scholarly journals Peran Struktur Dewan Dalam Mempengaruhi Kinerja Pada Nilai Perusahaan Keluarga

2018 ◽  
Vol 2 (1) ◽  
pp. 45-53
Author(s):  
Santi Yopie ◽  
Supriyanto Supriyanto ◽  
Budi Chandra
Keyword(s):  
Firm Value ◽  
Family Firms ◽  
Negative Influence ◽  
Positive Influence ◽  
Board Structure ◽  
Corporate Value ◽  
Professional Qualification ◽  
Family Enterprise ◽  
The Family ◽  
Significant Positive Influence

The family company is synonymous with the characteristics to inherit its company from one generation to the next. The average family company can only survive and inherit up to third generation (Wahjono, Wajoedi, & Idrus, S, 2014). However, there are also have some family companies especially in the field of estate in Scotland that can last up to 400, 600 even 800 years (Belmonte, Seaman, & Bent, 2016). The culture and application of the board structure of each family company varies greatly. The purpose of this study was to determine the effect of board structure (CEO family / non-family, professional qualification, board size, and independent commissioner) on the value of the company in the family enterprise. This research method is analyzed by multiple linear regression on panel data that is 125 family company in BEI 2010-2014. The results of this study indicate that family firms run by non-family (professional) CEOs will be higher in corporate value than the family CEO. Professional qualifications have a significant negative influence on the value of the company. The size of the board has a significant positive influence on firm value. Independent commissioners have no significant influence on the value of family firms.

scholarly journals PENGARUH STRUKTUR KEPEMILIKAN, STRUKTUR MODAL, PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI

2019 ◽  
Vol 2 (2) ◽  
pp. 214
Author(s):  
Wiwit Setyawati
Keyword(s):  
Capital Structure ◽  
Ownership Structure ◽  
Firm Value ◽  
Dividend Policy ◽  
Value Added ◽  
Sampling Technique ◽  
Negative Influence ◽  
Positive Influence ◽  
Government Ownership ◽  
Significant Positive Influence

The research was purposed to find out the effect of Ownership Structure, Capital Structure, Profitability to Firm Value and dividend policy as moderating variable. This research uses secondary data of mining companies which are listed in Indonesian Stock Exchange during the years of 2011 - 2015. The sampling technique used purposive sampling.  The results showed that the ownership structure has no influence to firm value, the capital structure has a significant negative influence to firm value, and profitability has a significant positive influence to firm value. Dividend policy as a moderating variable weakens influence of institutional ownership, Government ownership and capital structure to firm value. While the influence between profitability and firm value, dividend policy can strengthen its influence. Only profitability have a significant positive influence to firm value. This means high profitability can provide value added to the firm value as reflected by the increasing value of Tobins Q.

scholarly journals IMPRESSION OF LIQUIDITY, LEVERAGE, AND INDEPENDENT COMMISSIONERS ON THE VALUE OF NATIONAL PRIVATE BANK GENERAL COMPANIES

2020 ◽  
Vol 1 (1) ◽  
pp. 21-29
Author(s):  
Sochib Sochib ◽  
Noviansyah Rizal
Keyword(s):  
Stock Prices ◽  
Firm Value ◽  
Stock Exchange ◽  
Negative Influence ◽  
Positive Influence ◽  
Company Value ◽  
Regression Approach ◽  
Study Population ◽  
Equity Ratio ◽  
Significant Positive Influence

Management hopes to make a profit with the intention of adding value to the company. Through the provision of sufficient bank funds to meet liquidity and lending to increase profitability and increasing company value. Company value is built by managing good company assets so that profits are obtained. This information gives a signal to the stock market and is responded by the market at stock prices. This study aims to determine the influence of liquidity, leverage, and independent commissioners on firm value. The study population is national private commercial banks listed on the Indonesia Stock Exchange in the 2014-2018 period. Samples were taken based on purpose sampling so that 17 samples were obtained. The study uses a linear regression approach with liquidity variables measured by Loan to Deposit Ratio, Leverage is measured by Debt to Equity Ratio, independent commissioners are measured by the number of independent commissioners, and company value is measured by Tobin's Q. The results that liquidity has a significant negative influence on the value of the company, leverage has no influence on the value of the company, and Independent Commissioners have a significant positive influence on the value of the company.

scholarly journals Struktur Kepemilikan, Profitabilitas, dan Nilai Perusahaan: Mediasi Kebijakan Deviden

