AUSTRALIAN JOURNAL OF BASIC AND APPLIED SCIENCESFunding...AUSTRALIAN JOURNAL OF BASIC AND APPLIED SCIENCES ISSN:1991-8178 EISSN: 2309-8414 Journal home page: Editorial board

AUSTRALIAN JOURNAL OF BASIC AND APPLIED SCIENCES

ISSN:1991-8178 EISSN: 2309-8414 Journal home page: www.ajbasweb.com

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ISSN: 1991-8178 (print)ISSN: 2309-8414 (online)

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EDITOR IN CHIEF: Prof. Dr. Abdel Rahman Mohammad Al-Tawaha

SENIOR EDITORS:Prof. Dr. Refat A. YoussefAgricultural and Biological Research Division, National Research Centre El-bohoose St.,Dokki, Giza, Egypt.Prof .Dr. Zheng-xing WuScience and Technology, Huazhong University of Science and Technology, 1037 LuoyuRoad, Wuhan, Hubei430074, China.

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• Prof. Dr. Eder Paschoal PintoUnichristus, School of Business. Avenida Dom Luís, 911, Aldeota. 60160-196 Fortaleza,CE, Brazil

Editors.• Prof. Dr. Hamid Nikraz, Australia• Prof. Dr. Bob Redden, Australia • Prof. Dr. Abu Umar Faruq Ahmad, Australia• Prof. Dr. Mazen A. Ateyyat, Jordan• Prof. Ahmed Boutejdar, Germany• Prof. Dr. Márcio Pereira da Rocha, Brazil• Prof. Dr.. Eder Paschoal Pinto, Brazil• Prof. Dr. Ismail Sahid, Malaysia• Prof. T.R.Mankhand, India• Prof. Bhaskar Bhattacharya.India• Prof. Dr. Kyung-Dong Lee, Korea• Prof. P. Ramkumar M., India• Prof. Dr. Abubakr Gomaa, Egypt• Prof. Dr. Shaban D. Abou Hussein, Egypt• Pro. Dr. Raed S. Al-Wasify, Egypt• Prof. Lakshmi narayanan, India• Prof. Anish Upadhyaya. India• Prof. Kantesh Balani. India• Prof. Sunil Mohan. India• Prof. Shri. J.K.singh. India

ADVISORY BOARD FOR COMPUTER SCIENCE AND COMMUNICATIONTECHNOLOGY• P.IyappanAssistant Professor, Department of Computer Science & Engineering, Sri ManakulaVinayagar Engineering College, 605107, Puducherry, India.• A.MartinAssociate Professor, Department of Master of Computer Applications, Sri ManakulaVinayagar Engineering College, 605 107, Puducherry, India• Dr. B. SathiyabhamaDept. of Computer Sciences and Engineering, Sona College of Technology, Salem. India• D. SaravananFaculty of Operations & IT,IBS Hyderabad, The ICFAI Foundation for HigherEducation(Declared as Deemed-to-be university u/s 3 of the UGC Act 1956), Dontanpalli(Village), Shankerpalli Road, Hyderabad, Telangana., India.• A.RamalingamAssociate Professor, Department of Master of Computer Ap.plications, Sri ManakulaVinayagar Engineering College, 605 107, Puducherry, India.• J. MadhusudhananAssociate Professor, Department of Computer Science and Engineering, Sri ManakulaVinayagar Engineering College, 605 107, Puducherry, India.



• Dr. S. SelvakaniProfessor and Head, Department of Computer Applications, Francis Xavier EngineeringCollege, Vannarpettai, Tirunelveli, India• Prof.D.Satish KumarAssistant professor (SG), Department of Computer science and Engineering Nehruinstitute of technology,(formerly Jawaharlal Institute of Technology) “Jawahar gardens”Kaliapuram, Thirumalayam Palayam P.O. Coimbatore 641105, Tamilnadu, INDIA• Dr. R.S. Rajesh Professor and Head, Department of Computer Science and Engineering, ManonmaiumSundaranar University, Tirunelveli, Tamilnadu, India• Dr.M.UshaDept. of Computer Sciences and Engineering, Sona College of Technology, Salem. India

Advisory Board for Engineering• Umair Hasan Department of Civil Engineering, Faculty of Science and Engineering, Curtin University,Perth, Australia.• Amin Chegenizadeh Department of Civil Engineering, Faculty of Science and Engineering, Curtin University,GPO Box U1987. Perth. Australia

• Mochamad Arief BudihardjoDepartment of Civil Engineering, Faculty of Science and Engineering, Curtin University,GPO Box U1987. Perth. Australia

• Hamid NikrazProfessor at the Department of Civil Engineering, Faculty of Science and Engineering,Curtin University, GPO Box U1987. Perth. Australia

• Dr. Mochamad Arief BudihardjoDepartment of Civil Engineering, Curtin University, Perth, Australia• Dr.S. RameshProfessor & Head of the Department, Department of Electrical and ElectronicsEngineering, K.S.R.College of Engineering, Tiruchengode - 637 215, Namakkal(Dt),Tamilnadu, India• Dr. E.Gowthaman M.E.Assistant Professor, Department of Electronics and Instrumentation Engineering,Hindusthan College of Engineering and Technology,Coimbatore-641032• Dr. Amin ChegenizadehDepartment of Civil Engineering, Curtin University, Perth, Australia• Dr. Savita DixitDepartment Mechanical Engineering, Maulana Azad National Institute Of Technology,Bhopal. India• Prof.C.EaswarlalHead of the Department, Department of Electrical and Electronics Engineering, SonaCollege of Technology, Salem - 636 005. India• Dr. N. Kannan



