Pengaruh keputusan investasi terhadap nilai perusahaan dengan women on board sebagai variabel moderasi pada perusahaan LQ45 periode tahun 2014-2017

INDONESIA:

Penelitian ini bertujuan untuk menguji pengaruh keputusan investasi terhadap nilai perusahaan dimoderasi oleh women on board,yaitu keberadaaan wanita dalam dewan direksi dan dewan komisaris pada perusahaan LQ-45 periode tahun 2014-2017. Keputusan investasi pada penelitian ini diukur dengan salah satu proksi IOS, market value to book value of assets (MV/BVA) sedangkan nilai perusahaan diukur dengan nilai Tobin’s Q.

Jenis penelitian ini adalah penelitian kuantitatif. Berdasarkan hasil purposive sampling, dari total 66 perusahaan yang terdaftar dalam LQ-45 selama tahun 2014-2017 diperoleh 14 perusahaan yang memenuhi kriteria sampel dengan jumlah observasi sebanyak 56. Metode pengumpulan data yang digunakan adalah dokumentasi dan studi kepustakaan. Teknik pengolahan dan analisis data dilakukan melalui analisis statistik deskriptif, uji asumsi klasik dengan uji linieritas dan normalitas, serta uji Partial Least Square (PLS) yang meliputi uji model pengukuran (outer model), uji model struktural (inner model) dan pengujian hipotesis moderasi.

Hasil penelitian menunjukkan bahwa variabel keputusan investasi yang diukur dengan market value to book value of assets ratio berpengaruh terhadap nilai perusahaan yang terdaftar dalam indeks LQ-45 di Bursa Efek Indonesia dan women on board mampu memoderasi pengaruh keputusan investasi terhadap nilai perusahaan. Keberadaan wanita dalam perusahaan dapat mengurangi tekanan dalam lingkungan kerja, sehingga kinerja yang dihasilkan akan lebih maksimal.

ENGLISH:

The purpose of this research is to find out the effect of investment decisions on company value moderated by women on board, which is the existence of women in the board of directors and board of commissioners in LQ-45 companies for the period 2014-2017. The investment decision in this study was measured by one of the IOS proxies, market value to book value of assets (MV/BVA) while the company value was measured by the value of Tobin’s Q.

This type of research is quantitative research. Based on the results of purposive sampling, out of a total of 66 companies registered in LQ-45 during 2014-2017 there were 14 companies that met the sample criteria with 56 observations. Data collection methods used were documentation and literature studies. Processing and data analysis techniques were carried out through descriptive statistical analysis, classic assumption test with linearity and normality test, and Partial Least Square (PLS) test which included the measurement model test (outer model), structural model test (inner model) and testing of moderation hypothesis.

The results showed that investment decision variables measured by the market value to book value of assets ratio affect the value of companies listed in the LQ-45 index on the Indonesia Stock Exchange and women on board were able to moderate the influence of investment decisions on firm value. The existence of women in the company can reduce the pressure in the work environment, so that the resulting performance will be more maximal.