Hikmah Endraswati
STAIN Salatiga
Abstract
The objective of this research was to examine whether there was an effect of insider ownership, institutional ownership and dividend policy on firm value with debt policy as a moderating variable at companies which were listed in Indonesia Stock Exchange. The samples in this research were drawn from all the firms which were listed in Indonesia Stock Exchange in the period of 2007-2008. The results showed that insider ownership, institutional ownership, and dividend policy had an effect to firm value with the debt policy as a moderating variable. The result of this research supported Jensen and Meckling (1976), Chen and Steiner (2000), Bathala et al (1994), Coffee (1991) dan Shleifer dan Vishny (1986). For the future research, researchers could add another independent variables such as financial performance of the firm and size of the firm or add the length of the period of the research.
Key Words : Insider Ownership, Institutional Ownership, Dividend Policy, Debt Policy, Firm Value