The Roles of Eva in Determining the Corporate Value through Corporate Ownership Structure, Internal and External Factors

Abstract

This study aims to determine the effect of Liquidity, Leverage, Exchange Rate, and the Interest Rate in the Ownership Structure, to Value of Manufacturing  Firms Listed In The Indonesia Stock Exchange.

This study used an explanatory design using secondary data from JCI, Stock Return, interest rate, exchange rate, stock price and financial statement data obtained from Manufacture companies listed in Indonesia Stock Exchange and Bank of Indonesia. Samples were taken by purposive sampling as many as 38 companies for 6 years of observation, and using path analysis. This basic model was used to analyze the path to estimate the relationships directly or indirectly between exogenous and endogenous variables.

The results showed that the first, leverage does not affect the ownership structure. Secondly, liquidity had no effect on company value, while negative and significant effect Leverage. Third, Interest Rate and significant negative effect, while the Exchange Rate and Fourth ownership structure has no effect on Firm Value.