scholarly journals COMPANY VALUE IMPROVEMENT THROUGH FUNDING POLICY BASED ON OWNERSHIP STRUCTURE (COMPARISON STUDY AT CONVENTIONAL AND SHARIA MANUFACTURING COMPANIES)

2019 ◽  
Vol 4 (2) ◽  
pp. 689
Author(s):  
Jumaizi Jumaizi ◽  
Ngaijan Ngaijan
Keyword(s):  
Ownership Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Funding Policy ◽  
Structure Comparison ◽  
Dividend Policies ◽  
Company Value ◽  
Institutional Shareholders ◽  
Debt Policy

This research aims to discuss and analyze the influence of ownership structure on the value of the company by dividend policies. The companies analyzed in this research were manufacturing companies listed on Indonesia Stock Exchange (IDX). Data that has been collected is analyzed using Multiple Regression. The results showed that managerial ownership and institutional ownership have a negative and significant impact toward debt policy and company value, while debt policy has a positive and significant impact toward firm value. This phenomenon shows that both shareholders of management and institutional shareholders consider debt policy endanger their position in the company, and will not be materially profitable. Meanwhile, the debt policy is considered as a positive signal of the existence of a business project that the company works on, because the company needs a lot of funds. On the other hand, the ownership composition of shares dominated by management and institutional shareholders is seen as a threat in the community, because there are opportunities to benefit themselves but will not benefit the community. In the end, information asymmetry is still a problem between individual and small shareholders, with shareholders who are able to obtain important company information such as institutional shareholders and shareholders who also control the company's management.

scholarly journals PENGARUH STRUKTUR KEPEMILIKAN, PROFITABILITAS DAN KEBIJAKAN KEUANGAN TERHADAP NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2015-2019)

2020 ◽  
Vol 5 (2) ◽  
pp. 19-28
Author(s):  
Nadya Shafira Ramadhani ◽  
Ahmad Subaki ◽  
Ahmad Sonjaya
Keyword(s):  
Ownership Structure ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Sample Selection ◽  
Investment Policy ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Policy Variable ◽  
Debt Policy

ABSTRACTThis study aims to determine how the influence of ownership structure, profitability, dividend policy, debt policy and investment policy on company value in manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019. In this research, the method of explanation is used. The variables in this study are managerial ownership structure (X1), profitability (X2), dividend policy (X3), debt policy (X4), investment policy (X5) and firm value (Y). The population of this research is manufacturing companies listed on the Indonesia Stock Exchange. The sample selection technique used was purposive sampling. The results of this study indicate that partially managerial ownership has no effect on firm value. Profitability variable partially affects firm value. Dividend policy variable partially has no effect on firm value. The debt policy variable partially affects firm value. The investment policy variable partially affects firm value.  

scholarly journals PENGARUH KEPEMILIKAN INTERNAL, KUALITAS AUDIT DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

2020 ◽  
Vol 12 (1) ◽  
pp. 69-78
Author(s):  
Zumrotun Nafiah ◽  
Sopi Sopi
Keyword(s):  
Firm Value ◽  
Audit Quality ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Positive Influence ◽  
Manufacturing Companies ◽  
Factors Affecting ◽  
Company Value ◽  
A Company ◽  
Debt Policy

Establishment of a company has a clear goal one of which is to maximize the firm value. There are many factors affecting firm value and this study intends to empirically learning the effect of internal ownership, audit quality, and debt policy to firm value. The population of this study is manufacturing companies listed on the Indonesian Stock Exchange for period 2017-2019, amounting to 149 companies. The sample of the study was selected as many as 11 companies with purposive sampling technique. Data collection method of this research is documentation. Data were analyzed using statistical decriptive and multiple regression analysis. The result shows that there is no positive influence of internal ownership to firm value with p=0.552 (p>0.05), audit quality has significant effect to company value with p=0.035 (p<0.05), debt policy has no significant effect on the firm value with p=0.807 (p> 0.05). The next study must adding other variables that also could affect the firm value such as leverage, profitability, investment, institutional ownership and others

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

Jurnal Varian ◽  
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.

scholarly journals Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Nilai Perusahaan Dengan Kebijakan Hutang Sebagai Variabel Intervening

MANAJERIAL ◽  
2020 ◽  
Vol 7 (2) ◽  
pp. 124
Author(s):  
Novia Dian Indri Agustini ◽  
Enggar Nursasi
Keyword(s):  
Ownership Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Company Performance ◽  
Company Value ◽  
Manager Behavior ◽  
Equity Ratio ◽  
Debt Policy

