%0 Journal Article
%T LIBERALISASI KEUANGAN DAN PENGARUHNYA TERHADAP NILAI Q-TOBIN SEKTOR INDUSTRI DASAR DAN KIMIA DAN PERBANKAN
%A Trias Andati
%A Hermanto Siregar
%A Bonar M. Sinaga
%A Noer Azam Achsani
%J Jurnal Manajemen & Agribisnis
%D 2012
%I Bogor Agricultural University
%X This research attempts to analyze the effect of financial liberalization to Q-Tobin ratio of Basic and Chemical industry and Banking sectors. Using annual data of 52 listed company¡¯s financial report from 2002 to 2009, the results show that the financial liberalization variables i.e. Foreign Direct Investment (FDI) and Investment Portfolio has negative effect on Q-Tobin of Basic and Chemical Industry and Banking sectors. The increase of the financial deepening variables has positive effect on Q-Tobin of Basic and Chemical Industry and Banking sectors. SBI (Sertifikat Bank Indonesia) and Money Supply has negative impact on Q-Tobin, while loan interest rates has positive impact on both sectors. The average of net fixed asset investment of two sectors has the same pattern of Q-Tobin values, and increased from 2002 to 2009, while at the year of 2008, Q-Tobin of all sectors experienced decreasing due to financial crisis. Furthermore, there should be a corporate financial performance indicator such as leverage ratio, to prevent short term investment of FDI. Capital Market¡¯s regulation, should be considerate a sectoral policy in portfolio investment, to prevent from financial global crisis. Corporation of two sectors could give more attention on capital structure while analyzing the company¡¯s investment decision. Keywords: Q-Tobin Ratio, Financial Liberalization, Investment, Panel Data
%U http://journal.ipb.ac.id/index.php/jmagr/article/view/5205