The Influence of Ownership Structure, Asset Structure, and Earning Volatility on Debt Policy in Indonesia

The higher the proportion of debt, the higher the stock price, but at a certain point, the increase in debt will reduce the value of the company because the benefits obtained from the use of debt are smaller than the costs incurred. The purpose of this study is to analyze the influence of ownership structure – managerial ownership and institutional ownership, asset structure, and earning volatility on debt policy. The data used in this study are secondary data in the form of managerial ownership data, institutional ownership, asset structure, earning volatility and debt policy in pharmaceutical companies that go public on the Indonesia Stock Exchange 2013-2017. The statistical method used is the Stepwise Regression, because there is high multicollinearity in managerial ownership variables, institutional ownership, assets structure, earning volatility. Based on the results of the Stepwise Regression shows that the variables entered into the regression model are earning volatility. Other variables such as managerial ownership, institutional ownership, asset structures are not included in the Stepwise Regression so that conclusion is only earning volatility variable that influences the debt policy earning volatility variables that affect debt policy.

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PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KINERJA PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN LQ-45 2013-2015)

Aliansi : Jurnal Manajemen dan Bisnis ◽

10.46975/aliansi.v13i1.5 ◽

2020 ◽

Vol 13 (1) ◽

pp. 37-50

Author(s):

Henny Ritha

Keyword(s):

Ownership Structure ◽

Stock Exchange ◽

Hypothesis Test ◽

Secondary Data ◽

Institutional Ownership ◽

Foreign Ownership ◽

Managerial Ownership ◽

Financial Reports ◽

Performance Valuation ◽

Feasibility Test

This study is conducted to analyze the effect of Ownership Structure of LQ-45 firms’ performance. Both Ownership structure which is represented by Institutional Ownership, Managerial Ownership and Foreign Ownership are independend variables, with Retun On Equity is used as a proxy for performance valuation. This study used secondary data that consist of annual financial reports obtained from the Indonesia Stock Exchange for the period 2013 to 2015, and the number of the samples are consisting of 23 LQ-45 companies listed on the Indonesia Stock Exchange. The method used is a Multiple Linier Regression and hypothesis test namely model feasibility test (F test) and partial test (T-test). The research proves that managerial ownership has significant impact on firms LQ-45 performance, meanwhile institutional ownership and foreign ownership have no significant impact on firms LQ-45 performance. Simultaneously, the three variables have a significant effect and contributed 22.54 percent to the firm’s performance in Indonesian Stock Exchange from 2013 to 2015, meanwhile the remaining 77,46 percent is influenced by other variables. Researcher suggests prolonging the research period, extending the sample criteria and doing a qualitative study on investor behavior in investing.

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Ownership Structure and Stock Price Crash Risk: Evidence from Karachi Stock Exchange

The Journal of Educational Paradigms ◽

10.47609/0102042019 ◽

2019 ◽

Vol 1 (2) ◽

pp. 72-75

Author(s):

Maheen Imtiaz ◽

◽

Khalid Mahmood Ahmad ◽

Abdul Karim

Keyword(s):

Corporate Governance ◽

Ownership Structure ◽

Stock Price ◽

Stock Exchange ◽

Multiple Linear Regression Model ◽

Institutional Ownership ◽

Crash Risk ◽

Managerial Ownership ◽

The Impact ◽

A Company

Stock price crash risk is one of the most significant risks associated with the firm. Therefore, it is important to consider the factors which may influence the price crash risk. Various factors of corporate governance found to have an impact on the stock price crash risk. The ownership structure of the firm is a critical attribute of corporate governance. This study's objective is to determine the impact of two types of ownership of a company (managerial ownership and institutional ownership) on its stock price crash risk. To examine whether a firm's ownership structures have an association with stock price crash risk, the multiple linear regression model applied on the panel data of 190 companies listed on KSE for the year 2009-2018. The results of this study show that there is a significantly positive relationship between the institutional ownership and stock price crash risk. However, no association found between managerial ownership and price crash risk. These results imply that the percentage of institutional ownership should be reduced in the firm's ownership structure to reduce the firm's stock price crash risk.