2020 ◽  
Vol 4 (1) ◽  
pp. 1
Author(s):  
Christina Heti Tri Rahmawati
Keyword(s):  
Firm Value ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Negative Influence ◽  
Positive Influence ◽  
Manufacturing Companies ◽  
Dividend Payout ◽  
Insider Ownership ◽  
Significant Positive Influence

Abstract. This research aims to investigate the influence of insider and institutional ownership, profitability towards firm value through dividend payout ratio as the intervening variable. The research method was quantitative research. The samples employed were the manufacturing companies registered in Indonesia Stock Exchange 2016-2018. The statistic method was analyzed by path analysis. The results of this research showed that insider ownership brought significant negative influence towards the firm value; the profitability brought significant positive influence towards the firm value and the dividend payout ratio brought significant positive influence towards the firm value. The intervening testing results proved the dividend payout did not intervene in the influence of the insider and institutional ownership towards the firm value, and the dividend intervened in the influence of profitability towards the firm value. The research implication for investors includes the drastic increase in profit and benefits. Meanwhile, for companies, they could enhance the insider share ownership and performance to earn optimum profitability and dividend that could boost the firm’s value and grab more investors. Keywords: Insider Ownership; Institutional Ownership; Profitability; Firm Value; Dividend Payout Ratio. Abstrak. Penelitian ini bertujuan menguji pengaruh kepemilikan manajerial, kepemilikan institusional dan profitabilitas terhadap nilai perusahaan melalui kebijakan deviden sebagai variabel mediasi. Metode penelitian yang digunakan adalah penelitian kuantitatif. Sampel yang digunakan adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2016-2018. Metode statistik untuk menguji hipotesis menggunakan analisis jalur. Hasil penelitian menunjukkan kepemilikan manajerial berpengaruh negatif signifikan terhadap nilai perusahaan; profitabilitas dan kebijakan deviden berpengaruh positif signifikan terhadap nilai perusahaan serta kebijakan deviden berpengaruh positif signifikan terhadap nilai perusahaan. Sedangkan hasil uji mediasinya membuktikan kebijakan deviden tidak memediasi pengaruh kepemilikan manajerial dan kepemilikan institusional terhadap nilai perusahaan;serta kebijakan deviden memediasi pengaruh profitabilitas terhadap nilai perusahaan. Implikasi penelitian ini bagi investor dapat memilih perusahaan dengan tingkat laba yang tinggi sehingga menerima keuntungan tinggi. Sedangkan bagi perusahaan dapat meningkatkan kepemilikan saham manajerial dankinerja perusahaan agar menghasilkan profitabilitas yang optimal serta dividen yang tinggi, sehingga meningkatkan nilai perusahaan dan menarik investor. Kata kunci: Kepemilikan Manajerial; Kepemilikan Institusional;Profitabilitas; Nilai Perusahaan; Kebijakan Deviden.

The effects of goals attainment on CEO-owner satisfaction and the role of family involvement

2019 ◽  
Vol 10 (2) ◽  
pp. 116-127
Author(s):  
Ondřej Machek ◽  
Jiří Hnilica
Keyword(s):  
Family Involvement ◽  
Family Business ◽  
Firm Value ◽  
Family Firms ◽  
Hierarchical Regression ◽  
Content Type ◽  
Business Goals ◽  
Growth Increase ◽  
The Family ◽  
Owner Satisfaction

Purpose The purpose of this paper is to examine how the satisfaction with economic and non-economic goals achievement is related to the overall satisfaction with the business of the CEO-owner, and whether family involvement moderates this relationship. Design/methodology/approach Based on a survey among 323 CEO-owners of family and non-family businesses operating in the Czech Republic, the authors employ the OLS hierarchical regression analysis and test the moderating effects of family involvement on the relationship between the satisfaction with different goals attainment and the overall satisfaction with the business. Findings The main finding is that family and non-family CEO-owner’s satisfaction does not differ significantly when economic goals (profit maximisation, sales growth, increase in market share or firm value) and firm-oriented non-economic goals (satisfaction of employees, corporate reputation) are being achieved; both classes of goals increase the overall satisfaction with the firm and the family involvement does not strengthen this relationship. However, when it comes to external non-economic goals related to the society or environment, there is a significant and positive moderating effect of family involvement. Originality/value The study contributes to the family business literature. First, to date, most of the studies focused on family business goals have been qualitative, thus not allowing for generalisation of findings. Second, there is a lack of evidence on the ways in which family firms integrate their financial and non-financial goals. Third, the authors contribute to the literature on the determinants of personal satisfaction with the business for CEOs, which has been the focus on a relatively scarce number of studies.

