Capital Structure, Investment Opportunity Set, Growth Sales, Firm Size and Firm Value: R&D Intensity as Mediating

Mahirun, Mahirun and KUSHERMANTO, Andi (2018) Capital Structure, Investment Opportunity Set, Growth Sales, Firm Size and Firm Value: R&D Intensity as Mediating. Quality-Access to Success, 19 (164). pp. 117-122. ISSN 2668-4861

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Abstract

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.

Item Type: Article
Uncontrolled Keywords: firm value, firm size, sales growth, Investment opportunity set, capital structure, research and development.
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Education
Faculty of Law, Arts and Social Sciences > School of Management
Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Unnamed user with email webmasterunikal@gmail.com
Date Deposited: 22 Aug 2019 08:07
Last Modified: 22 Aug 2019 09:32
URI: http://repository.unikal.ac.id/id/eprint/3

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