The Effects Of Financial Performance Toward Firm Value With Ownership Structure As Moderating Variable (The Study On Manufacturing Companies Listed In Indonesia Stock Exchange In The Period Of 2012-2016)

The aim of this study is to determine the effect of Financial Performance toward Firm Value with Ownership Structure as Moderating Variable on Manufacturing Companies Listed in Indonesia Stock Exchange in The Period of 2012-2016. Independent variable of this study is Financial Performance with Return on Assets as a proxy. Dependent variable of this study is Firm Value with Tobin's Q as a proxy. While moderating variable used in this study is a mechanism of Corporate Governance in the form of Ownership Structure with Managerial Ownership and Institutional Ownership as the proxy. Then control variable in this study are Firm Size and Leverage. The research model of this study employs panel data analysis with Fixed Effect Model approach. The empirical result shows that Financial Performance has positive significant effect on Firm Value. Managerial Ownership and Institutional Ownership can't moderate the relation between Financial Performance on Firm Value. Firm Size has negative significant effect on Firm Value. And Leverage has insignificant effect on Firm Value.

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The Effect of Ownership Structure, Profitability, Firm Size and Tangibility on Capital Structure

Management Analysis Journal ◽

10.15294/maj.v7i4.23478 ◽

2018 ◽

Vol 7 (4) ◽

pp. 494-505

Author(s):

Tika Iswarini ◽

Anindya Ardiansari

Keyword(s):

Capital Structure ◽

Firm Size ◽

Ownership Structure ◽

Financial Management ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Company Value ◽

Optimal Value

The important decision faced by financial management which relates to the continuity of company operations is funding decision which is capital structure. Capital structure achieves optimal value if the composition of debt and capital are able to increase company value. The purpose of this research is to examine the effect of ownership structure, profitability, firm size, and tangibility against capital structure (research on manufacturing companies listed on Indonesia Stock Exchange period 2012-2016). The population in this research were all manufacturing companies listed on the Indonesia Stock Exchange 2012-2016. This research used purposive sampling method with certain criteria to determine the sample. The sample used was 38 companies with the research period 2012-2016 at manufacturing companies listed on the Indonesia Stock Exchange. Multiple regression analysis using Eviews 8 was used to analyze the data. The result of multiple linear regression test showed that there were three independent variables that affect capital structure they were managerial ownership, firm size and tangibility. Whereas institutional ownership and profitability did not affect the capital structure of manufacturing companies in 2012-2016. The conclusion of this research is managerial ownership, firm size and tangibility have positive and significant effect on capital structure, while institutional ownership and profitability have negative and insignificant effect on capital structure.

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PENGARUH STRUKTUR KEPEMILIKAN MANAJERIAL, STRUKTUR KEPEMILIKAN INSTITUSIONAL, SET KESEMPATAN INVESTASI, UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Jurnal Ekonomi dan Bisnis Airlangga ◽

10.20473/jeba.v27i12017.5514 ◽

2017 ◽

Vol 27 (1) ◽

Author(s):

Purwo Adi Nugroho

Keyword(s):

Firm Size ◽

Ownership Structure ◽

Firm Value ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Investment Opportunity ◽

Investment Opportunity Set ◽

Real Estate Company ◽

Observation Period

The main purpose of this study was to determine the effect of managerial ownership structure, institutional ownership structure, investment opportunity set and firm size on firm value. The population of this study is a real estate company that listed on the Indonesia Stock Exchange with the observation period 2008 to 2012. Data obtained by the method of purposive sampling and the 42 companies sampled each year. The method of analysis used is multiple linear regression by using SPSS 20.0. The results of this study indicate that: (1) managerial ownership structure has no effect on firm value, (2) institutional ownership structure has significant effect on firm value, (3) investment opportunity set has significant effect on firm value, and (4) firm size has significant effect on firm value. Key words: managerial ownership structure, institutional ownership structure, investment opportunity set, firm size and firm value

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STRUKTUR KEPEMILIKAN DAN NILAI PERUSAHAAN: (STUDI PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA)

Jurnal Varian ◽

10.30812/varian.v1i2.70 ◽

2018 ◽

Vol 1 (2) ◽

pp. 41-49

Author(s):

Restu Fahdiansyah ◽

Jihadil Qudsi ◽

Adam Bachtiar

Keyword(s):

Ownership Structure ◽

Firm Value ◽

Stock Exchange ◽

Agency Problems ◽

Institutional Ownership ◽

Shareholder Wealth ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Ownership Structures ◽

