PENGARUH STRUKTUR KEPEMILIKAN MANAJERIAL PADA NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING

The purpose of this study was to determine the effect of managerial ownership structure on firm value with dividend policy as an intervening variable (case study on manufacturing companies on the IDX for the period 2014-2016). The number of samples taken was 42 manufacturing companies. Data collection is done through non-participant observation. Multiple regression analysis techniques and path analysis. Based on the results of the analysis it was found that the managerial ownership structure had a positive and significant effect on firm value. Managerial ownership structure has a positive and significant effect on dividend policy. Dividend policy has a positive and significant effect on firm value. This result supports Signaling theory, that dividend payments are a signal to the market, so dividend payments can increase market appreciation for the company's shares. Then there is an indirect effect of managerial ownership structure on the value of company with dividend policy as an intervening variable. This proves that dividend policy is an intervening variable that connects managerial ownership structure with firm value.

Download Full-text

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

JEA17: Jurnal Ekonomi Akuntansi ◽

10.30996/jea17.v5i2.4275 ◽

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.

Download Full-text

PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR

Jurnal Economia ◽

10.21831/economia.v12i2.11114 ◽

2016 ◽

Vol 12 (2) ◽

pp. 167

Author(s):

Evy Sumartha

Keyword(s):

Regression Analysis ◽

Ownership Structure ◽

Dividend Policy ◽

Control Variable ◽

Institutional Ownership ◽

Managerial Ownership ◽

Company Size ◽

Dividend Payout ◽

Negative Effect ◽

The Relationship

Abstrak: Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen pada Perusahaan Manufaktur. Struktur kepemilikan sebagai variabel independen dalam penelitian ini diproksikan dengan kepemilikan institusional dan kepemilikan manajerial. Penelitian ini juga untuk mendapatkan bukti mengenai fungsi moderasi dari konsentrasi kepemilikan dalam hubungan antara struktur kepemilikan dan kebijakan dividen. Variabel dependen adalah kebijakan dividen yang diukur dengan Dividend Payout Ratio (DPR). Sampel yang diperoleh sebanyak 97 perusahaan selama tahun pengamatan. Pengujian hipotesis dilakukan dengan Moderating Regression Analysis dan analisis regresi data panel. Hasilnya menunjukkan bahwa konsentrasi kepemilikan berfungsi sebagai variabel moderating pada hubungan antara struktur kepemilikan dan kebijakan dividen. Untuk kepemilikan institusional pada perusahaan yang tidak mempunyai kepemilikan manajerial berpengaruh negatif terhadap Dividend Payout Ratio, sedangkan kepemilikan institusional pada perusahaan yang mempunyai kepemilikan manajerial berpengaruh positif. Kepemilikan manajerial berpengaruh positif terhadap Dividend Payout Ratio. Variabel kontrol profitabilitas dan ukuran perusahaan berpengaruh pula terhadap kebijakan dividen perusahaan. Kata Kunci: konsentrasi kepemilikan, kepemilikan institusional, kepemilikan manajerial, ROA, ukuran perusahaan, dividend payout ratio Abstract: Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Ownership structure; as independent variables in this research; is represented by institutional ownership and managerial ownership. This research also aimed to obtain evidence of moderation function of the concentration of ownership in the relationship between ownership structure and dividend policy. The dependent variable is dividend policy which is measured by Dividend Payout Ratio (DPR). There are 97 sample companies. Hypothesis testing is done by Moderating Regression Analysis (MRA) and panel regression analysis. The results of this research show that the concentration of ownership serves as a moderating variable on the relationship between ownership structure and dividend policy. Institutional ownership in companies that do not have a managerial ownership has a negative effect on Dividend Payout Ratio; while institutional ownership in companies that have a managerial ownership has a positive effect on Dividend Payout Ratio. Profitability and company size as a control variable has effect on dividend policy. Keywords: the concentration of ownership, institutional ownership, managerial ownership, ROA, company size, dividend payout ratio

Download Full-text

Pengaruh Kebijakan Dividen, Kebijakan Utang, Profitabilitas, Kepemilikan Manajerial, dan Komite Audit terhadap Nilai Perusahaan

JURNAL ONLINE INSAN AKUNTAN ◽

10.51211/joia.v5i1.1317 ◽

2020 ◽

Vol 5 (1) ◽

pp. 41

Author(s):

