PENGARUH NON-LINEAR KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN YANG DIUKUR DENGAN TOBIN'S Q

The principle aim of a firm is to improve the wealth of the shareholders through the increase of the firm value. Further, the improvement of the shareholders ' wealth is led to increase of the stock price.The conflict of interest between the management and the shareholders is based on the agency theory. One of the motif is the separation between control and ownership functions which causes the management cannot feel the effects of error in business decision making directly. The increase of managerial ownership can be employed to cover up this problem.This research develop one hypotheses. This hypotheses is managerial ownership has a non-linear effect to the firm value. Population of the research are non financial firms registered in the Jakarta Stock Exchange in the year 1994-2000.The research provides empirical evidence that managerial ownership shows a non-linear relation to the firm value, but is insignificant statistically. Meanwhile the control variables of profitability, leverage and size are positive and significant determinant offirm value.

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PENGARUH NON-LINEAR KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN YANG DIUKUR DENGAN TOBIN'S Q

EKUITAS (Jurnal Ekonomi dan Keuangan) ◽

10.24034/j25485024.y2003.v7.i4.362 ◽

2018 ◽

Vol 7 (4) ◽

pp. 403-421

Author(s):

Makaryanawati Makaryanawati

Keyword(s):

Conflict Of Interest ◽

Firm Value ◽

Stock Exchange ◽

Managerial Ownership ◽

Significant Determinant ◽

Business Decision ◽

Linear Effect ◽

Financial Firms ◽

Non Linear ◽

Cover Up

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Parabolic Effect Between Managerial Ownership And Firm Value To Control Agency Conflict

Jurnal Manajemen ◽

10.24912/jm.v23i3.569 ◽

2019 ◽

Vol 23 (3) ◽

pp. 355

Author(s):

Margarita Ekadjaja, Halim.P. Siswanto, K. Nuringsih, R. Amelinda

Keyword(s):

Firm Value ◽

Stock Exchange ◽

Institutional Ownership ◽

Foreign Ownership ◽

Managerial Ownership ◽

Agency Conflict ◽

Financial Firms ◽

Panel Data Regression ◽

Data Regression ◽

Regression Test

This research attempts to place the ownership structure, which includes managerial ownership, institutional ownership, foreign ownership, and concentration ownership as determinants to predict value of the firm. Managerial ownership will be identified and analyzed on its possibility to form the inverse U-shape relationship pattern, therefore the test on parabolic effect between managerial ownership using Tobin’s Q can be conducted. Meanwhile, such test cannot be conducted to the other three independent variables. This test was applied to non-financial firms whose shares were listed on Indonesia Stock Exchange (IDX) during 2000-2017. The result of panel data regression test concludes that managerial ownership can predict value of the firm, while it is not for institutional ownership and foreign ownership.

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Corporate Governance, Family Ownership and Firm Value: Indonesia Evidence

SHS Web of Conferences ◽

10.1051/shsconf/20207601027 ◽

2020 ◽

Vol 76 ◽

pp. 01027

Author(s):

Mariana Ing Malelak ◽

Christina Soehono ◽

Christine Eunike

Keyword(s):

Corporate Governance ◽

Significant Influence ◽

Ownership Structure ◽

Firm Value ◽

Stock Exchange ◽

Panel Data Analysis ◽

Family Ownership ◽

Managerial Ownership ◽

Board Structure ◽

Financial Firms

The research objective to assess the influence of corporate governance and family ownership on firm value non-financial firms listed in Indonesia. The board and ownership structure were representing corporate governance characteristics. The board structure consists of commissioners, directors and independent commissioners, while the structure of ownership consists of institutional, public and managerial ownership. This research used data non-financial firms listed in Indonesia Stock Exchange period 2008 to 2018. Using purposive sampling as technique’s to filter the samples and panel data analysis method. The results of research state that corporate governance (board and ownership structure) and family ownership simultaneously have a significant influence on firm value. Partially, independent commissioners, board of directors, public and institutional ownership have a significant influence on firm value. Meanwhile the board of commissioners, managerial and family ownership have no significant influence on firm value.