Professor/Head, Sona SPEED, Department of Electrical & Electronics Engineering, SonaCollege of Technology, Salem - 636 005. Tamilnadu, India

• Dr.M.Senthil KumarProfessor, Department of Electrical and Electronics Engineering, Sona College ofTechnology, Salem-636 005.Tamilnadu, India

• Dr. K. KrishnamoorthiAssistant Professor (Senior Grade),Department of Electrical and Electronics Engineering,Sona College of technology, Salem-636005, India

• Dr.R.MEENAKUMARIProfessor,Department of Electrical & Electronics Engineering, Kongu Engineering College,Erode - 638 052. Tamilnadu, India

• Dr. A. MURUGANANDHAMProfessor and Head, Department of Electronics and Communication Engineering,Vivekanandha College of Engineering for Women, Trichengode, Tamilnadu, India

Dr. N. SenthilnathanProfessor & Head of the Department, Department of Electrical & Electronics Engineering,Kongu Engineering College, Erode - 638 052. Tamilnadu, India

• Dr. C. KarthikeyanProfessor, Department of Electrical and Electronics Engineering, K.S.R.College ofEngineering, Tiruchengode-637 215,Namakkal (Dt),Tamilnadu, India

• Dr. S. Thangaprakash Senior Lecturer, School of Electrical Systems Engineering, University Malaysia PERLIS(UniMAP),Pauh Putra, Arau, Kangar,02600, Perlis, MALAYSIA

• Dr. GOBBI RamasamyFaculty of Engineering, Multimedia University, Cyberjaya, Selangor, Malaysia

• Dr. A. Muruganandham Associate Professor, Department of Electronics & Communication Engineering (PG) SonaCollege of Technology, Salem - 636 005 India

Advisory Board for Agricultural and Biological Sciences

• Dr. Magdy Mostafa Desoky MohammedPharmacognosy Department Pharmaceutical and Drug Industries Research DivisionNational Research Center Dokki-12311, Cairo – Egypt• Dr. Hosam M. SafaaAssociate Professor, Animal Production Department, Faculty of Agriculture, CairoUniversity,7 Gamaa st.,12613 Giza, Egypt



Advisory Board for Business, Management, Economics and Social Sciences • Prof. Dr. Nawab Ali KhanDepartment of Human Resource Management, College of Business Administration,Salman bin Abdulaziz University, Post Box:165, Al- Kharj - 11942,Kingdom of SaudiArabia

• Prof. Dr. Eder Paschoal PintoUnichristus, School of Business. Avenida Dom Luís, 911, Aldeota. 60160-196 Fortaleza,CE, Brazil

Advisory Board for Forest Engineering and Built Environment • Prof. Dr. MarcioRocha-Pereira da Universidade Federal do Paraná, Department of Forest Engineering andTechnology, - Av Lothario Meissner, 631 -. Botanical Garden, Campus III - 80210-170 -Curitiba, Paraná – Brazil

• Prof. Dr Jamaliah Md JahimFaculty of Engineering and Built Environment, Universiti Kebangsaan Malaysia UKM,43600 Bangi Selangor MALAYSIA

• Prof. Dr MA Hannan

Faculty of Engineering and Built Environment, Universiti Kebangsaan Malaysia UKM 43600Bangi Selangor MALAYSIA

Head of Advisory Board for Physics Sciences Dr. Ahmed Najim Abdullah,Nuclear Physics, Department of Physics, College of Science, University of Baghdad,Baghdad, Iraq.

Advisory Board for Applied Sciences • O. MahranUniversity of Alexandria, physics department, Faculty of science, Moharam bek building,Alex. Egypt

Scientific Committee for AJBAS Journal• Dr. Sarwoko Mangkoedihardjo, Indonesia• Dr. Bob Redden, Australia• Dr. Shyam Yadav, Afghanistan• Dr. Mohammad Ali Ashrafi Pour, Armenia• Dr. Babek Erdebilli, Turkey• Dr. Wafa'a Abdelrahman Abdulla Al Taisan, Saudi Arabia• Dr. Samah DJEDDI, Algeria• Dr. Noor Mohammad, Bangladesh• Dr. Nasruddin Hassan, Malaysia• Dr. Atif Elsadig Idris, Sudan• Dr. Ratnakar josyula, USA



• Dr. Mazin Al-Hadidi, Jordan• Dr. Abdullah Noman Mosleh Al-Dhaibani, Saudi Arabia• Dr. Mohamed Fathy Yassin. Kuwait• Dr. Chockalingam Annamalai, Malaysia• Dr. Sharif Hossain, Saudi Arabia• Dr. Babak Daneshvar Rouyendegh, Turkey• Dr. Sunil Kumar, India• Dr. Ezzeddine Ben Mohamed, Tunis• Dr. Janaina Fernandes Gon-alves, Brasil• Prof . Dr. Khalifa Abd El . Maksoud Zaied, Egypt.• Dr. Balasubramaniam P.M., India• Dr. Dr.Archana Kumari, Canada• Dr. Ini-Dennis Edem, Brazile

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SPECIAL ISSUE IPN Dec 2015

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Development of High Resolution Melting (HRM) Methods to Detect Dopamine Transporter (DAT) Gene (SLC6A3) (rs27072) Polymorphisms in Human

Sophia Khariem Muhamed, Imran Ahmad, Mohd Ros Sidek and Ruzilawati Abu Bakar

1-5

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An Experimental and Simulation Study of the Heat Transfer Coefficient of aSingle Mini Channel Condenser for Vapor Compression Refrigeration System

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6-14

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A Study of CSR Activities among Malaysian Banks: Comparison between IslamicBanks and Conventional Banks

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The Development of Unique Orthogonal Rotation Tensor Algorithm in theLLNL-DYNA3D for Orthotropic Materials Constitutive Model

M.K. Mohd Nor

22-27

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Lockhart-Martinelli Correlation on RefrigerantR-134aPressure Drop in Mini Channel Evaporators

Elmer B. Dollera, Leonel L. Pabilona, Eliseo P. Villanueva and Rogelio C. Golez, Jr.