Siti Siti ◽

Ahalik Ahalik

Keyword(s):

Firm Value ◽

Audit Committee ◽

Dividend Policy ◽

Stock Exchange ◽

Managerial Ownership ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Tobin's Q ◽

Purposive Sampling ◽

Debt Policy

Abstrak:Penelitian ini dilakukan dengan tujuan untuk mengetahui pengaruh kebijakan dividen, kebijakan utang, profitabilitas, kepemilikan manajerial, dan komite audit terhadap nilai perusahaan. Teknik pemilihan sampel penelitian ini menggunakan purposive sampling. Sampel dalam penelitian ini adalah sebanyak 75 perusahaan manufaktur yang terdaftar di BEI periode 2013-2017. Data penelitian ini menggunakan data dari laporan keuangan dari setiap perusahaan sampel. Analisis data penelitian ini menggunakan analisis regresi berganda dengan pemakaian SPSS 24. Nilai perusahaan dalam penelitian ini diukur dengan rasio Tobin’s Q. Hasil penelitian ini menunjukkan kebijakan dividen, kebijakan utang, profitabilitas, kepemilikan manajerial dan komite audit secara bersama-sama berpengaruh terhadap nilai perusahaan. Variabel kebijakan dividen (DPR), kebijakan utang (DER), kepemilikan manajerial (KM) dan komite audit (KA) tidak berpengaruh terhadap nilai perusahaan, sedangkan profitabilitas (ROE) berpengaruh positif signifikan terhadap nilai perusahaan. Kata Kunci:kebijakan dividen, kebijakan utang, nilai perusahaan, profitabilitas. Abstract:This research was conducted with the aim to determine the effect of dividend policy, debt policy, profitability, managerial ownership, and audit committee on firm value. The technique of selecting this research sample using purposive sampling. The sample in this study were 75 manufacturing companies listed on the Stock Exchange in the period 2013-2017. This research data uses data from financial statements from each sample company. The data analysis of this study uses multiple regression analysis with the use of SPSS 24. The company value in this study is measured by Tobin’s Q ratio. The results of this study indicate dividend policy, debt policy, profitability, managerial ownership and audit committee jointly influence the firm value. The variable dividend policy (DPR), debt policy (DER), managerial ownership (KM) and audit committee (KA) did not affect the value of the company, while profitability (ROE) had a significant positive effect on firm value. Keywords:dividend policy, debt policy, firm value, profitability

Download Full-text

PENGARUH LEVERAGE DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi kasus pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012-2016)

Jurnal Riset Bisnis dan Manajemen Tirtayasa ◽

10.48181/jrbmt.v2i1.3831 ◽

2018 ◽

Vol 2 (1) ◽

Author(s):

Ridho Ramadhani ◽

Akhmadi Akhmadi ◽

Muhammad Kuswantoro

Keyword(s):

Regression Analysis ◽

Firm Value ◽

Dividend Policy ◽

Significant Positive Effect ◽

Manufacturing Companies ◽

Return On Assets ◽

Book Value ◽

Company Value ◽

Equity Ratio ◽

Positive Effect

This study aims to examine the effect of leverage proxyed by Debt to Equity Ratio (DER) and profitability proxy with Return On Assets (ROA) to company value proxy with Price to Book Value (PBV) through dividend policy proxy with Dividend Payout Ratio (DPR) as an intervening. The study was conducted on 37 manufacturing companies using multiple regression analysis with the help of SPSS version 19.00. The result of the research shows that leverage has significant positive effect to company value; profitability has a significant positive effect on firm value; leverage has no effect on dividend policy; profitability has a positive effect on dividend policy and dividend policy has a positive effect on firm value. The dividend policy can’t mediate the indirect effect between leverage and profitability on firm value.