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Effect of Enterprise Risk Management on Firm Value: Empirical Evidence from Non-Financial Firms in Pakistan

GIS Business ◽

10.26643/gis.v13i2.3298 ◽

1970 ◽

Vol 13 (2) ◽

pp. 15-28

Author(s):

Nouman Nasir

Keyword(s):

Risk Management ◽

Firm Value ◽

Positive Impact ◽

Stock Exchange ◽

Enterprise Risk Management ◽

Least Square ◽

Return On Equity ◽

Financial Firms ◽

Enterprise Risk ◽

Ordinary Least Square Regression

This research examines the effect of enterprise risk management on firm value in Pakistan. Further, this study empirically examines company characteristics that establish the execution of an enterprise risk management system. Using a sample of final dataset of 83 non-financial firms located in Pakistan. The sample included non-financial firms from the year 1999 to 2015 and so up to seventeen observation years per company. As in context of Pakistan, most of the organizations are already implement an ERM programs and establish specialized ERM departments because the ERM is now a global term and has become increasingly relevant because of the growing difficulty of risk and an additional development of regulatory frame works. For the empirical evidences, data collected from non-financial firms listed at the Pakistan Stock Exchange (PSX). Results of logistic regression shows that Capital Opacity, Profitability, Financial Leverage, Firm Size and Slack have positive impact on the implementation of an ERM system but Industrial diversification, Industry and Return on Equity are negatively related to an ERM engagement. The results of ordinary least square regression finds positive relationship between use of an ERM and firm value.

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Analisis Pengaruh Kepemilikan Blockholder, Kepemilikan Manajerial, Kepemilikan Institusional, dan Komite Audit terhadap Nilai Perusahaan

INDONESIAN JOURNAL OF ACCOUNTING AND GOVERNANCE ◽

10.36766/ijag.v2i1.10 ◽

2018 ◽

Vol 2 (1) ◽

pp. 96-121

Author(s):

Iwan Wirawardhana ◽

Meco Sitardja

Keyword(s):

Firm Value ◽

Audit Committee ◽

Stock Exchange ◽

Random Effect ◽

Random Effect Model ◽

Institutional Ownership ◽

Managerial Ownership ◽

Estimation Model ◽

Effect Model ◽

Positive Effect

The aim of this study is to analyse the effect of Blockholder Ownership, Managerial Ownership,Institutional Ownership, and Audit Committee towards Firm Value. The background of this research isthe agency theory and ownership theory. The population in this study are 46 property companies listedon the Indonesia Stock Exchange (IDX) for the period 2012-2016. By using purposive samplingtechnique, 35 companies are qualified as data samples. This research uses the random effect model asthe estimation model and multiple regression as the method of analysis. The results of this study showsthat Institutional Ownership has a positive effect on Firm Value. Meanwhile, Blockholder Ownership,Managerial Ownership, and Audit Committee have no effect on Firm Value. Moreover, the F-testimplies that the variables, blockholder ownership, managerial ownership, institutional ownership, andaudit committee, simultaneously influence firm value.

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ANALISIS PENGARUH CAPITAL/LABOUR INTENSIVE, INVESTASI, KEPEMILIKAN MANAJERIAL, LEVERAGE OPERASI DENGAN VARIABEL MEDIASI KEBIJAKAN DIVIDEN DAN LEVERAGE KEUANGAN TERHADAP NILAI PERUSAHAAN

Jurnal Dinamika Manajemen dan Bisnis ◽

10.21009/jdmb.01.1.5 ◽

2017 ◽

Vol 1 (1) ◽

pp. 1-21 ◽

Cited By ~ 1

Author(s):

Robi Nugraha

Keyword(s):