28-34

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Fuzzy Analytic Network Process for Evaluating Quality of Life: A Case of Coastal Population

Lazim Abdullah, Wan Salihin Wong Abdullah, Syerrina Zakaria, Razak Zakaria and See Xiou Qing

35-42

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The Legal Natural of Oil Contracts

Ali Kadhim Jawad Al- Fanahrah

43-49

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An Exploratory Study of Green Supply Chain Management Practices and Supply ChainIntegration among Malaysia Manufacturing Firms

Rohani Abdullah, Marini Nurbanum Mohamad and Ramayah Thurasamy

50-56

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Funding Policy, Investment Policy and the Implication to Company’s Value

Mathius Tandiontong and Rusdin

57-64

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Does Internal Control Effectiveness Affect Financial Reporting Quality? Evidence from Local Government of Bandung, West Java Province, Indonesia

ItaSalsalina

65-75

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Muslim Community Perception towards Tourism Development in Sabang, Aceh,Indonesia

Myna Agustina Yusuf and Mansor Ibrahim

76-84

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Variable Influence Analysis of an In-Situ Catalytic Adsorption (ICA) SteamGasification using Multivariate PLS

S. Yusup, H. Zabiri, M.M. Suliman and Z. Khan

85-89

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Job Performance: A Theoretical Review of Organizational, Individual and JobCharacteristics Factors

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Is There any Accurate Solutions: Late Payment, Under Payment andNon Payment Issues in the Construction Industry

Jalilah Binti Mohd Ali, Azwina Wati Binti Abdul Manaf, Prof. ChoongYeow Choy,Dr. Mohamed Ishak Bin Abdul Hamid and SitiMarshitaBintiMahyut

97-103

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Present but Sick at Workplace influence Work Productivity of Academics in PublicUniversities

Siti Maon, Mumtaz Ahmad, Mohamad Naqiuddin Md Mansor and Rohana Mat Som

104-110

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Clarifying the Misconceptions about Islamic Restrictions on Entertainment andPerforming Arts in Malaysia

Mohd Sharizam Hamzah

111-119

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Using a Metacognitive Strategy and Skill Reading Courseware to Develop CriticalReading Skills: A Literature Study

Norbaiyah Abd Kadir

120-124

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Framework for Extracting and Identification of Text as Triggers for Maqam Transitionin the Self-Help Maqam-Based Search System

Roslina Othman, Mohamad Fauzan Noordin, Akram M.Z.M. Kheder, Sadia Hamid Kazi,Tengku Mohd Tengku Sembok and Emma Nuraihan Mior Ibrahim

125-130

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Electrochemical Study on the Effect of Schiff Base Compounds as Effective CorrosionInhibitors for Aluminum in Acid Media

Ghulamullah khan, Kazi MD. Salim Newaz, Wan Jefrey Basirun, Ghulam Mustafa khan and Pervaiz Ahmed












131-138

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Study on Propaganda and Political Propaganda in Malaysia

Budiman Mohd Zohdi and Samsu Adabi Mamat

139-145

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Understanding The Selangor Sentiment Facing The 14th General Election

Samsu Adabi Mamat and Arif Anwar Bin Lokmanol Hakim

146-151

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The Study of Local Community’s Perception on The Impact of Tourism towards ThePhysical Environment of Perhentian Island, Malaysia

Nik Nadia Izyan Binti Jamil, Mariana Bt Mohamed Osman, Mansor Ibrahim

152-162

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Currency Trading in Modern Islamic Banks in Malaysia

Azwina Wati Abdull Manaf, Jalilah Binti Mohd Ali, Siti Marshita Binti Mahyut

163-170

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Working in the ward: The link between job resources and work engagement

Noraini Othman, Sa’ari Ahmad, Zahiruddin Ghazali

171-177

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The Analytical Hierarchy Process to Prioritization Production Factors

Abdul Talib Bon, Silvia Firda Utami, Sukono

178-184

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Crystallization, characterization, & application of hydroxyl apatite on hydroxyl ethylcellulose in the present of stimulated body fluid solution (SBF)

Hassanal Haris, Fathima Shahitha Jahir Husin Kumaran Kadirgama, Mashitah Mohd Yusoff

185-190

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Children’s Behavioural and Visual Stimulation for Working Memory Impairments Analysis

Siti Zubaidah Mohd Tumari and Rubita Sudirman

191-197

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Effects of Ergonomic Risk Factors on Production Error in Manufacturing Firms

Jian Ai Yeow, Poh Kiat Ng, Li Wah Thong, Kian Siong Jee, Mei Min Chow ,Yue Hang Tan and Kai Loon Toh

198-201

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Heat Transfer of Nanofluid Through Boundary Layer Stagnation Flow Over ShrinkingSurface Influencing Injection And Variable Stream Conditions

Vibhu Vignesh Balachandar, Sulaiman Bin Haji Hasan, Ashwin Kumar Erode Natarajan,Kandasamy Ramasamy

202-210

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Hedging Activities Information and Risk Management Committee Effectiveness:Malaysian evidence

Azrul Abdullah and Ku NorIzah Ku Ismail

211-219

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Effect of Background Music Treatment To Improve Interest In Teaching Of MalayExcerpt Comprehension

Azli bin Ariffin, Abdul Talib bin Mohamed Hashim, PhD and Lee Shuh Yie

220-227

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Experimental techniques to investigate the effects of roller burnishing on the surfaceroughness and hardness of high strength thermoplastic-Polyoxymethylene

Salman Al-Saeedi, Ahmed A.D. Sarhan, A.R Bushroa

228-237

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Green Marketing and Purchasing Decisions among Teenagers Perspectives.

