Abstract

The aim of this research is to analyze the effect of macroeconomy, company fundamental and corporate policy on systematic risk and value of the firm. This study also tested indirect relationship beetwen macroeconomy variables, company fundamental and company policy which have an effect on value of the firm with the systematic risk as an intervening variable. This research, aims to test the indirect effect beetwen macroeconomic factors, fundamental and regulation firms on firm value. The theoretical point as used in this study research is financial theories.
This research used the samples of the manufacture companies has been listed in Indonesian Stock Exchange from 2013 -2017. The sampling was purposive sampling, and the analytical technique was SEM with PLS. The total samples were 87 companies from 2013 – 2017.
The research outcome that the macroeconomics have a positive significant effect on firm value and systematic risk; the fundamental of the firm has a positive significant effect on firm value whereas has no significant effect on systematic risk; the policy of the firm has a negative effect on firm value whereas has a positive significant effect on systematic risk and the systematic risk has a negative significant effect on firm value. The research results that mediated by systematic risk as an intervening variable showed that the macroeconomy has a
positive significant effect on firm value if mediated by systematic risk; the fundamental firm has a positive significant effect on firm value if mediated by systematic risk and policy of the firm has a negative significant effect on firm value if mediated by systematic risk.. Finding of this research are that there are partial mediation not perfect mediation therefore the systematic risk as a mediating variable, which is the variable mediating the effects of macroeconomy,
fundamental firm and policy firm on firm value.

Keywords : macroeconomy, interest rate, exchange rate, leverage, liquidity, capital expenditure, incentive manager, systematic risk and tobins’q.