………1
2     Research Problems ..…………………………………………………………3
3     Research Objectives and Benefits ………………………3
3.1    Research Objectives ……………………………………………………………3
3.2    Research Benefits ……………………………………………………………….4
4     Organizational of the Study ………………………………….5

CHAPTER 2 THEORETICAL FRAMEWORK AND HYPOTHESIS DEVELOPMENT
1  Theoretical Framework and Literature Review ……6
1.1    Agency Theory ……………………………………………………………….....6
1.2    Signaling Theory ...……………………………………………………………7
1.3    Pecking Order Theory ...…………………………………………………7
1.4    Firm Value ..……………………………………………………………………....8
1.5    Intangible Assets ...…………………………………………………………9
1.6    Debt Policy ...…………………………………………………………………...10
1.7    Dividend Policy ...………………………………………………………………11
1.8    Liquidity ...……………………………………………………………………....12
1.9    Profitability ..…………………………………………………………………….13
1.10    Asset Turnover ..………………………………………………………………..14
1.11    Corporate Governance ..……………………………………………………14
1.12    Life Cycle ..……………………………………………………………………....17
2  Research Model ..…………………………………………………………………....20

CHAPTER 3 RESEARCH METHOD
1  Research Method ..…………………………………………………………….……..21
2  Method of Collecting Data ..………………………………………………21
3  Operational Definition and Variable Measurement.22
3.1    Dependent Variable …………………………………………………………….22
3.1.1        Price-to-Book Value Ratio ………………………22
3.2    Independent Variable …………………………………………………………22
3.2.1        Intangible Assets ……………………………………………22
3.2.2        Debt Policy ……………………………………………………………23
3.2.3        Dividend Policy …………………………………………………23
3.2.4        Liquidity Ratio …………………………………………………23
3.2.5        Profitability Ratio ………………………………………24
3.2.6        Asset Turnover ……………………………………………………24
3.2.7        Good Corporate Governance ………………………25
3.2.8        Life Cycle ………………………………………………………………25
4  Data Analysis Method ……………………………………………………………..26
4.1    Descriptive Statistics ……………………………………………………26
4.2    Data Quality Test ……………………………………………………………….27
4.2.1        Normality Test ……………………………………………………27
4.2.2        Outlier Test …………………………………………………………27
4.3    Classic Assumption Test …………………………………………………28
4.3.1        Autocorrelation Test ……………………………………28
4.3.2        Multicollinearity Test ………………………………29
4.3.3        Heteroscedasticity Test ……………………………29
4.4    Hypothesis Test …………………………………………………………………..30
4.4.1        Correlation Coefficient Analysis (R).31
4.4.2     Coefficient of Determination Analysis (Adjusted R2).31
4.4.3     F Test ……………………………………………………………………..31
4.4.4     T Test ……………………………………………………………………..31
4.4.5     Newey-West Test …………………………………………………32

CHAPTER 4 ANALYSIS AND DISCUSSION
1  Research Object ……………………………………………………………………....33
2  Descriptive Statistic ………………………………………………………………34
3  Normality Test …………………………………………………………………….....36
4  Classic Assumption Test …………………………………………………………36
4.1    Autocorrelation Test …………………………………………………………36
4.2    Multicollinearity Test ……………………………………………………37
4.2    Heteroscedasticity Test …………………………………………………38
5  Hypothesis Test ……………………………………………………………………....39
5.1    Correlation Coefficient Analysis (R) .……………39
5.2     Coefficient of Determination Analysis (Adjusted R-square).39
5.3    F Test……………………………………………………………………………........40
5.4     T Test …………………………………………………………………………….......40
5.5     Newey-West Test ………………………………………………………………...41

CHAPTER 5 CONCLUSION AND RECOMMENDATION
1 Conclusion …………………………………………………………………………........45
2 Research Limitation …………………………………………………………………..47
3 Recommendation ……………………………………………………………………......47

REFERENCE ……………………………………………………………………………............49

                                

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全文公開日期 2026/01/19 (校外網路)
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