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Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Firm Value Dengan Kebijakan Hutang Sebagai Variabel Intervening

JURNAL EKSPLORASI AKUNTANSI ◽

10.24036/jea.v1i1.79 ◽

2019 ◽

Vol 1 (1) ◽

pp. 349-368

Author(s):

M Rofiananda ◽

Fefri Indra Arza ◽

Erly Mulyani

Keyword(s):

Firm Value ◽

Sampling Method ◽

Stock Exchange ◽

Secondary Data ◽

Institutional Ownership ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Present Value ◽

Book Value ◽

Debt Policy

This research was conducted to determine the effect of managerial ownership and institutional ownership on firm value with debt policy as an intervening variable. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange in 2012-2016. The variable value of the company is measured using price to book value by dividing the present value with the book value of the company. The sample in this study was determined by purposive sampling method. The type of data used is secondary data obtained from www.idx.co.id as well as company websites and other sites related to research. The analytical method used is Partial Last Squer Analysis.The results of this study indicate that managerial ownership has no effect on firm value, managerial ownership has a positive significant effect on firm value through debt policy, institutional ownership has a positive significant effect on firm value and institutional ownership does not affect firm value through debt policy

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

MANAJERIAL ◽

10.30587/manajerial.v7i2.1368 ◽

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.

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Pengaruh struktur kepemilikan terhadap kinerja perusahaan manufaktur yang terdaftar di bursa efek Indonesia

Jurnal Kajian Manajemen dan Wirausaha ◽

10.24036/jkmw02100370 ◽

2020 ◽

Vol 2 (4) ◽

pp. 186

Author(s):

Neneng Wahida ◽

Rahmiati Rahmiati ◽

Yolandafitri Zulvia

Keyword(s):

Firm Performance ◽

Ownership Structure ◽

Stock Exchange ◽

Secondary Data ◽

Institutional Ownership ◽

Managerial Ownership ◽

Significant Positive Effect ◽

Manufacturing Companies ◽

Negative Effect ◽

Positive Effect

The purpose of this study is to examine the effect of ownership structure on the firm performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX). This research is a causative study. The population in this study are all manufacturing companies listed on the Indonesia Stock Exchange for the period 2013-2018. This study uses secondary data published in the Indonesian Stock Exchange (IDX). Based on data collection, a sample of 75 companies from 144 listed manufacturing companies was obtained. The analytical method used is Multiple Regression using SPSS 24 data processing applications. The results of this study conclude (1) Family Ownership does not have a significant positive effect on firm performance (2) Managerial Ownership has a significant negative effect on firm performance (3) Institutional Ownership has a significant positive effect on firm performance (4) Foreign ownership does not have a significant positive effect on firm performance. Keywords: Ownership structure, firm performance, Indonesia Stock Exchange.

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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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DETERMINASI PENGUNGKAPAN TRANSAKSI PIHAK BERELASI BERDASARKAN PSAK NO.7 TAHUN 2018

JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) ◽

10.34204/jiafe.v6i1.1849 ◽

2020 ◽

Vol 6 (1) ◽

pp. Press

Author(s):

Jessyka Tridewi Purba ◽

Husnah Nur Laela Ermaya ◽

Ayunita Ajengtiyas

Keyword(s):

Earnings Management ◽

Audit Committee ◽

Stock Exchange ◽

Manufacturing Sector ◽

Secondary Data ◽

Sampling Technique ◽

Institutional Ownership ◽

Financial Statements ◽

Managerial Ownership ◽

Related Party Transactions

This study aims to examine the effect of Audit Committee, Independent Commissioner, Institutional Ownership, Managerial Ownership, Earnings Management to Related Party Transaction Disclosure. This type of research is quantitative reseacrh using secondary data of financial statements from manufacturing sector companies during 2016 to 2018 obtained from Indonesia Stock Exchange. The sampling technique that used is purposive sampling. The results showed that the Audit Committee, Independent Commissioners, Institutional Ownership, Managerial Ownership and Profit Management were able to influence the disclosure of related party transactions by 13%, while the remaining 87% were influenced by other variables outside this study. Partially, institutional ownership and managerial ownership significantly influence the disclosure of related party transactions. While the audit committee, independent commissioners and earnings management do not affect the disclosure of related party transactions.

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Harga Saham Kini: Dalam Bayang-bayang Fundamental

Majalah Ilmiah Bijak ◽

10.31334/bijak.v17i1.827 ◽

2020 ◽

Vol 17 (1) ◽

pp. 71-80

Author(s):

Sari Gabe Sagala ◽

Mochamad Muslih

Keyword(s):