Suriani Sukri, Nurshila Meterang, Waeibrorheem Waemustafa

238-244

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Impact of Suction on A Stagnation-Point Flow of Copper NanofluidsOver A Vertical Porous Plate In The Presence of Magnetic Field

Ashwin KumarErode Natarajan, Norasikin Mat Isa Vibhu Vignesh Balachandar,Kandasamy Ramasamy

245-255

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Political Media and Politic In Media

Aminaton Hajariah Husnu and Samsu Adabi Mamat

256-262

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Islamic Politics and Political Islam

Sohaimi Hasim and Samsu Adabi Mamat

263-271

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Exploring Malaysian Students’ Perception of Homework, Time Spent on Homeworkand How They Do Their Homework

Subadrah Madhawa Nair

272-278

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Why Iranian High School Students Barely Communicate in English as a ForeignLanguage and Communication

Narges Saffari, Shahrina Md Nordin, Subarna Sivapalan and Nahid Zahed Pisheh

279-284

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Restructuring of ‘Ain Waqf in Corporate Waqf Model for Boosting the Nation’sEconomic Prosperity

Khairil Faizal Khairi, Nurhidayah Laili, Hisham Sabri and Mohd Yazis Ali Basah

285-289

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The Impact of Post-Traumatic Stress among the Physically Affected in the Battlefield













during the17th of February, 2011 Libyan Revolution on their Psychological Adjustment

Fariha Elfaydi, Ibrahim Mikail and R.A.H Kirembwe

290-293

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The Concept and Scope of Defamation (Fitnah) in Al-Quran Al-Kareem and ItsRelation to Freedom of Speech in Malaysia

Hasbollah Bin Mat Saad and Professor Dr. Hj Abdul Samat Bin Musa

294-299

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Effect of Torrefaction Condition the Mass Yield, Elementary Composition andCalorific Value of Empty Fruit Bunches (EFB)

Mohammad Hisham Sulaiman, Yoshimitsu Uemura and Mohammad Tazli Azizan

300-303

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Coordinating of Waqf, Wasiyyah and Faraid in Islamic Wealth Distribution

Muhammad Ridhwan Ab. Aziz and Nurul Izzati Nordin

304-309

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Integrating Knowledge of Science in the Teaching of Children’s Nursery Rhymes

Subadrah Madhawa Nair

310-316

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Malaysian Consumers’ Demand for Quality Attributes of Imported Rice

Yah-ya Abubakar, Golnaz Rezai, Mad Nasir Shamsudin and Zainalabidin Mohamed

317-322

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An Analysis of Descriptive Essay Writing Among Nigerian Undergraduates: AnAnalysis of Variance in English Writing Skills

Anas Sa’idu Muhammad and Subadrah Madhawa Nair

323-329

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Student’s Perception towards Rural Eco-Tourism Destination Implementation:A Case of Sebuyau, Sarawak

Abang Zainoren Abang Abdurahman Jati Kasuma Lenny Yusrina Bujang Khedif,Zubaidah Bohari, Johana Adlin and Silverina Annabelle Kibat

330-335

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The Effect of Equivalent Series Resistance on the Charge Rate for Electric DoubleLayer Capacitor in an Energy Harvesting System

Li Wah Thong, Poh Kiat Ng, Jian Ai Yeow, Kian Siong Jee, Yue Hang Tan and Kai Loon Toh

336-340

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Improved Accuracy of Breast Cancer Detection in Digital Mammograms using WaveletAnalysis and Artificial Neural Network

Luqman Mahmood Mina and Nor Ashidi Mat Isa

341-345

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Identifying the Definitions of Sexting Phenomenon described by Adolescents














Nor Syafini Mohd Muhaiyuddin, Hanif Suhairi Abu Bakar and Huzili Hussin

346-350

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Infringement of Intellectual Property in Social Media in Malaysia

Azwina Wati Abdull Manaf, Jalilah Binti Mohd Ali and Siti Marshita Binti Mahyut

351-355

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Internationalization in the North of Malaysia: Profile of Exporting SMES

Saari Ahmad and Noraini Othman

356-361

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The Impact of Leadership Styles on Employees’ performance in Telecom EngineeringCompanies

Ali Orozi Sougui, Abdul Talib Bon and Hussein Mohamed Hagi Hassan

362-366

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Efficient Dye-Sensitized Solar Cells Using G. Atroviridis and E. Conferta Fruits

Hidayani Jaafar and Madihan Yusof

367-370

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Rice Husk Derived Activated Carbon for Removal of Zn2+ from Aqueous Solution

Nur Enzati Afwana Ismail, Anita Ramli and Mohd Faisal Taha

371-376

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Physicochemical Properties of Aqueous Potassium Salt of α-Methylalanine (K-AMALA)as an absorbent for CO2 removal

Nor Faiqa Abd Aziz, A.M. Shariff, M.S. Shaikh, Lau Kok Keong, Sahil Garg and Asma Aftab

377-384

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Synthesis and Preliminary Inhibition Study of Carbonyl Thiourea Derivatives onCorrosion of Mild Steel in Acidic Media

Siti Najihah Md Hashim, Juliana Jumal and Karimah Kassim

385-389

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The Effectiveness of Using Mobile Phone in Enhancing Writing Skills: Teacher’s andStudents’ Reflections