Background - Increasing company value one of the determining factors is ownership structure. Managerial ownership will tend to improve management performance for the benefit of themselves and shareholders. Institutional ownership can control manager behavior and enhance optimal supervision of managers. The high ownership structure within a company will make managers feel monitored and act more cautiously in the use of debt. Thus, companies must be able to create debt at a certain level so that the company's goals to increase company value can be achieved. Objectives - This study aims to examine the effect of managerial ownership and institutional ownership on firm value with debt policy as an intervening variable. Design / methodology / approach - The type of research used is comparative causal used to explain causal relationships between variables. The population in this study are companies that fall into the Jakarta Islamic Index (JII) index listed on the Indonesia Stock Exchange (BEI) in 2016 - 2018. Samples of 11 companies were selected using the purposive sampling method. This research uses path analysis. The value of the company is measured by Tobin's Q. Managerial and Institutional Ownership is measured by the percentage of share ownership. Debt policy is measured by Debt to Equity Ratio (DER). Findings - Based on the results of the analysis show that (1) managerial ownership affects the value of the company, (2) institutional ownership affects the value of the company, (3) debt policy affects the value of the company, (4) institutional ownership affects the debt policy, (5) Managerial ownership affects the debt policy, (6) Managerial ownership affects the value of the company through debt policy as an intervening variable, (7) institutional ownership affects the value of the company through the debt policy as an intervening variable. Research Implications - This research has implications that can provide an overview and reference for companies related to matters that can affect the value of the company, and can be used as an evaluation material for companies related to company performance during the observation year. Research limitations - The research sample consisted of only 11 companies listed in the Jakarta Islamic Index (JII), with an observation span of only 3 years, and the data used were not yet normal, there was heteroscedasticity and autocorrelation. So the square root transformation is done to improve the data.  

Pengaruh Keputusan Investasi, Kebijakan Hutang Dan Kebijakan Dividen Terhadap Nilai Perusahaan

2019 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Ivan Somantri ◽  
Hadi Ahmad Sukardi
Keyword(s):  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Sampling Technique ◽  
Mining Sector ◽  
Dividend Policies ◽  
Negative Effect ◽  
Debt Policy ◽  
Debt Policies

This study aims to determine how to influence simultaneously and partially investment decisions, debt policy and dividend policy on firm value in mining sector companies listed on the Indonesia Stock Exchange for the period 2013-2017. The research method used in this study is descriptive and associative methods. The population in this study were mining sector companies listed on the Indonesia Stock Exchange in the period 2013-2017, which amounted to 43 companies. The sampling technique used in this study is non probability sampling with purposive sampling method, so that the number of samples obtained is 8 companies. While the data analysis used in this study is panel data regression analysis with the fixed effect method. The results of the study show that partially investment decisions and debt policies have a positive effect on firm value. While dividend policy has a negative effect on firm value. In addition, the results of the study simultaneously show that investment decisions, debt policies and dividend policies affect the value of the company. The amount of investment decisions, debt policy and dividend policy in contributing influence to earnings management is 34.14%.

STRUKTUR MODAL DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING. (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SEKTOR INDUSTRI BARANG KONSUMSI YANG TERDAFTAR DI BEI PERIODE 2016-2018).

2020 ◽  
Vol 4 (02) ◽  
Author(s):  
Anindiya Mustika Gunarwati ◽  
Siti Maryam ◽  
Sudarwati Sudarwati
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Company Size ◽  
Manufacturing Companies ◽  
Descriptive Research ◽  
Company Value ◽  
Quantitative Descriptive

The purpose of this study was to determine the effect of Capital Structure and Firm Size on Firm Value with Profitability as Intervening Variables. (Case Study on Manufacturing Companies in the Consumer Goods Industry Sector which are listed on the Indonesia Stock Exchange for the 2016-2018 Period). This research uses quantitative descriptive research type. Sample 27 companies using Purposive sampling technique. The analysis method uses path analysis with SPSS software version 21.Based on the test result min this study that the variable capital structure and company size have a positive and significant effect on profitability. Capital structure has no effect on firm value, firm size and profitability affect company value, and profitability is able to mediate the effect of capital structure and firm size on firm value. Keywords: capital structure, company size, profitability and firm value.

PENGARUH FAMILY OWNERSHIP, PERUBAHAN TARIF PAJAK DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 9 (2) ◽  
Author(s):  
Elfina Astrella Sambuaga
Keyword(s):  
Ownership Structure ◽  
Tax Reform ◽  
Stock Exchange ◽  
Family Ownership ◽  
Corporate Debt ◽  
Tax Rates ◽  
Manufacturing Companies ◽  
The Impact ◽  
The Relationship ◽  
Debt Policy

<p>This study aims to provide empirical evidence related to the influence of family ownership, tax reform on corporate debt policy, and further prove the impact on the firm value.This study examined the effect of changes in tax rates in 2009 and 2010 on the relationship between family ownership structure and corporate debt policy. The population of this research is manufacturing companies listed in Indonesia Stock Exchange for 8 consecutive years (2006-2013), with the period of observation for 7 years (2007-2013). A period of 8 years was taken to see a company that is consistently listed on the Stock Exchange prior to the end of the observation period. The result of this study shows that tax reform from progressive tax rates to a flat rate does not affect the relationship between family ownership structure and corporate debt policy. In contrast to the year 2009, changing rate from 28% to 25% in late 2010 was a significant effect on the debt policy with the company of family ownership. Based on the results, it was found that family ownership and debt policy significantly affect the company's enterprise value. It can be concluded, the higher the family ownership, the company's value would be diminished. Instead, the company's value will increase when the company adds to its debt policy.</p><p>Keywords : debt policy, family ownership, firm value, tax reform.</p>

