The Effect of Managerial Ownership, Institutional Ownership, and Foreign Ownership on Firm Value: An Empirical Study on Manufacturing Companies

The purpose of this study is to provide evidence of the influence of managerial ownership, institutional ownership, foreign ownership, and earnings management of corporate social responsibility disclosure. The sample used was 15 companies with a purposive sampling method. The data used in this study uses secondary data in the form of annual financial reports and annual reports of manufacturing companies listed on the Indonesia Stock Exchange 2014-2017. The study results found that managerial ownership, institutional ownership, and earnings management have no significant impact on corporate social responsibility disclosure. However, foreign ownership has a significant effect on corporate social responsibility disclosure.

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

Journal of Accounting and Strategic Finance ◽

10.33005/jasf.v3i2.65 ◽

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.

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Ownership Structure and Earnings Management

GATR Journal of Accounting and Finance Review (AFR) Vol. 4 (4) Oct-Dec 2019 - GATR Accounting and Finance Review ◽

10.35609/afr.2019.4.2(1) ◽

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.

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Effect of good corporate governance and corporate social responsibility on firm value moderate by profitability

International Journal of Research in Business and Social Science (2147-4478) ◽

10.20525/ijrbs.v10i4.1194 ◽

2021 ◽

Vol 10 (4) ◽

pp. 59-66

Author(s):

Apriana Rahmawati ◽

Roekhudin Roekhudin ◽

Arum Prastiwi

Keyword(s):

Corporate Governance ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Firm Value ◽

Institutional Ownership ◽

Research Data ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Good Corporate Governance ◽

Corporate Social

This research aims to investigate the effect of the role of good corporate governance and corporate social responsibility on firm value with profitability as a moderator variable. The object of this research is manufacturing companies listed in index SRIKEHATI period 2017 until 2019, while the subject is 10 companies. All variables from the research data were gathered through secondary data exactly from Indonesia Stock Exchange and the company’s website. Statistical Analysis of the research data used moderate regression analysis with significance in accordance with the output of SPSS 20. Findings indicated that managerial ownership has a positive significant effect on firm value, institutional ownership has a positive significant effect on firm value, board commissioners have a positive significant effect on firm value, and corporate social responsibility has a negative insignificant effect on firm value. Variable profitability moderates managerial ownership, institutional ownership, and corporate social responsibility on firm value but can’t moderate the board of commissioners on firm value.

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

Jurnal Manajemen ◽

10.24912/jm.v23i3.569 ◽

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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PENGARUH KEPEMILIKAN INSTITUSIONAL, KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN DAN DAMPAKNYA TERHADAP COST OF EQUITY CAPITAL. (Studi Pada Emiten Manufaktur Di Bursa Efek Indonesia)

Jurnal Akuntansi Muhammadiyah ◽

10.37598/jam.v1i2.186 ◽

2014 ◽

Vol 1 (2) ◽

Author(s):

Elviza

Keyword(s):

Path Analysis ◽

Firm Value ◽

Stock Exchange ◽

Institutional Ownership ◽

Equity Capital ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Cost Of Equity Capital ◽

Cost Of Equity ◽

The Cost

Â Â Â Â Â Â Â Â Â Â Â Â Â The purpose of this study was to examine and analyze the influence of institutional ownership and managerial ownership on firm value and its impact on the cost of equity capital either partially or simultaneously at the Stock Exchange listed companies manufacturing in Indonesia. This type of research is verification research with census method.The population of this study is that all manufacturing companies in Indonesia Stock Exchange that owns shares of managerial and institutional. Having selected the target population totaled 59 issuers. The analytical method used was path analysis (path analysis). Data used in this research is secondary data, obtained from audited financial statements for the fiscal year ended December 31, 2005 and as of December 31, 2008, and the stock price data during the observation period, issued by manufacturing companies and published by the Reference Center Capital Markets (PRPM) found on the Indonesian Stock Exchange (BEI).The results of this study indicate that, (1) institutional ownership and managerial ownership simultaneously affect firm value, (2) institutional ownership, managerial ownership and firm value simultaneously affect the cost of equity capital (3) Institutional Ownership partially give effect weak value of the firm (4) Managerial ownership partially provide a weak effect on the value of the firm (5) Institutional Ownership partially affect the cost of equity capital (6) Managerial ownership partially affect the cost of equity capital (7) value company partially affect the cost of equity capital.Â Keywords: institutional ownership, managerial ownership, corporate value andÂ Â cost of equity capital.

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

Jurnal Varian ◽

10.30812/varian.v1i2.70 ◽

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.

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OWNERSHIP STRUCTURES AND DIVIDEND POLICY IN MANUFACTURING COMPANIES IN INDONESIA

TIJAB (The International Journal of Applied Business) ◽

10.20473/tijab.v1.i1.2017.1-13 ◽

2019 ◽

Vol 1 (1) ◽

pp. 1

Author(s):

Ida Setya Dwi Jayanti ◽

Ayu Febriyanti Puspitasari

Keyword(s):

Cash Flow ◽

Significant Influence ◽

Dividend Policy ◽

Control Variable ◽

Institutional Ownership ◽

Foreign Ownership ◽

Free Cash Flow ◽

Ownership Concentration ◽

Managerial Ownership ◽

Manufacturing Companies

This study aims at examining the influence of ownership structure on dividendpolicy. The population is all of manufacturing companies listed on Indonesia Stock Exchange for the period 2008–2012. Purposive sampling is used to choose the sample and 81 companies are found to be sample. The study uses multiple linear regression. The result shows that managerial ownership, institutional ownership, foreign ownership, ownership concentration, and the control variable free cash flow simultaneously have significant influence on dividend policy. Influence testing partially by the level of significant of 5% shows that managerial ownership has positive and significant influence on dividend policy, institutional ownership has insignificant influence on dividend policy, foreign ownership has insignificant influence on dividend policy, ownership concentration has positive and significant influence on dividend policy, and the control variable free cash flow has positive and significant influence on dividend policy.

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

JURNAL AKUNTANSI ◽

10.37932/ja.v10i1.236 ◽

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.

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