Download Full-text

Leverage, Kepemilikan Manajerial, Kinerja Lingkungan dan Nilai Perusahaan: Studi Empiris pada Perusahaan Manufaktur di Indonesia

E-Jurnal Akuntansi ◽

10.24843/eja.2021.v31.i07.p05 ◽

2021 ◽

Vol 31 (7) ◽

pp. 1667

Author(s):

Ida Ayu Widhi Rismayanti ◽

I Gusti Ayu Made Asri Dwija Putri

Keyword(s):

Regression Analysis ◽

Environmental Performance ◽

Firm Value ◽

Stock Exchange ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Company Value ◽

Analysis Technique ◽

Research Population ◽

High Level

A good company value is more than just a high level of profit achievement. The use of debt, some of the shares owned by management, and the company's performance in relation to its environment all have the potential to increase firm value. The purpose of this study is to empirically test the effect of leverage, managerial ownership, and environmental performance on firm value. The research population for this study is PROPER participating manufacturing companies that are listed on the Indonesia Stock Exchange between 2017 and 2019. Purposive sampling is a method of determining the sample. Multiple regression analysis was used as the analysis technique. According to the findings of this study, leverage, managerial ownership, and environmental performance can all increase firm value. Keywords: Leverage; Managerial Ownership; Environmental Performance; Firm Value.

Download Full-text

Kepemilikan Manajerial, Kepemilikan Institusional dan Kebijakan Dividen serta Free Cash Flow sebagai Pemoderasi

E-Jurnal Akuntansi ◽

10.24843/eja.2021.v31.i07.p08 ◽

2021 ◽

Vol 31 (7) ◽

pp. 1710

Author(s):

Ni Made Ari Trisna Dewi ◽

Anak Agung Gde Putu Widanaputra

Keyword(s):

Regression Analysis ◽

Cash Flow ◽

Sampling Method ◽

Dividend Policy ◽

Stock Exchange ◽

Institutional Ownership ◽

Free Cash Flow ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Analysis Technique

This study aims to determine the effect of managerial ownership and institutional ownership on dividend policy with free cash flow as a moderating variable. This research was conducted at manufacturing companies listed on the Indonesia Stock Exchange (BEI) in 2015-2019. The sample was selected by means of a purposive sampling method with 42 companies as samples and 210 observations. The analysis technique used in this research is Moderated Regression Analysis (MRA). The results of this study indicate that the higher the managerial ownership, the higher the dividend policy, especially in companies that have high free cash flow, and the higher the institutional ownership, the higher the dividend policy, especially in companies with high free cash flow. Keywords: Managerial Ownership; Institutional Ownership; Free Cash Flow; Dividend Policy.

Download Full-text

PERATAAN LABA DAN VARIABEL-VARIABEL YANG MEMPENGARUHINYA (STUDI EMPIRIS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEJ)

Assets Jurnal Akuntansi dan Pendidikan ◽

10.25273/jap.v1i1.550 ◽

2012 ◽

Vol 1 (1) ◽

pp. 24

Author(s):

Purweni Widhianingrum

Keyword(s):

Regression Analysis ◽

Ownership Structure ◽

Sampling Method ◽

Stock Exchange ◽

Institutional Ownership ◽

Debt Financing ◽

Income Smoothing ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Analysis Method

<span>This study aimed to determine the effect of managerial ownership, institutional ownership, debt financing, ownership dispersion, profitability, and firm size simultaneously and partially on income smoothing.This study uses manufacturing companies listed on the Jakarta Stock Exchange as an object of research. Based on purposive sampling method there are 147 companies that found the above criteria. Data analysis method used is multiple regression analysis. The results of this study showed that ownership dispersion and size of company that has a significant effect partially on income smoothing. The larger company and expanding company's ownership structure has greater freedom to report better earnings.</span>

Download Full-text

Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating

Jurnal Riset Akuntansi & Perpajakan (JRAP) ◽

10.35838/jrap.v6i01.400 ◽

2019 ◽

Vol 6 (01) ◽

Author(s):

Rutin Rutin ◽

Triyonowati Triyonowati ◽

Djawoto Djawoto

Keyword(s):

Regression Analysis ◽

Firm Value ◽

Dividend Policy ◽

Jel Classification ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Company Value ◽

