PENGARUH KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN DENGAN KEPUTUSAN PENDANAAN SEBAGAI VARIABEL INTERVENING

Generally, every company has the same goal, such as maximize the value of the company and the wealth of its shareholders. Due to the difference interest between the shareholders and the management, there will be conflict appear in the company so often. Share ownerships by the company management is believed that can unite the interest between the shareholders and the manager, therefore at the end of it gives effect to company performance in achieving company goals. Funding decision is a structure that has to be applied by the management correctly so that the value of the company can increase. This research uses 130 manufacture companies that listed on Indonesian Stock Exchange by the year of 2010. The method to choose the samples is using purposive sampling method and path analysis method is its test instrument. The result of this research show that: 1) managerial ownership effect directly to the company value, 2) funding decision does not affect the company value, 3) managerial ownership effect the company value with funding decision as its intervening variable and it is approved that funding decision is used to find the effect of managerial ownership towards the value company. Keywords: managerial ownership, funding decision, company value