scholarly journals Ownership Structure and Firm Value of Quoted Consumers Goods Firms in Nigeria

2020 ◽  
Vol 3 (2) ◽  
pp. 214-228
Author(s):  
Godwin Emmanuel Oyedokun ◽  
Shehu Isah ◽  
Niyi Solomon Awotomilusi
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Ownership Concentration ◽  
Annual Reports ◽  
Managerial Ownership

This study examined the ownership structure's effect on the firms' value of quoted manufacturing firms (consumer goods) in Nigeria for 2010-2018. The total numbers of quoted consumer goods firms in the Nigeria stock exchange as of 31st December 2018 were twenty-one (21). A judgmental sampling technique was used to sample nineteen (19) consumer goods firms for the study. The study sought to examine whether ownership structure proxy by managerial Ownership, Institutional Ownership, foreign Ownership, and ownership concentration affect firms' values of quoted consumer goods in Nigeria. Data were collected from secondary sources through the annual reports and accounts of sampled consumer goods firms in Nigeria. The study adopted a panel regression technique as a tool of analysis. The result showed a negative effect of managerial ownership on firm value. While institutional Ownership, foreign Ownership, and Ownership concentration all positively affect the firm value of consumer goods firms in Nigeria. Therefore, the study recommends that the numbers of shares held by management should be reduced to increase the firm value of the listed consumer goods companies in Nigeria. 

scholarly journals PERAN COREPORATE SOCIAL RESPONSIBILITY TERHADAP HUBUNGAN ANTARA STRUKTUR KEPEMILIKAN DAN NILAI PERUSAHAAN

2021 ◽  
Vol 10 (1) ◽  
pp. 1-15
Author(s):  
Muhammad Muttaqin ◽  
Muhidin Muhidin
Keyword(s):  
Ownership Structure ◽  
Firm Value ◽  
Negative Impact ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Managerial Ownership ◽  
Purposive Sampling ◽  
Csr Disclosure

AbstractThe research aims to examine the effect of institutional ownership, managerial ownership and foreign ownership on firm value with corporate social responbility disclosure as an mediating variable. The population of this research is the textile and garment sectors companies listed on the Indonesia Stock Exchange (IDX) in 2015 until 2019. The sampling technique using purposive sampling method with total sample 50 of 10 companies. Further this study uses data analysys through multiple linear regressions with two steps using by SPSS version 16. The result showed that ownership structure has an effect on the CSR disclosure simultaneously, other result show that ownership structure has no effect on CSR disclosure partially. The result also shows that ownership structure and CSR disclosure have affect on firm value simultaneously. Than while partially institutional ownership and  foreign ownership have negative impact on firm value. Meanwhile managerial ownership and CSR disclosure has no effect on firm value, and CSR disclosure is not an mediating of structure ownership on firm value. Keywords: Structure Ownership, Institusional Ownership, Managerial Ownership, Foreign Ownership, CSR Disclosure, Firm Value. AbstrakTujuan dari penelitian ini adalah untuk menguji pengaruh kepemilikan institusional, kepemilikan manajerial dan kepemilikan asing terhadap nilai perusahaan dengan pengungkapan CSR sebagai variabel intervening. Populasi dalam penelitian ini adalah perusahaan sektor tekstil dan garmen yang terdaftar di Bursa Efek Indonesia pada tahun 2015 sampai 2019. Teknik pengambilan sampel dengan menggunakan metode purposive sampling dengan jumlah sampel 50 dari 10 perusahaan. Hasil penelitian menunjukkan bahwa secara simultan struktur kepemilikan memiliki pengaruh terhadap pengungkapan CSR, hasil penelitian lain menunjukkan secara partial struktur kepemilikan tidak memiliki pengaruh terhadap pengungkapan CSR. Hasil penelitian juga menunjukkan bahwa struktur kepemilikan dan pengungkapan CSR secara simultan memiliki pengaruh terhadap nilai perusahaan. Kemudian yang secara parsial kepemilikan institusional, dan kepemilikan asing memiliki pengaruh negatif terhadap nilai perusahaan. Sementara kepemilikan manajerial dan pengungkapan CSR tidak berpengaruh terhadap nilai perusahaan, dan pengungkapan CSR bukan sebagai mediating dari stuktur kepemilikan terhadap nilai perusahaan. Kata Kunci: Struktur Kepemilikan, Kepemilikan Institusional, Kepemilikan Manajerial, Kepemilikan Asing, Pengungkapan CSR, Nilai Perusahaan.

Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach

2021 ◽  
Vol 3 (3) ◽  
pp. 288-308
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Two Stage ◽  
Second Stage ◽  
Negative Effect ◽  
Block Holders

The decision on the magnitude of dividend has been identified to be highly related to the decisions to pay or not to pay dividends in formulating dividend policy. However, literature seems to be homogeneous and focused on examining the effect of ownership structure on dividend level or probability of paying dividends. Therefore, the paper examines the effect of ownership structure on dividend policy using Heckman’s two-stage technique. Utilizing 304 firm-year observations from industrial and consumer goods firms listed in the Nigerian Stock Exchange for the period within 2009-2019, the result shows that in the first stage, only foreign ownership has a negative significant effect on the probability of paying dividends. However, after accounting for a possible correlation between the probability of paying dividends and dividend pay-out, the result on the second stage exhibits a significant negative effect with block-holders and foreign ownerships on dividend policy while institutional ownership reveals a positive significant effect. The overall results show that the lower the foreign ownership the higher the possibility of paying dividends. Also, higher dividend pay-out is associated with the lower level of block-holders and foreign ownerships coupled with higher institutional ownership in listed industrial and consumer goods firms in Nigeria.

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

account ◽  
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

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

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.

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

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.

scholarly journals YAN vOL.8 ED 2

2019 ◽  
Author(s):  
Yan Irianis
Keyword(s):  
Intellectual Capital ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Annual Reports ◽  
Managerial Ownership ◽  
Company Size ◽  
Company Performance ◽  
Manufacturing Companies

The purpose of the research is to analyze the effect of Intellectual Capital, Company Size, and Ownership Structure, namely managerial ownership and institusional ownership toward company performance. This research used samples from manufacturing companies that listed on Indonesia Stock Exchange (IDX) during 2012-2015. Based on purposive sampling technique, it got 17 companies as research samples, so as long as 4 years observation there were 68 annual reports were analyzed. Type of data used is secondary data obtained from www.idx.co.id. The analyctical method used is multiple regression analysis.The results of this research showed than Intellectual Capital doesn’t have significant effect to company performance, company size has significant effect to company performance, managerial ownership has significant effect to company performance, and institutional ownership doesn’t have significant effect to company performance.

scholarly journals Pengaruh Struktur Kepemilikan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Studi Pada Sektor Property dan Real Estate

2020 ◽  
Vol 8 (2) ◽  
pp. 115
Author(s):  
Sutrisno, Luky Retno Sari
Keyword(s):  
Real Estate ◽  
Firm Value ◽  
Annual Report ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Panel Data Regression ◽  
Data Regression ◽  
Data Collection Technique

<p><em>This study aims to investigate the effect of ownership on firm value with profitability as an intervening variable. The dependent variable used is PBV. While the independent variables used are managerial ownership and institutional ownership. The intervening variable used is ROA. The data in this study used an annual report from 18 property and real estate companies listed on the Indonesia Stock Exchange in 2014 to 2018. The data collection technique used purposive sampling technique obtained from the web www.idx.co.id and each website from the sample company. Data processing uses panel data regression and the results reveal that managerial ownership and institutional ownership have no effect on firm value. While profitability (ROA) is able to mediate institutional ownership of firm value. But profitability (ROA) is not able to mediate managerial ownership of firm value.</em></p>

scholarly journals Ownership Structure and Earnings Management

2019 ◽  
Vol 4 (2) ◽  
pp. 38-42
Author(s):  
Nico Alexander
Keyword(s):  
Earnings Management ◽  
Ownership Structure ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Jel Classification ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Management Ownership ◽  
Independent Variable

Objective – The purpose of this research is to analyze the effect of ownership structure toward earnings management. Methodology/Technique – The population of this research consist of manufacturing companies listed on the Indonesian Stock Exchange (IDX) from 2014 to 2016. This research uses 3 recent years and adds variables that have not been used in prior research. The sample of this research is chosen using a purposive sampling method. Findings – The hypothesis is tested by multiple regressions using an Eviews program to investigate the influence between each independent variable to earnings management. Novelty – The research results shows that institutional ownership, controlling ownership, and foreign ownership affect earnings management whilst managerial ownership has no effect on earnings management. Type of Paper: Empirical. Keywords: Earnings Management; Ownership Structure; Institutional Ownership; Controlling Ownership; Foreign Ownership. Reference to this paper should be made as follows: Alexander, N.; 2019. Ownership Structure and Earnings Management, Acc. Fin. Review 4 (2): 38 – 42 https://doi.org/10.35609/afr.2019.4.2(1) JEL Classification: G40, G41, G49.

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

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.

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

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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