Company Value

The purpose of company management in general is to generate profit, but furthermore the management of the company is required to improve the welfare of the owners of the company or in this case the shareholders. To achieve these objectives, it is necessary to have ownership structures that can provide maximum supervision to managers in order to carry out their duties to improve the welfare of the owners of the company through increasing the value of the company. This is in accordance with the agency theory developed by Jensen Meckling stating that the manager as an agent delegated by the owner of the company to manage the company. In the process of managing the company, according to Jensen Meckling there is possible occurrence of agency problems, which arise because of the tendency of managers to not always make decisions that aim to meet the interests of principals or owners of the company to the fullest. To align the interests of managers and owners of the company so as to reduce agency problems, it is necessary to have a good ownership structure, capable of monitoring the performance of management in meeting the interests of the owner of the company. Therefore, this study would like to examine how ownership structures proxied with institutional ownership and managerial ownership can influence the value of firms that can ultimately have an impact on increasing shareholder wealth. This study tested 71 manufacturing companies listed on the Indonesian Stock Exchange in 2016 using multiple regression analysis techniques. The test results show the significant influence of variables with institutional ownership and managerial ownership of firm value, which shows that the ownership structure that allows the owner of the company to supervise the performance of the company's management can have an impact on the increase of company value.

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PENGARUH STRUKTUR KEPEMILIKAN MANAJERIAL, STRUKTUR KEPEMILIKAN INSTITUSIONAL, SET KESEMPATAN INVESTASI, UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Jurnal Ekonomi dan Bisnis Airlangga ◽

10.20473/jeba.v27i12017.73-90 ◽

2017 ◽

Vol 27 (1) ◽

pp. 73

Author(s):

Purwo Adi Nugroho

Keyword(s):

Firm Size ◽

Ownership Structure ◽

Firm Value ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Investment Opportunity ◽

Investment Opportunity Set ◽

Real Estate Company ◽

Observation Period

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Pengaruh Struktural Kepemilikan Saham dan Profitabilitas Terhadap Nilai Perusahaan

Jurnal Akuntansi dan Ekonomika ◽

10.37859/jae.v10i1.1948 ◽

2020 ◽

Vol 10 (1) ◽

pp. 99-108

Author(s):

Ferdy Putra

Keyword(s):

Multiple Regression ◽

Ownership Structure ◽

Firm Value ◽

Sampling Method ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Manufacturing Company

This study aims to determine the effect of ownership structure (institutional ownership and managerial ownership) and profitability on firm value at Manufacturing companies in Indonesia Stock Exchange. Research conducted on a manufacturing company on the Indonesia Stock Exchange in the 2016-2018 observations period. By using purposive sampling method, obtained a sample of 48 companies. Data were analyzed using multiple regression. Based on the results of this study concluded that managerial ownership significant effect on firm value. Institutional ownership significant effect on firm value and profitability significant effect on firm value.

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Investigating the Relationship Between Ownership Structure and Investment Efficiency in Emerging Markets: Evidence From the Egyptian Stock Market

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v8i4.13630 ◽

2018 ◽

Vol 8 (4) ◽

pp. 1

Author(s):

Ahmed Sayed Rashed ◽

Ebitihj Mostafa Abd ◽

Esraa Fathi Mohamed Ismail ◽

Doaa Mohamed Abd El Samea

Keyword(s):

Ownership Structure ◽

Stock Exchange ◽

Panel Data Analysis ◽

Negative Relationship ◽

Institutional Ownership ◽

Managerial Ownership ◽

Investment Efficiency ◽

Outside Director ◽

Director Ownership ◽

The Relationship

This paper aims to examine the relationship between Ownership Structure Mechanisms (Managerial Ownership, Institutional Ownership, Block holder Ownership and Outside Director Ownership) and Investment Efficiency by using panel data analysis. To investigate this relationship used the multiple regression models. Findings of investigation of 35 firms listed on the Egyptian Stock Exchange in the period 2006 to 2015 by balanced Panel model representative. Results indicated that Managerial Ownership isn’t related with investment efficiency. In contract, institutional ownership, block holder ownership and outside director ownership have a negative relationship with investment efficiency. In addition, the researcher found that control variables (Firm size, Debt ratio, Tobin’s Q) not related to investment efficiency. These findings imply that the Majority of Egyptians firms relies on institutional without individual ownership and then reduces much of possible from agency problems and decreasing information asymmetry and facilitating the monitoring of investment decisions.

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MODAL INTELEKTUAL, KEPEMILIKAN INSTITUSIONAL TERHADAP PROFITABILITAS DAN NILAI PERUSAHAAN

Jurnal Riset Akuntansi Kontemporer - Vol 13 No 2 (2021): October Edition ◽

10.23969/jrak.v12i1.4041 ◽

2020 ◽

Vol 12 (1) ◽

pp. 15-24

Author(s):

Nurramayuningsih Nurramayuningsih ◽

Mujibah A. Sufyani

Keyword(s):

Regression Analysis ◽

Financial Performance ◽

Intellectual Capital ◽

Firm Value ◽

Stock Exchange ◽

Secondary Data ◽

Institutional Ownership ◽

Manufacturing Companies ◽

Panel Data Regression ◽

Data Regression

Knowledge and intangible assets become the important source of competitive advatage for company (knowledgw-based economy). The study aims was to investigate the effect of intellectual capital, institutional ownership to profitability and firm value. Sample used were 6 manufacturing companies of sub sectors consumer goods industry listed on the Indonesia Stock Exchange from 2012 to 2017, with purposive sampling, secondary data, and panel data regression analysis. The results indicated that simultaneous intellectual capital and institutional ownership affected financial performance. Partially intellectual capital had a positive and significant effect on financial performance, but institutional ownership did not have significant effect. Financial performance has a positive and significant effect on firm value. Intelectual capital had an important roles to increase performance and value of the firm.