Family CEOs vs. Nonfamily CEOs in the Family-Controlled Firm: An Examination of the Level and Sensitivity of Pay to Performance

2000 ◽  
Vol 13 (2) ◽  
pp. 121-131 ◽  
Author(s):  
Daniel L. McConaughy
Keyword(s):  
Firm Value ◽  
Ceo Compensation ◽  
Family Firms ◽  
Multivariate Analyses ◽  
Incentive Alignment ◽  
Founding Family ◽  
The Family

This study examines CEO compensation in 82 founding-family-controlled firms; 47 CEOs are members of the founding family and 35 are not. It tests the family incentive alignment hypothesis, which predicts that family CEOs have superior incentives for maximizing firm value and, therefore, need fewer compensation-based incentives. Univariate and multivariate analyses show that family CEOs' compensation levels are lower and that they receive less incentive-based pay—confirming the family incentive alignment hypothesis and suggesting the possible need for family firms to increase CEO compensation when they replace a founding family CEO with a nonfamily-member CEO.

scholarly journals ANALYSIS OF THE INFLUENCE OF INTEREST RATE, EXCHANGE VALUE, WORLD GOLD PRICES, DOW JONES INDEX, AEX INDEX, DAX INDEX, AND SHANGHAI INDEX ON LQ45 INDEX IN INDONESIA STOCK EXCHANGE 2012 – 2018

2021 ◽  
Vol 7 (2) ◽  
pp. 135
Author(s):  
Andini Nurwulandari ◽  
Hasanudin Hasanudin ◽  
Ari Jatmiko Setiyo Budi
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Stock Exchange ◽  
Negative Influence ◽  
Positive Influence ◽  
Gold Price ◽  
Jones Index ◽  
Exchange Value ◽  
The Interest Rate ◽  
Significant Positive Influence

<p><em>This research aims to find out the influence of interest rate, exchange rate, world gold price, Dow Jones Index, AEX Index, DAX Index, and Shanghai Index on the LQ45 Index at the Indonesia Stock Exchange from 2012 through 2018 using the ARCH/GARCH model as the method of analysis.  The result of the test shows that the exchange rate had a significant negative influence, Dow Jones Index, AEX Index, and DAX Index had a significant positive influence on the LQ45 index, while the interest rate and world gold price had a non-significant negative influence and the Shanghai Index had a non-significant positive influence on the LQ45 index.</em></p>

scholarly journals The Influence of Enterprise Risk Management, Leverage, Firm Size and Profitability on Firm Value in Property and Real Estate Companies Listed on the Indonesian Stock Exchange in 2016-2018

2021 ◽  
Author(s):  
Dihin Septyanto ◽  
Ikhwan Maulid Nugraha
Keyword(s):  
Risk Management ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Negative Influence ◽  
Positive Influence ◽  
Enterprise Risk Management ◽  
Enterprise Risk ◽  
Negative Effect

The objective of this study was to analyze the effects of enterprise risk management (ERM) disclosure, leverage, firm size and profitability on firm value, which is proxied by Tobin’s Q. High corporate value can reflect the shareholders’ wealth. This study used the Indonesian Capital Market Directory (ICMD). The sample included 32 companies, chosen with nonprobability purposive sampling. This study used a quantitative approach with descriptive analysis methods and panel data regression to test hypotheses using the Eviews 10 application. ERM disclosure, leverage and profitability had a positive and significant influence on firm value, while firm size had a negative influence on firm value. The implication of this research is that where ERM has a positive influence on firm value, it is good for companies to increase ERM disclosure, because the company will be considered to have managed its risks well. Debt policy variables that are proxied by the Debt to Equity Ratio (DER) and profitability proxied by ROA had a positive effect on firm value. That is, a higher value of DER was followed by an increase in the percentage of Return On Assets (ROA), which increased the firm’s value. However, the company’s size variable which was proxied by Ln Total Assets had a negative effect on the value of the company, which indicated that investors dislike company assets that are too high and that are not offset by high profits. Keywords: enterprise risk management, leverage, firm size, profitability, firm value

scholarly journals PENGARUH PROFITABILITAS, LEVERAGE, DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN SUB SEKTOR FOOD AND BEVERAGES

