标题：Keputusan Investasi,Keputusan Pendanaan dan Kebijakan Deviden:Pengaruhnya terhadap Nilai Perusahaan (Studi pada Sektor Properti dan Real Estate di Bursa Efek Indonesia)
摘要：Hasil studi empirik tentang pengaruh tiga keputusan keuangan utama yaitu keputusan investasi,keputusan pendanaan,dan kebijakan deviden terhadap nilai perusahaan belum konsisten.Ketidak konsisten hasil ditengarai ada kaitannya dengan variabel resiko sebagai mediator antara ketiga keputusan dengan nilai perusahaan;Namun penelitian secara terpadu belum ditemukan.Tujuan penelitian ini untuk:mengidentifikasi dan mengukur kontribusi pengaruh keputusan investasi,keputusan pendanaan dan kebijakan deviden yang dimediasi oleh resiko pada sektor properti dan real estat di Bursa Efek Indonesia.Dengan pendekatan analisis jalur diperoleh beberapa temuan yang penting yaitu keputusan investasi berpengaruh terhadap nilai perusahaan namun tidak berpengaruh terhadap resiko perusahaan,Keputusan pendanaan hanya berpengaruh terhadap nilai perusahaan bila keputusan pendanaan mampu menurunkan resiko perusahaan (resiko bisnis,resiko keuangan dan resiko pasar).Kebijakkan deviden tidak berpengaruh terhadap nilai perusahaan,baik secara langsung maupun melalui resiko perusahaan.Ini menunjukkan bahwa variabel resiko hanya memediasi keputusan pendanaan.Dari ketiga macam keputusan tersebut ternyata keputusan investasi memberikan kontribusi paling utama pada nilai perusahaan.
其他摘要：The result of empirical study on the effect of three main decisions namely investment decision,
funding decision, and dividend policy toward the corporate value has nor been consistent yet. This incon-
sistency is assumed to be related to risk variable as the mediator between the three decisions and the
company value. But, an integrated research has not been found. The aim of this research is to identify and
measure the contribution of the effect of investment decision, fimnding decision and dividend policy medi-
ated by risk toward property and real estate sectors in Indonesian Stock Exchange. The data was analyzed
by using path analysis. By path analysis, some important findings are obtained. They are namely investment
decision is influential toward company value, bu it is nor influential toward the company risk. The funding
decision will only be influential toward the company valiue if the funding decision were able to reduce the
company risk (business risk, finance risk, and market risk). The dividend policy is not influenial toward
the company value either directly or through the company risk. This indicates that risk variable only mediates the funding decision, From the three kinds of decision, it is the investment decision that contrib-
utes the most t0 the company's value.
关键词：keputusan investasi;keputusan pendanaan;kebijakan deviden;resiko;nilai perusahaan
其他关键词：investment decision;funding decision;dividend policy;risk;company value