Muhammad Siddique and Subadrah Madhawa Nair

390-396

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Development of Knowledge Asset Valuation Model

Wong Man Wai, Ammuthavali Ramasamy and Marini bt Othman

397-408

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The Effectiveness of English Within 20 Minutes On Students’ Writing Skills A CaseStudy of Form 5 Students in a Secondary School Language and Communication

Nahid Zahedpisheh, Zulqar nain B. Abu Bakar and Narges Saffari

409-414














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A Neural Network Approach to Predict the Density of Aqueous MEA Solution

Sahil Garg, Azmi Mohd Shariff, M.S. Shaikh, Bhajan Lal, Asma Aftab and Nor Faiqa

415-422

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Fish Metaphors and Chinese Cultures in Selected Malaysian Novels in English

Seng Tong Chong, Zalina Mohd Kasim and Yu Jin Ng

423-428

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Kapok Seed Oil Extraction using Soxhlet Extraction Method: Optimization andParametric study

Awais Bokhari, Lai Fatt Chuah, Suzana Yusup, Junaid Ahmad, Hilmi Aziz

429-431

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Improving Web Color using Color Scheme Assessment Tool (COSAT)

Nurul Wahidah Mohd Zin, Mazlina Abdul Majid, Mohammed Adam Ibrahim Fakhreldin

432-439

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Improvement of Low Temperature Properties of Rubber Seed Oil Methyl Ester byBlending with Fossil Diesel

Awais Bokhari, Lai Fatt Chuah, Suzana Yusup, Junaid Ahmad

440-444

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Performance of Refined and Waste Cooking Oils derived from Palm Olein on SynthesisMethyl Ester via Mechanical Stirring

Lai Fatt Chuah, Suzana Yusup, Abdul Rashid Abd Aziz, Awais Bokhari

445-448

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Enabling Concepts and Technologies for Out-Of-Plane Morphing Wing Structure: AReview

M. Asyraf Tasin, N.I. Ismail, R.J. Talib, W. M. Zurin W.S. and H. Yusoff

449-457

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Mode of Islamic Bank Financing: Does Effectiveness of Shari’ah Supervisory BoardMatter?

Waeibrorheem Waemustafa. PhD. and Azrul Abdullah

458-463

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AUSTRALIAN JOURNAL OF BASIC AND APPLIED SCIENCES

ISSN:1991-8178 EISSN: 2309-8414 Journal home page: www.ajbasweb.com

Funding Policy, Investment Policy And The Implication To Company’s Value

Mathius Tandiontong*1,Rusdin 2

A B S T R A C T

The goal of the company is to improve the shareholders’ welfare. The successful indicator to reach the company’s goal is reached by noticing improving company’s value. The improvement of company’s value is reached by doing continuing investment supported by the availability of money source for the investment. Objective: The purpose of this research is to know the impact of investment and funding policies to the company value. Results: The research’s result proved that the fund policy and investment policy, partially or together, have impact to the company’s value.. Conclusion: Financing policy has a positive influence on company’s value for the issuer that listed in Indonesia Stock Exchange from year 2010-2014. Investment policy has a positive influence on company’s value for the manufacturing issuers listed in Indonesian Stock Exchange from year 2010-2014. Investment and financing policy simultaneously have a positive influence on company’s value for the maufacturing issuerslisted in Indonesian Stock Exchange from year 2010-2014.

Keywords: fund policy,investment policy, the company’s value, improve the shareholders’

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Australian Journal of Basic and Applied Sciences, 9(37) Special 2015, Pages: 57-64

ISSN:1991-8178

Australian Journal of Basic and Applied Sciences

Journal home page: www.ajbasweb.com

Corresponding Author: Mathius Tandiontong, Maranatha Christian University, Accounting Department, Economics Faculty,Bandung.Indonesia

Funding Policy, Investment Policy and the Implication to Company’s Value

1Mathius Tandiontong and 2Rusdin

1Maranatha Christian University, Accounting Department, Economics Faculty, Bandung. Indonesia. 2Economics and Business Faculty, University of Padjadjaran Bandung. Indonesia.

A R T I C L E I N F O A B S T R A C T Article history: Received 10 October 2015 Accepted 30 November 2015 Available online 31 December 2015

Keywords: regression, panel data, funding policy, investment policy, company’s value.

Background: The goal of the company is to improve the shareholders’ welfare. The successful indicator to reach the company’s goal is reached by noticing improving company’s value. The improvement of company’s value is reached by doing continuing investment supported by the availability of money source for the investment. Objective: The purpose of this research is to know the impact of investment and funding policies to the company value. Results: The research’s result proved that the fund policy and investment policy, partially or together, have impact to the company’s value.. Conclusion: Financing policy has a positive influence on company’s value for the issuer that listed in Indonesia Stock Exchange from year 2010-2014. Investment policy has a positive influence on company’s value for the manufacturing issuers listed in Indonesian Stock Exchange from year 2010-2014. Investment and financing policy simultaneously have a positive influence on company’s value for the maufacturing issuerslisted in Indonesian Stock Exchange from year 2010-2014.