Pengaruh Struktur Kepemilikan Terhadap Manajemen Laba dan Dampaknya Terhadap Nilai Perusahaan

2020 ◽  
Vol 1 (2) ◽  
Author(s):  
Rita Tri Yusnita
Keyword(s):  
Earnings Management ◽  
Ownership Structure ◽  
Consumer Goods ◽  
Firm Value ◽  
Stock Exchange ◽  
Secondary Data ◽  
Industry Sector ◽  
Company Value ◽  
Partial Ownership ◽  
Consumer Goods Industry

This study aims to determine the effect of simultaneous and partial ownership structure and earnings management on firm value in the Consumer Goods Industry Sector Companies that are listed on the Indonesia Stock Exchange in 2014. The method used in this study is the census method. The population studied was 32 companies in the Consumer Goods Industry Sector that were listed on the Indonesia Stock Exchange in 2014. The data collected were secondary data. Analysis of the data in this study used path analysis using SPSS V. 24. The results showed that the ownership structure and earnings management, simultaneously, had a significant effect on the value of the company in the Consumer Goods Industry Sector Companies that were listed on the Indonesia Stock Exchange in 2014. The ownership structure, partially, has no significant effect on the value of the company in the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange in 2014. Earnings management, partially, has a significant effect on the firm value of the Consumer Goods Industry Sector Companies that are listed on the Exchange Indonesian Securities in 2014, and ownership structure does not significantly influence earnings management in the Consumer Goods Industry Sector Companies that are listed on the Indonesia Stock Exchange in 2014. Keywords: ownership structure, earnings management, company value

scholarly journals Pengaruh Profitabilitas, Tingkat Pertumbuhan Aktiva, Leverage Operasi, Stabilitas Penjualan terhadap Struktur Modal dan Nilai Perusahaan

IQTISHODUNA ◽  
2020 ◽  
Vol 16 (1) ◽  
pp. 17-38
Author(s):  
Kety Lulu Agustin ◽  
Ubud Salim ◽  
Andarwati Andarwati
Keyword(s):  
Capital Structure ◽  
Firm Value ◽  
Stock Exchange ◽  
Partial Least Square ◽  
Least Square ◽  
Manufacturing Companies ◽  
Company Value ◽  
Asset Growth ◽  
Operating Leverage ◽  
The Capital Structure

The purpose of this research is to determine the effect of profitability, asset growth, operating leverage and sales stability on the capital structure and firm value. The company value in this study was published with Tobin Q. The population of this study were all manufacturing companies reported on the Indonesia Stock Exchange for the period 2015-2017. In accordance with the selection criteria, there are 46 filtered sample companies. The analysis technique that used is Partial Least Square (PLS).  The results of hypothesis indicate profitability and sales that are significant to the capital structure while increasing performance and leverage of operations do not have a significant effect on capital structure. Profitability, asset growth, sales stability have a significant effect on firm value while operating leverage does not involve significance to firm value. Profitability and influence of sales have a significant effect on firm value through capital structure, while yield growth and operating leverage are opposite.

scholarly journals The effect of debt policy, company value, company size, investment cash flow on stock returns on mining companies listed on Indonesia Stock Exchange

2019 ◽  
Vol 9 (1) ◽  
pp. 99
Author(s):  
Ardhia Prameswari Regita Cahyani ◽  
Carolyn Lukita Sembiring
Keyword(s):  
Financial Performance ◽  
Stock Returns ◽  
Cash Flow ◽  
Firm Value ◽  
Stock Exchange ◽  
Company Size ◽  
Mining Company ◽  
Mining Companies ◽  
Company Value ◽  
Debt Policy

Investment is a delay in consumption now to be allocated to productive assets which are expected to generate profits in the future, which is called stocks return.  Mining company in Indonesia is an attractive sector to invest in stocks because from a geographical perspective, Indonesia is an archipelago structure that contains mining products. There are risks that will be experienced by investors when investing, namely systematic risk and unsystematic risk. Unsystematic risk can be avoided because related to management decisions. Knowing and analyzing the effect of debt policy, firm value, company size, investment cash flow on stock returns on mining companies listed on the Indonesian Stock Exchange. The statistical method used in this study is multiple regression analysis. The sample in this study is a mining company that has go public and published audited financial statements 2013-2017 with 84 data processed consisting of 28 companies each year. The results of hypothesis testing can be concluded that debt policy and firm value have significant effect on stock returns while firm size and investment cash flow does not have significant effect on stock returns. Investor will be interested in investing in companies with good financial performance rather than bad financial performance.

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