Path Analysis ◽

Firm Value ◽

Stock Exchange ◽

Financial Sector ◽

Managerial Ownership ◽

Financial Leverage ◽

Panel Data Regression ◽

Data Regression ◽

Result Show ◽

Operating Leverage

ABSTRACT The purpose of this study was to analyze the influence of capital labour intensive, investment, managerial ownership, operating leverage, dividen and financial leverage on the firm value of Indonesia non financial sector companies, the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on dividen and financial leverage of Indonesia non financial sector companies, and the influence of capital labour intensive, investment, managerial ownership, operating leverage variable on the firm value through dividen and financial leverage as intervening variable. The research data was collected using purposive sampling method to the data of non financial sector companies listed on the Indonesian Stock Exchange during the period 2003-2012. Based on the criteria of the study obtained 310 samples were then analyzed Using the panel data regression and path analysis. The results show that the capital labour intensive, investment, managerial ownership, operating leverage, dividen and financial leverage have significant influences on the firm value of Indonesia non financial sector companies. The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influences on dividen. The capital labour intensive, investment, managerial ownership, operating leverage variable have significant influences on financial leverage. With path analysis, the result show the The capital labour intensive, investment, managerial ownership, operating leverage variable do not have significant influence on the firm value of Indonesia non financial sector companies with dividen and financial leverage as intervening variable. Keywords: Capital Labour Intensive, Investment, Managerial Ownership, Operating Leverage, Dividen and Financial Leverage, Firm Value.

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PENGARUH CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DI BURSA EFEK INDONESIA STUDI PADA SEKTOR CONSUMER GOODS PERIODE 2013-2017

account ◽

10.32722/acc.v6i2.2483 ◽

2019 ◽

Vol 6 (2) ◽

Author(s):

Tasya Anindya Pramesti ◽

Elly Mirati ◽

Petrus Hari Kuncoro

Keyword(s):

Corporate Governance ◽

Consumer Goods ◽

Firm Value ◽

Audit Committee ◽

Stock Exchange ◽

Sampling Technique ◽

Managerial Ownership ◽

Panel Regression ◽

Company Performance ◽

Analysis Method

PENGARUH CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DIBURSA EFEK INDONESIA STUDI PADA SEKTOR CONSUMER GOODS PERIODE 2013-2017Tasya Anindya [email protected]. Elly [email protected] Hari Kuncoro [email protected] Studi Manajemen Keuangan Politeknik Negeri JakartaABSTRACTCorporate governance is one of the most important mechanism in the internal companymanagement to keep the company performance with the intention to incrase the firm value. Thepurpose of this study is to test the influence of corporate governance on firm value which is proxiedwith PBV. This research is quantitative and assocative research where data is obtained from annualreport from company that listed in Indonesia Stock Exchange in the consumer goods sector in 2013-2017 published by BEI. The population of this study are 46 companies with the sampling technique used is purposive sampling and 6 companies are choosen. The data analysis method used is panel regression through several tests including classic assumption test and hyppothesis testing partially and simultaneously. The results of this study are managerial ownership is significantly influenced firm value, but institutional ownership, independent commisioner, and audit committee has no influence on firm value significantly, and corporate governance simultaneously is significantly influenced firm value.Keywords: Corporate Governance, Firm Value, PBV ABSTRAKCorporate governance merupakan salah satu mekanisme yang sangat penting dalam suatuinternal manajemen perusahaan untuk menjaga kinerja perusahaan dengan tujuan meningkatkannilai perusahaan. Tujuan dari penelitian ini adalah untuk menguji pengaruh corporate governanceterhadap nilai perusahaan yang diwakilkan dengan PBV. Penelitian ini adalah penelitian kuantitatifdan asosiatif dimana data diperoleh dari laporan tahunan perusahaan yang terdaftar di Bursa EfekIndonesia sektor consumer goods pada periode 2013-2017 yang diterbitkan oleh BEI. Populasi daripenelitian adalah 46 perusahaan dengan teknik pengambilan sampel menggunakan purposivesampling dan hasil sampel penelitian ini sebanyak 6 perusahaan. Metode analisis data yangdigunakan adalah metode regresi data panel termasuk pengujian asumsi dan kesesuaian model danpengujian hipotesis baik secara parsial dan secara simultan. Hasil dari penelitian ini menunjukanbahwa kepemilikan manajerial berpengaruh terhadap nilai perusahaan, sedangkan kepemilikaninstitusonal, komisaris independen, dan komite audit tidak berpengaruh signifikan terhadap nilaiperusahaan, dan corporate governance secara simultan berpengaruh terhadap nilai perusahaan. Kata kunci: Corporate Governance, Nilai perusahaan, PBV

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The Effect of Ownership Structure and Financial Performance on Firm Value with Dividend Policy as Moderating Variable at Property and Real Estate Companies

Volume 5 - 2020, Issue 9 - September - International Journal of Innovative Science and Research Technology ◽

10.38124/ijisrt20jul542 ◽

2020 ◽

Vol 5 (7) ◽

pp. 638-645

Author(s):