Manufacturing Company

ABSTRACT Company value is generally applied to measurea company’s management for further successful operations. This study aimed to investigate the effect of liquidity (CR), leverage (DER), activity (TATO), profitability (ROA) and dividend policy (DPR) on the company value (PBV). Therefore, this study observed 66 manufacturing companies as samples that were obtained through purposive sampling. The data was analyzed using classic assumption test Moderated Regression Analysis (MRA) assisted with SPSS 20 for windows. As the result, this study indicated that the liquidity and activity had no significant effect on firm value; however, the leverage and profitability had a significant effect on the manufacturing company values in the period of 2013 to 2017. In addition, thedividend policy moderated the effect of liquidity and profitability on firm value; but the dividend policy could not moderate the influence of leverage and activity to the value of manufacturing companies in the period of 2013 to 2017. ABSTRAK Nilai perusahaan dijadikan sebagai suatu ukuran keberhasilan manajemen perusahaan dalam prospek operasi di masa mendatang. Tujuan penelitian ini yaitu untuk mengetahui signifikansi pengaruh Likuiditas (CR), Leverage (DER), Aktivitas (TATO), Profitabilitas (ROA) dan Kebijakan Dividen (DPR) terhadap Nilai Perusahaan (PBV). Teknik penentuan sampel yang digunakan adalah purposive sampling, sebanyak 66 perusahaan Manufaktur yang menjadi sampel penelitian. Teknik analisa data yang digunakan adalah uji asumsi klasik dan Moderated Regression Analisys (MRA) dengan bantuan SPSS 20 for windows. Hasil penelitian menunjukkan Likuiditas dan Aktivitas berpengaruh tidak signifikan terhadap nilai perusahaan, sedangkan Leverage dan Profitabilitas berpengaruh signifikan terhadap Nilai Perusahaan Manufaktur periode 2013- 2017. Kebijakan Dividen memoderasi pengaruh Likuiditas dan profitabilitas terhadap nilai perusahaan, sedangkan KebijakanDividen tidak mampu memoderasi pengaruh Leverage dan Aktivitas terhadap Nilai Perusahaan Manufaktur periode 2013-2017. JEL Classification: M41, O16

Download Full-text

PENGARUH UKURAN PERUSAHAAN, KEBIJAKAN DIVIDEN, KEBIJAKAN LEVERAGE, KEPEMILIKAN MANAJERIAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA INDEKS LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA

Jurnal Ekonomi STIEP ◽

10.54526/jes.v5i1.31 ◽

2020 ◽

Vol 5 (1) ◽

pp. 47-55

Author(s):

Mursidah Nurfadillah ◽

Vera Anitra

Keyword(s):

Firm Value ◽

Quantitative Methods ◽

Dividend Policy ◽

Annual Report ◽

Time Series Data ◽

Stock Exchange ◽

Series Data ◽

Managerial Ownership ◽

Company Size ◽

Analysis Techniques

This study aims to analyze the effect of company size, dividend policy, leverage policy, managerial ownership and profitability on firm value on the LQ 45 index listed on the Indonesia stock exchange. The technique of collecting time series data for five years is from 2013 to 2017, by analyzing the LQ 45 company’s annual report. This type of research is included in causal research with quantitative methods, and data analysis techniques using multiple linear regression. The results of the analysis show that simultaneous company size, dividend policy, leverage policy, managerial ownership and profitability have a significant effet on firm value, whereas only partially only company size have a significant effect.

Download Full-text

DETERMINAN NILAI PERUSAHAAN DI BURSA EFEK INDONESIA

SIMAK ◽

10.35129/simak.v16i02.44 ◽

2018 ◽

Vol 16 (02) ◽

pp. 101-118

Author(s):

Anthony Holly

Keyword(s):

Regression Analysis ◽

Firm Size ◽

Firm Value ◽

Quantitative Data ◽

Sampling Method ◽

Dividend Policy ◽

Stock Exchange ◽

Secondary Data ◽

Manufacturing Companies ◽

Independent Variable

The aim of the study is to assess determinant of firm value as profitability, dividend policy, firm size and liquidity for manufacturing companies listed in Indonesia Stock Exchange in 2010-2014. This study using manufacturing companies listed in Indonesia Stock Exchange as sample. Sample selected by purposive sampling method. Sample size generated by this method is 14 companies. Data type used in this study is quantitative data. Data souce in this study is secondary data. The data were then analyzed using multiple linier regression analysis to analysis dependent variable, Firm value (TQ), and independent variable such as profitability, dividend policy, firm size and liquidity.The research results revealed that profitability, dividend policy and liquidity have positive and significant effect to firm value. However other firm size has positive but no significant effect to firm value.

Download Full-text