2018 ◽  
Vol 8 (1) ◽  
pp. 439
Author(s):  
I Putu Sukarya ◽  
I Gde Kajeng Baskara
Keyword(s):  
Significant Influence ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Negative Influence ◽  
Positive Influence ◽  
Probability Sampling ◽  
Food And Beverages ◽  
Sampling Approach

The firm value is important because it reflects the performance of the company that affect the perception of investors to the company. The purpose of the study is to determine the effect of profitability, leverage, and liquidity to the firm value. Sampling method used in this research is non-probability sampling approach with purposive sampling technique. The number of samples are 12 companies in the food and beverages sector in Indonesia Stock Exchange 2014-2016. The results showed that simultaneously profitability have significant influence to firm value, leverage have significant influence to firm value, and liquidity have significant influence to firm  value. Partially profitability has a positive influence significantly to  firm value, Leverage has negative influence not significanlyt to firm value, and Liquidity has a positive influence significant to firm value. Keywords: firm value, profitability, leverage, and liquidity

scholarly journals Family Involvement in the Firm and Exports in the Family SME: Is the Manager’s International Orientation Influential?

2015 ◽  
Vol 7 (3) ◽  
pp. 69-99 ◽  
Author(s):  
Sami Basly
Keyword(s):  
Family Involvement ◽  
Family Firms ◽  
Positive Influence ◽  
International Orientation ◽  
The Family ◽  
Sample Data ◽  
Family Smes ◽  
Family Involvement In Management ◽  
The Relationship

AbstractDoes the family involvement affect exports in the family firm? The literature seems to support this view even if the direction and magnitude of this impact remains controversial. Drawing on the perspectives of agency [Chrisman et al. 2004; Schulze et al. 2001] and stewardship as applied to family firms [Davis, Schoorman and Donaldson 1997] and also on socio-emotional wealth perspective [Gómez-Mejía et al. 2007], this study seeks to contribute to this debate by studying the influence of family involvement on the SME exports intensity. To reconcile the divergent views, our research attempts to assess the role of the manager’s international orientation as a variable moderating the relationship between family involvement and exports in SMEs. Based on a hypothetical-deductive approach, the study uses a sample data of 125 family SMEs obtained through a questionnaire. The results show that even if the positive influence of the manager’s international orientation is corroborated, its moderating role seems to be limited to only one facet of the construct of family involvement i.e. involvement in management. Moreover, owning-family involvement in management seems to negatively influence exports while some results argue for a positive effect of the family involvement in ownership on exports.

Family directors, independent directors, remuneration committee and executive remuneration in Malaysian listed family firms

2019 ◽  
Vol 28 (1) ◽  
pp. 24-47
Author(s):  
Ling Jong ◽  
Poh-Ling Ho
Keyword(s):  
Family Relationships ◽  
Family Firms ◽  
Positive Influence ◽  
Independent Directors ◽  
Type Ii ◽  
Minority Shareholders ◽  
Content Type ◽  
Agency Conflict ◽  
Executive Remuneration ◽  
Significant Positive Influence

Purpose The purpose of this paper is to examine the influence of family directors and independent directors on executive remuneration of listed family firms in Malaysia, and their involvement in remuneration committee on executive remuneration. Design/methodology/approach Fixed effect estimation is employed to examine 1,395 firm-year observations from 2010 to 2014. Findings Family and independent directors do not have statistically significant influence on executive remuneration. Rather, family ownership exerts a significant positive influence on executive remuneration. This study also reveals that the interaction of family CEOs with the family directors on remuneration committee exerts a significant positive influence on executive remuneration. Research limitations/implications The measurement of executive remuneration excludes the share options due to the non-disclosure of this information in the annual reports. Practical implications The findings would be useful to the policy-makers and regulators in appraising the governance measures of remuneration arrangement. Originality/value This study premises on the Type II agency conflict between controlling shareholders and minority shareholders. Independent directors could not mitigate the Type II agency conflict via the governance of executive remuneration. They are not the effective governance mechanism that the minority shareholders can rely on. The additional analyses provide theoretical implication that the pervasive Type II agency conflict is ameliorated when the CEOs do not have family relationships with the controlling family shareholders.

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