© 2015 AENSI Publisher All rights reserved. To Cite This Article: Mathius Tandiontong and Rusdin., Funding Policy, Investment Policy and the Implication to Company’s Value. Aust. J. Basic & Appl. Sci., 9(37): 57-64, 2015

INTRODUCTION

Company’s goal: to improve the shareholders’ welfare proxied by the company value. Company value is the multiplying of share value with the amount of shares (Copeland & Weston, 2003. In their activities, funding policy and investment policy face business risks, so the asset and selling improvement is not always followed by the improvement of company’s value. On the other side, the change of company’s status to be an open company shows the asset‘s expansion and investment progress. The asset expansion finally improves the company’s value. But the macro-economy condition also gives impact to the company’s performance. The global crisis of economy also caused the performance degradation which is shown by the degradation of added value of manufacture companies in Indonesia. The performance degradation and the amount of companies that carry out the selling of stocks activity, caused by the in-efficiency of debt management which affects at the funding policy and investment policy. The decline of company’s stock value, especially the companies listed in the stock market, as the result of failure in the funding policy and investment policy. Every funding policy and investment policy will influence the company’s value. (Fama and French, 1998). By referring to the

research result that has been done before on other countries, giving the picture that there is a connection between the funding policy and dividend policy with the company’s value, but it is not clear yet. This research tried to reveal how far the funding policy and investment policy implicate to the company’s value. Is the funding associate with the investment policy; is the company’s value? Is the funding associate with the company’s value; is the investment policy; associate with the company’s value; and is the funding policy and investment policy associate with the company’s value.

Literature Review: The research about the relationship between the

financial decision and company’s value started by Modigliani and Miller. (1958, 1963), continued by Fama (1978). Modgliani and Miller (1958) – with the perfect market assumption – said that any kind of funding decision and no matter how much the funding mixture is, it will not affect the company value. But in 1963, Moidigliani and Miller loosen the assumption used as the basic framework of the theory of thought, by adding the tax element in the funding structure theory. The conclusion made is the funding decision that will affect the company’s value.

58 Mathius Tandiontong and Rusdin, 2015 Australian Journal of Basic and Applied Sciences, 9(37) Special 2015, Pages: 57-64

It happened because of the paid interest could be used to reduce the tax deductible. In other word, the company who pays interests will pay the income tax, which is smaller than those who don’t have any debt. Because the tax savings is the benefit for the company owner, so the company’s value who has debts is bigger that the company who has not any debt. Debt and bankruptcy fee on the optimum asset structure become the minimal asset structure, so the company’s value will be maximum. And if the market runs well, then the company’s value will be reflected in the company stock price. Different with Modigliani and Miller, who only saw that funding decision gives impact to the company’s value and omit the investment decision, Fama (1978) tried to explain the investment decision impact and funding decision to the welfare of the stockholders and bondholders). The improvement of security holders’ welfare could be reached through the investment decision, who gives positive net present value. With the funding decision only, there will be welfare/prosperity diversion from bondholders to stockholders and the risk diversion from stockholders to bondholders. Therefore, to improve the company’s value, the management has to do the right funding decision and investment decision. The research done by Wright and Ferns (1997) about the impact of investment decision announcement toward the company’s value is the presence of negative impact. As for Fama and French (1998), they researched the connection between the dividend and debt with the company’s value partially. The conclusion given by the research was that dividend and debt has information about profitability. Besides that, they also got conclusion that investment has positive information about company prospect in the future. By putting in the earning control variable, investment and research and development, they found negative connection between debt and company’s value. Park and Evans (2004) concluded that leverage has positive connection with the company’s value, whereas dividend has negative connection with the company’s value. The difference might be caused because the basic framework used by Park and Evans was based on the free cash flow concept, where the company value developed by using three different measurements of the company development level: growth level, growth level spread over the market return, and the company market value growth over the company book value. As for Fama and French, they used the proxy difference between total market value of a firm and book value of assets, divided by total market value of a firm. The variable of funding and dividend decision developed by using the same proxy, called ratio of interest expenses to total book value of assets for the funding decision, and ratio of dividend to total book value of assets for the dividend decision.

Hasnawati (2005) did a research about the implication in investment decision, funding decision and dividend policy over company value. The result concluded – both partially and simultaneously – investment conclusion and dividend policy have positive impact toward company value. The company’s goal is to improve the welfare of the stockholder through investment and funding activities. The investment on company asset is a decision to reach the chance to improve the stockholder’s wealth. The investment’s goal is to improve or maintain someone’s wealth, because of the tendency of money value deflation. The investment could be done directly or indirectly. Direct investment through company asset provision for the company operational accomplishment through production and selling activities to reach the company’s goal. Investment can only come true through funding activity. Company, through the funding decision, can use many fund resources. The imperfectness of capital market caused the company owner or stockholder refused to use the extreme leverage, because it will reduce the company value. If the capital market is imperfect, it might be because the appearance of bankruptcy cost. Agency cost or asymmetric information. The cost came from the capital decision will give impact to the company value. The size of fund that can be invested on the company asset decided by two resources: internal and external. According to the signal theory, company will use the internal resource first before the external one. External fund resource will be used when the internal resource is impossible to be used. The amount of fund needed by the company will be determined by how big the investment plan that will be held by the company is. It depends on the effort prospect in the future. So the amount of fund resource desired by the company depends on the investment plan, and the company will limit the search of their funding resource in the amount of the investment needs. Over-funding will reduce the company performance, because in the end, the company has to pay the funding resource used. Research Method: The method used is cause and effect analysis, with quantitative approach. The goal is to explain the relation of 1 variable bound with 2 free variables. The data used is company finance ratio per December 31st, 2010 – 2014. We collected data by indirect communication (secondary). Sampling method used is sampling probability with random sampling technique. The kind of data used is data panel with regression model from three alternatives: common effect model, fixed effect model, or random effect model. In order to test the research hypothesis, we will test the t test and F with Anova.


Research Result: Chow-Test result: Chow testing result showed Cross section F-value dan Cross section chi-square 0.0000 or less

than 0.05. then we can conclude that the right model to be chosen is Fixed effect model. Next, we have to choose the regression model, between Fixed effect (Random Effect) model or Hausman testing.

