Richardo Constantin Hugo
Abstrak :
[ABSTRAK
Tujuan dari penelitian ini adalah untuk mengidentifikasi relevansi nilai dari biaya
riset dan pengembangan dan dividen terhadap nilai pasar ekuitas dari perusahaan
merugi. Pengaruh dari biaya riset dan pengembangan dan dividen terhadap nilai
pasar ekuitas diukur dengan analisis regresi sesuai Jiang dan Stark (2013).
Pengujian hipotesis dilakukan pada perusahaan publik yang terdaftar di Bursa
Efek Indonesia (BEI) , Singapore Stock Exchange (SGX), Kuala Lumpur Stock
Exchange (KLSE), Philippines Stock Exchange (PSE) dan Stock Exchange of
Thailand (SET) dalam tahun 2000 hingga 2014 sejumlah 387 observasi. Hasil
penelitian ini menunjukkan pengaruh positif dan signifikan dari biaya riset dan
pengembangan dan dividen terhadap nilai pasar ekuitas. Perusahaan yang berada
di tahap siklus hidup young memperkuat pengaruh positif dari biaya riset dan
pengembangan dan dividen. Pengujian tambahan dilakukan dengan melakukan
analisis regresi berganda setiap negara secara terpisah, membuktikan biaya riset
dan pengembangan diapresiasi investor Indonesia, Malaysia dan Singapura
sementara dividen diapresiasi pada Indonesia dan Singapura. Hasil observasi di
Thailand, respon pasar lebih mementingkan nilai buku ekuitas. Pada Filipina tidak
dapat dilakukan analisis regresi berganda dikarenakan keterbatasan data.
ABSTRACT
The purpose of this research is to identify the value relevance of research and
development and dividends to the market value of equity for loss making firm.
The effect of research and development expenses and dividends to a market value
of equity is measured by regression analysis according to Jiang and Stark (2013).
Hypothesis testing is conducted to public companies listed on the Indonesia stock
exchange (BEI), the Singapore Stock Exchange (SGX), the Kuala Lumpur Stock
Exchange (KLSE), the Philippines Stock Exchange (PSE) and Stock Exchange of
Thailand (SET) in 2000 to 2014 with 387 firm years observation. The results of
this study showed a positive and significant influence from the research and
development costs and dividend on the market value of equity. Firms in young life
cycle stage, reinforcing the positive effect of the research and development and
dividends. Additional testing done by doing multiple regression analysis
separately. Research and development is appreciated by investor in Indonesia,
Malaysia and Singapore while dividend is appreciated in Indonesia and
Singapore. In Thailand, investor more responsive on book value of equity. The
multiple regression analysis is unable to be conducted in Philippines due to lack
of data available.;The purpose of this research is to identify the value relevance of research and
development and dividends to the market value of equity for loss making firm.
The effect of research and development expenses and dividends to a market value
of equity is measured by regression analysis according to Jiang and Stark (2013).
Hypothesis testing is conducted to public companies listed on the Indonesia stock
exchange (BEI), the Singapore Stock Exchange (SGX), the Kuala Lumpur Stock
Exchange (KLSE), the Philippines Stock Exchange (PSE) and Stock Exchange of
Thailand (SET) in 2000 to 2014 with 387 firm years observation. The results of
this study showed a positive and significant influence from the research and
development costs and dividend on the market value of equity. Firms in young life
cycle stage, reinforcing the positive effect of the research and development and
dividends. Additional testing done by doing multiple regression analysis
separately. Research and development is appreciated by investor in Indonesia,
Malaysia and Singapore while dividend is appreciated in Indonesia and
Singapore. In Thailand, investor more responsive on book value of equity. The
multiple regression analysis is unable to be conducted in Philippines due to lack
of data available., The purpose of this research is to identify the value relevance of research and
development and dividends to the market value of equity for loss making firm.
The effect of research and development expenses and dividends to a market value
of equity is measured by regression analysis according to Jiang and Stark (2013).
Hypothesis testing is conducted to public companies listed on the Indonesia stock
exchange (BEI), the Singapore Stock Exchange (SGX), the Kuala Lumpur Stock
Exchange (KLSE), the Philippines Stock Exchange (PSE) and Stock Exchange of
Thailand (SET) in 2000 to 2014 with 387 firm years observation. The results of
this study showed a positive and significant influence from the research and
development costs and dividend on the market value of equity. Firms in young life
cycle stage, reinforcing the positive effect of the research and development and
dividends. Additional testing done by doing multiple regression analysis
separately. Research and development is appreciated by investor in Indonesia,
Malaysia and Singapore while dividend is appreciated in Indonesia and
Singapore. In Thailand, investor more responsive on book value of equity. The
multiple regression analysis is unable to be conducted in Philippines due to lack
of data available.]
2015
S60579
UI - Skripsi Membership Universitas Indonesia Library