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PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP MANAJEMEN LABA DAN DAMPAKNYA TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

JURNAL AKUNTANSI UNIVERSITAS JEMBER ◽

10.19184/jauj.v16i1.6872 ◽

2018 ◽

Vol 16 (1) ◽

pp. 42 ◽

Cited By ~ 1

Author(s):

Movie Rahmatika Suryani

Keyword(s):

Corporate Governance ◽

Regression Analysis ◽

Financial Performance ◽

Audit Committee ◽

Stock Exchange ◽

Institutional Ownership ◽

Earning Management ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Ownership Effect

The main objective of this research is to demonstrate empirically the effect of corporate governance mechanism, such as : board independent, audit committee, institutional ownership, and managerial ownership on the earning management. This research also to demonstrate empirically the effect of earning management on the financial performance in the manufacturing companies listed in Indonesia Stock Exchange (IDX). Samples were taken from the financial statements and annual report companies listed in Indonesia Stock Exchange (IDX) in 2011-2013. The sample was selected using sensus sampling method and acquired 206 companies. Using SPSS version 18 with the method of multiple regression analysis and simple regression analysis with a significance level of 5% specified. The results of this study show that (1) board independent has no effect on earning management, (2) audit committee has no effect on earning management, (3) institutional ownership effect on earning management, (4) managerial ownership effect on earning management, (5) on earning management effect on financial performance measured by ROA and ROE

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Pengaruh Kepemilikan Institusional Dan Ukuran Perusahaan Terhadap Kebijakan Hutang Dan Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bei)

AKRUAL Jurnal Akuntansi ◽

10.26740/jaj.v4n1.p51-70 ◽

2012 ◽

Vol 4 (1) ◽

pp. 51 ◽

Cited By ~ 2

Author(s):

Elva Nuraina

Keyword(s):

Firm Size ◽

Firm Value ◽

Stock Exchange ◽

Analytical Techniques ◽

Institutional Ownership ◽

Corporate Debt ◽

Manufacturing Companies ◽

Normality Test ◽

Public Company ◽

Debt Policy

AbstractThis study aims to test empirically: 1)the influence of institutional ownership on corporate value, 2)the effect of firm size on firm value, 3)the influence of institutional ownership on debt policy, 4)the effect of firm size on debt policy. The population in this study is a public company in Indonesia Stock Exchange with manufacturing companies in the sample. Sampling method using purposive sampling. Analytical techniques used in this study using multiple linear regression which include normality test, test classic assumptions and hypothesis testing. The results showed that 1) the institutional ownership has a significant effect confirm value, 2) the size of the company has a significant effect on firm value, 3) institutional ownership have a significant effect on corporate debt policy, 4) firm size had no significant effect on corporate debt policy.

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Influence analysis of ownership structure on manufacturing company's performance in Indonesia 2012 - 2013

The Accounting Journal of Binaniaga ◽

10.33062/ajb.v4i2.341 ◽

2019 ◽

Vol 4 (2) ◽

pp. 47

Author(s):

Darwin Marasi Purba ◽

Jhon Herlan Sianturi

Keyword(s):

Firm Performance ◽

Ownership Structure ◽

Stock Exchange ◽

Control Variable ◽

Institutional Ownership ◽

Foreign Ownership ◽

Manufacturing Companies ◽

Analysis Model ◽

Return On Assets ◽

A Company

The purpose of this study is to analyse the effect of ownership structure on profitability in the manufacturing sector listed in Indonesia Stock Exchange (BEI). Independent variables used for this study consist of institutional ownership, foreign ownership, and pubic ownership. Profitability is measured by ROA (Return On Assets). While leverage as firm size is used as the control variable. This research uses secondary data, namely the annual financial statements of listed manufacturing companies in Indonesia Stock Exchange for the years 2012, and 2013. The sampling method used was purposive sampling and data analysis model used was multiple regression analysis. Results from this study indicate that institutional ownership in a company has a positive and significant effect on firm performance. Meanwhile, the foreign ownership and public ownership has no a positive effect on firm perforrmance in a company. Keyword: Ownership structure, Return on assets (ROA), Firm performance.

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