Table 1: Likehood Ratio (Chow-Test) Result Redundant Fixed Effects Tests, Equation: FIXED, Test cross-section fixed effects

Effects Test Statistic d.f. Prob. Kriteria Hasil Cross-section F 12.725459 (92,184) 0.0000 <0.05

Pilih FEM Cross-section Chi-square 557.004167 92 0.0000 <0.05

Source: Data processing result using Eviews (Tandiontong, 2015)

Hausman Test Result: This step is conducted if from the Chow-Test result the chosen model is FEM. Hausman Test compares Fixed effect model with Random Effect, to find out which model is the best to use in this research. The result will be shown on table 2. Comparative result between FEM and REM with Hausman test shows thatCross section random and idiosyncratic random value consecutively 0.8000 and 0.2000 or bigger than 0.05. Then we can conclude that we will use Random effect model. However, Adjusted R-squared value is 0.011015 or 1.1015% (relatively small). To make ensure that the chosen

model is the best, we have to conduct classic assumption tests, which are heteroskedasticity, autocorrelation and multicollinearity. For that reason we have to conduct this test on FEM and REM. On Table 3, we can see some changes, some independent variable experiencing significant level change statistically. The change is caused by the result of consistent error variance that shows that we have heteroskedasticity at the first model. With Adjusted R-square value 0.966938, means that model variance attached to the model for 6.6938% and indicate that independent variable can explain its dependent variable very well.

Table 2: Hausman Test Result.

Variable Coefficient Std. Error t-Statistic Prob. Kriteria Hasil C 1.888330 0.577853 3.267837 0.0012

INV 6.73E-14 4.60E-14 1.461782 0.1449 DER 0.219482 0.124701 1.760068 0.0795

Effects Specification S.D. Rho Cross-section random 4.629336 0.8000 >0.05 Pilih

REM Idiosyncratic random 2.314372 0.2000 >0.05 Weighted Statistics

R-squared 0.018130 Prob(F-statistic) 0.8000 Adjusted R-

Squared 0.011015

F-statistic 2.548069 Durbin-Watson stat 1.40963 Source: Data processing result using Eviews (Tandiontong, 2015) Table 3: Heteroskedasticity test on Fixed Effect Model.

Variable Coefficient Std. Error t-Statistic Prob. C 1.905297 0.092085 20.69064 0.0000

INV 8.39E-14 1.51E-14 5.538567 0.0000 DER 0.157891 0.039494 3.997885 0.0001

Effects Specification Cross-section fixed (dummy variables)

Weighted Statistics R-squared 0.978117 Mean dependent var 13.03614

Adjusted R-squared 0.966938 S.D. dependent var 13.49098 S.E. of regression 2.261444 Sum squared resid 940.9996

F-statistic 87.49467 Durbin-Watson stat 2.631820 Prob(F-statistic) 0.000000

Source: Data processing result using Eviews (Tandiontong, 2015) We can see Random Effect Model or Fixed Effect from correlation matrix among independent variables. According to Gujarati (2003), multicollinearity among independent variables

happen when absolute value of correlation matrix is or bigger than 0.8. Based on that view, then we have to test multicollinearity using correlation matrix that presented on table 4.

Table 4: Multicollinearity Model Test.

INV DER INV 1 -0.04377007390411342 DER -0.04377007390411342 1

Source: Data processing result using Eviews (Tandiontong, 2015)


From Table 4 we obtain an absolut value of 0.04377. This value is less than 0.8. From this statistical analysis result we can conclude that there is no multicollinearity in this regression model. Based on Random Effect and Fixed Effect model, we can conclude that the best model on this research is Random Effect Model (REM), eventhough adjusted r-square value in Fixed Effect Model is better than the one in Random Effect Model. After regression model chosen, that is Random Effect Model, then based on result in table 3, we have a Random Effect Model Regression Equation as follows: MVE = 1.640411 + 1.11E-13 INV + 0.250710 DER: This equation explain that the company’s value increase, that proxied by MVE, of 25,07% also determined by the increasing of funding policy, that proxied by DER, of 100%, where investment policy is constant (0). Therefore, every increasing of company’s value, that proxied by MVE, of 111% also determined by the increasing of investment policy that increasing 100% where funding policy is constant (0). In other words, the increasing of company’s value is determined by the increasing of funding and investment policy toward a better condition. Statistical Hypotheses Testing: 1 T-test: Testing of DER variable to MVE: Ho is rejected because the probability value of DER variable is 0.0000 (from table 3). This value is lower than 0.05 with 5% significance level. Therefore, Debt to Equity Ratio (DER) has a positive influence on company’s value (with Market Value Added proxy). It means that the policies that have been made by company in order to increasing DER will resulted on the increasing of company’s value. Testing of INV variable to MVE: H1 is accepted because the probability value of INV is 0.0000 (from table 4.4), This value is lower than 0.05 with 5% significance level. Therefore, investment policy (INV) has a positive influence on company’s value (with Value of Equity proxy). It means that a good investment policy will increase company’s value. F-test: F-test is conducted to find out whether all independent variables (INV and DER) simultaneously have influence to company’s value. H0 is rejected because F-prob value is 0,0000 (Table 4.3). This value is lower than 0.05 with 5% significance level. Therefore, funding policy that proxied by DER and investment policy that proxied by INV has an influence on company’s value that proxied by MVE

