R&D, Nilai Perusahaan dan Karakteristik Perusahaan

Abstract

The objective of this study is to analyze the effect of R&D toward firm value with caracteristic firm as a variable moderation (firm size, firm growth, free cash flow, market share, external financial dependence, labor intensity, and capital intensity) in manufacturing industries that listed in Indonesian Stock Exchange over period 2007-2012. The sample of this research is about 71 manufacturing companies that listed in Indonesian Stock Exchange for period 2007-2012. The results of this research is indicate that R&D was significantly negative effect on firm value (tobin’s Q) and firm size, market share, and capital intensity were weakens and moderating reletaionship R&D towards firm value. On the other hand, Firm growth and labor intensity were weakens and does not moderating reletaionship R&D toward firm value. Free cash flow and external dependence not moderate and strengthen relationship R&D toward firm value.

Keywords: Tobin Q, R&D, firm size, firm growth, free cash flow, market share, external financial dependence, labor intensity,and capital intensity