Financial Performance ◽

Stock Prices ◽

Stock Price ◽

Quantitative Methods ◽

Industrial Revolution ◽

Stock Exchange ◽

Secondary Data ◽

Pharmaceutical Companies ◽

Funding Policy ◽

Funding Policies

This study aims to determine the effect of liquidity, funding policies, and financial performance on the stock prices of pharmaceutical companies listed on the Indonesia Stock Exchange (BEI) for the 2009-2018 period. The theory tested in this research is signaling theory. This research uses quantitative methods. The research variables are stock price, company liquidity, funding policy, and financial performance. The data used are secondary data taken from the Indonesia Stock Exchange (IDX). The population in this study is pharmaceutical companies listed on the Indonesia Stock Exchange. The research sample is 7 (seven) pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) for the period 2009-2018. The results showed that company liquidity had no significant effect on stock prices, funding policies had no significant effect on stock prices, and financial performance had no significant effect on stock prices. The results of this study add to the outer layer of knowledge building according to Imre Lakatos. The implication of this research is that the company's fundamental conditions do not necessarily affect stock prices, depending on the type of stock market. It is recommended to investors to be more careful in observing the factors that influence stock prices in the 4.0 industrial revolution era. Next researchers are advised to use other fundamental aspects as their independent variables so that more fundamental elements of the company are examined in relation to stock prices in the 4.0 industrial revolution era.

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PENGARUH KEPEMILIKAN MANAJERIAL, INSTITUSIONAL, DAN PROFITABILITAS TERHADAP KEBIJAKAN HUTANG

Jurnal Riset Akuntansi dan Keuangan ◽

10.21460/jrak.2018.142.330 ◽

2019 ◽

Vol 14 (2) ◽

pp. 141

Author(s):

Umi Murtini

Keyword(s):

Multiple Regression ◽

Stock Exchange ◽

Institutional Ownership ◽

Profit Margin ◽

Managerial Ownership ◽

Equity Ratio ◽

Debt Policy ◽

Positive Effect

This research aimed to examine the effect of managerial ownership, institutional ownership, and profitability on debt policy. Samples are used by non-bank companies listed on the Indonesia Stock Exchange from 2013-20017. Managerial ownership is measured using the percentage of shares held by managers. Institutional ownership is measured by the percentage of shares held by the institution. Company profitability is measured using Profit Margin, while debt policy is measured using the debt to equity ratio (DER). Testing used multiple regression. The results of this study indicate that managerial and institutional ownership negatively affects debt policy. Profitability has a positive effect on debt policy Keyword: managerial ownership, institutional ownership, profit margin, debt to equity ratio (DER) ABSTRAK Penelitian ini bertujuan menguji pengaruh kepemilikan manajerial, instistusional, dan profitabilitas terhadap kebijakan utang. Sampel digunakan perusahaan non bank yang terdaftar di Bursa Efek Indonesia dari tahun 2013-20017. Kepemilikan manajerial diukur menggunakan prosentase saham yang dimiliki oleh manajer. Kepemilikan institusional diukur dengan prosentase saham yang dimiliki oleh institusi. Profitabilitas perusahaan diukur dengan menggunakan Profit Margin, sedang kebijakan hutang diukur dengan menggunakan rasio hutang terhadap ekuitas (DER). Pengujian digunakan regresi berganda. Hasil penelitian ini menunjukkan bahwa kepemilikan manajerial dan institusional berpengaruh negatif terhadap kebijakan hutang. Profitabilitas berpengaruh positif terhadap kebijakan hutang. Kata kunci: Kepemilikan Manajerial, Kepemilikan Institusional, Profit Margin, Debt to Equity

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PENGARUH KEPEMILIKAN INSTITUSIONAL, KOMPETENSI DEWAN KOMISARIS DAN KUALITAS AUDITOR PADA NILAI PERUSAHAAN

E-Jurnal Ekonomi dan Bisnis Universitas Udayana ◽

10.24843/eeb.2017.v06.i09.p08 ◽

2017 ◽

pp. 3379

Author(s):

Cok Istri Ratna Sari Dewi ◽

Ni Made Dwi Ratnadi ◽

Maria M. Ratna Sari

Keyword(s):

Firm Value ◽

Stock Price ◽

Stock Exchange ◽

Sample Selection ◽

Secondary Data ◽

Sampling Technique ◽

Institutional Ownership ◽

Annual Reports ◽

Positive Effects

High firm value will increase the prosperity of shareholders. The higher the stock price, the higher the firm value could be. Generally investors will hand over its management to the professionals to achieve the company’s goal which is to increase the firm values. This study aims to examine the influence of institutional ownership, the competence of board of commissioners and the quality of auditor on firm values. The analyzed data is secondary data, taken from financial statements and annual reports of companies that listed in Indonesia Stock Exchange from 2012-2015. The sample selection determined by using purposive sampling technique, 48 companies were acquired. Multiple linear regression techniques were used to analyze the data. The results showed that institutional ownership, the competence of board of commissioners and the quality of auditor have positive effects on firm values.

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