– simultaneously. It means that the increasing of company’s value is also determined by funding and investment policy. Determination coefficient value is shown by R2. This analysis result of 0.866870 is presented in table 3. This value has a meaning that variance of the model attached to the model by 86.68%. This value indicates that tested independent variable can explained its dependent variable well, while another 13.31% influenced by another factors outside the model. Discussion of this research result refer to the result of hypotheses testing, research objective, and literature review. Analysis result showed that there is an influence of funding decision to company’s value. In other words, funding policy also determined whether the value of the company increasing or decreasing, as proven in the positive relationship as the formulated research hypotheses. This finding also strengthens the theory about the influence of funding policy on company’s value. Research finding showed that in determining source of fund, both quantity and proportion, management will consider stockholder’s interest. (Brigham, 1993). This is occurs from the result of debt increasing that has an impact on effect of dari corporate tax shield. Implication from this research result give a description for management, especially financial management whose job is to manage company’s debt, that entity’s going concern needs future growth. One of the important decisions that have to be made by (financial) managers in its relationship with entity’s going concern is financing decision. Financing decision is a financing composition taken by the company that shows internal and external capital composition. This financing policy can influence company’s value. Therefore, financing decision taken by the company is a better policy, since retained earnings can not fulfill company financing needs. This is match with Pecking Order Theory, that source of funding for investment possibility must be based on its priority description. The main priority of source of funding to exploit investment possibility is form intenal sources, which is retained earnings. If it did not sufficient, then debt will be the second choice, and for the last choice is equity fund. (Mayers, 1977, Myers and Majluf, 1984). This research results also strengthens previous researches, done by Sari (2010) and La Rocca (2007) that proved that financing policy has a positive influence on company’s value. In other words, company that have debt will pay interest that will decreasing tax income, which will benefited stockholders. This tax reduction will increase company’s profit and that fund can be used for future company investment or for increasing dividend distribution to stockholders. That’s why financing policy has can influencing company’s value. Analysis result on the influence of investment decision to company’s value has found evidence that


there is a positive relationship as formulated in research hypotheses. This finding strengthens the theory of influence of investment policy on company’s value. In other words, the increasing value of the company also determined by investment policy. Refer to description above, this research result shows that financing and investment policy simultaneously influencing company’s value. In other words, financing and investment policy also determined the increasing company’s value. The increasing of DER as a proxy of financing policy that showed by the increasing of company’s debt will also increase company’s value. If a financing decision in a company is high, that will increase investor trust to the company. This is support the researches done by De Angelo and Masulis (1980), Stulz (1990), McConnel and Serveas (1995), and Jung, Kim and Stuls (1996). Debt increasing will be interpreted by outside party as company’s ability to fulfill future liabilities or a low business risk. And market will respond positively. Investor believes that with increasing debt, company will be able to expand for the company further development. For a company that financed from investor’s debt, will be more interesting for investors, because their proportion will not decrease when the company decided to share the profit. This research result is not support the research done by Fama and French (1998) that stated that there is a negative influence between debt and company’s value. The increasing debt will be a concern for investors, because it will increase the risk and as the result they will respond that policy by selling their stocks. Investment policy variable has a positive influence on company’s value. If investment level in a company is high, it will increase investors’ trust in the company, because the investor have a perception that investment is good news. After companies try to obtain the fund, it will be used to obtain profit in the future. Investment activity done by the company will determine the future profit that will be obtain and company’s performance. If the company do wrong in selecting investment, then company’s going concern will be disrupted and of course this will affect investor’s judgment towards the company. Implication from this research result is give a description to company’s manager, especially for (financial) manager to keep the investment growth so it can achieve the objective of the company through stockholders wealth and in the end will increase company’s value. This supports the researches done by Fama (1978), Modigliani & Miller (1958). Besides that, investment increasing will be considered as future company’s growth. This supports research done by Meyers (1977) stated that company value developed through stock market

value indicator is very influenced by investment opportunities and discretionary expenditures in the future. This research result supports research done by Fama (1978) that conclude that company’s value will be determined only with investment policy. The research done by Modigliani and Miller (1958) that concluded that investment decision would be important, and because of that, company’s objective will only achieved through company’s investment activity. Conclusion: Refer to analysis and discussion result with a formulated hypotheses base; we can conclude the solution of this research problem in conclusions as follows: (1) Financing policy has a positive influence on company’s value for the issuer that listed in Indonesia Stock Exchange from year 2010-2014. (2) Investment policy has a positive influence on company’s value for the manufacturing issuers listed in Indonesian Stock Exchange from year 2010-2014. (3) Investment and financing policy simultaneously have a positive influence on company’s value for the maufacturing issuerslisted in Indonesian Stock Exchange from year 2010-2014. Recommendation: Recommendation given on this research result is expected to give a bigger impact exceeding this research result. The recommendation focused on two parties, academicians, management, investors, and financial analysts. Management: Theoretically, this research result give an alternative for management in the effort to increase company’s value with studying financing and investment policy in general, especially as an empirical evidence to be shown to the stakeholders.In practice, in decision making for financing policy, management should consider company’s operating activity in facing business risk (combination of operating and financial risk), that the increasing of assets and sales is not always followed by the increasing of company’s value. Academicians: Theoretically, this research result give a referral that there are a lot of factors that can have influence on the increasing of company’s value, like financing and investment policy in general, especially as a literature for empirical evidence by tracking other factors besides financing and investment policy. In practice, it can be used as a reference for the researchers who have the same interest to discuss the topics on this research.


Investors: In practice, it can become a referral that some investment can be used for business expansion, like for diversification and sales growth. This capital expansion eventually will increase company’s value. Financial: Analyst.In practice, it is considered important to have an understanding on policy taken by management, both financing and investment policy, that can increase company’s value. That is why it needs socialization for investors or management.

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