Witya Shalini ◽

Erlina . ◽

Prihatin Lumban Raja

Keyword(s):

Real Estate ◽

Firm Value ◽

Dividend Policy ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Sampling Technique ◽

Institutional Ownership ◽

Multiple Linear Regression Analysis ◽

Managerial Ownership ◽

Company Value

This study aims to determine managerial ownership, institutional ownership, liquidity, leverage, and profitability on firm value with dividend policy as a moderating variable. This type of research is explanatory research with a quantitative approach. The population used in this study are property and real estate companies listed on the Indonesia Stock Exchange from 2010 to 2018. The sampling technique uses purposive sampling so that the selected sample is 16 companies. This study uses descriptive statistical data analysis and multiple linear regression analysis. The results of this study indicate that 1). Managerial Ownership, Institutional Ownership, and Liquidity do no effect on Company Value. 2). Leverage has a negative and significant impact on Company Value. 3). Profitability has a positive and significant impact on Company Value. 4). Dividend Policy cannot moderate the effect of the Managerial Ownership relationship on Company Value. 5). Dividend policy can partially influence the relationship of Institutional Ownership, Liquidity, Leverage, and Profitability to Company Value.

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ANALISIS PERSAMAAN SIMULTAN DARI TOBIN’S Q, KEPEMILIKAN MANAJERIAL DAN KEBIJAKAN UTANG

EKUITAS (Jurnal Ekonomi dan Keuangan) ◽

10.24034/j25485024.y2005.v9.i1.2375 ◽

2007 ◽

Vol 9 (1) ◽

pp. 93

Author(s):

Wahidawati Wahidawati

Keyword(s):

Firm Value ◽

Simultaneous Equation ◽

Least Square ◽

Managerial Ownership ◽

Tobin’S Q ◽

Agency Conflicts ◽

Manufacturing Companies ◽

Tobin's Q ◽

Non Linear ◽

Linear Simultaneous Equation

The purpose of this research to estimates a simultaneous equations model with Tobin’s Q (firm value), managerial ownership and debt policy jointly determined within the system. This research is based on the pre¬vious¬ research by Chen and Steiner (2000), which found that managerial ownership tobe a significant and positive determinant of the level Tobin’s Q. Chen and Steiner (1999) observed evidence of subtituons-monitoring effects between managerial ownership and debt policy.The research is focused on manufacturing companies listed in BEJ for periode 1999-2002.The method of data collection is done by using pooling method and give 151 firm year observation.This research uses a non linear simultaneous equation methodology with use the statistical method two stage least square. The result of research provides empirical evidence : First, that managerial ownership has a non linear relation with Tobin’s Q (we find support for both an alignmenteffect and an entrenchment effectin the relationship between managerial ownership and Tobin’s Q. second, The result supports the argument that managerial ownership helps to resolve the agency conflicts between stock holder and manager. The result also indicate that there is not subtitu¬ta¬bi¬li¬ty between debt and managerial ownership.

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The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013

Asian Journal of Accounting Research ◽

10.1108/ajar-06-2018-0006 ◽

2018 ◽

Vol 3 (2) ◽

pp. 224-235 ◽

Cited By ~ 1

Author(s):

Iswajuni Iswajuni ◽

Arina Manasikana ◽

Soegeng Soetedjo

Keyword(s):

Risk Management ◽

Firm Value ◽

Stock Exchange ◽

Enterprise Risk Management ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Content Type ◽

Significant Negative Effect ◽

Enterprise Risk ◽

Negative Effect

Purpose The purpose of this paper is to identify the effect of enterprise risk management (ERM) with firm size, ROA and managerial ownership as control variables on firm value that is proxied by Tobin’s Q. Design/methodology/approach Population of this research was manufacturing companies listed on the Indonesian Stock Exchange (IDX) in 2010–2013. The used method in this research is multiple linear regression-ordinary least square and hypotheses testing using t-test to test the regression coefficients with level of significance of 5 percent. Findings The results showed that ERM, ROA and size of the company have a significant positive effect on the firm value. While the managerial ownership has a significant negative effect on the firm value. Originality/value The results showed that firm value increases as ERM, ROA and size of the company improves. While the managerial ownership has a significant negative effect on the firm value.

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