The Effects of Managerial Ownership on the Relationship between Intellectual Capital Performance and Firm Value

Rapidly changing dynamics of globalization and increasing market competition are causing the companies all around the world confronting several new challenges and opportunities. To be competitive and successful apart from relative importance of physical resources, companies must adapt modern strategies and policies regarding market flexibility and development. The purpose of this study is to empirically investigate the relationship between intellectual capital and firm value. Furthermore, the moderating role of managerial ownership has been evaluated with the help of regression analysis. The sample included the panel data taken from non-financial firms listed on Pakistan stock exchange (PSX) covering the period 2010-2015. A sample of 79 firms out of 384 firms have been selected with the help of systematic sampling technique. VAIC (Value Added Intellectual Coefficient) model has been used for the calculation of intellectual capital. Tobin's Q has been taken as a measure of firm value. Managerial ownership has been tested as moderator. Based on data analysis, it is concluded that the relationship between intellectual capital and firm value is positively significant. It is also concluded that managerial ownership moderates the relationship between intellectual capital and firm value negatively.

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KETERKAITAN MANAGERIAL OWNERSHIP DAN LEVERAGE TERHADAP NILAI PERUSAHAAN: DALAM KONTEK HUBUNGAN KEAGENAN PERUSAHAAN DI INDONESIA

Jurnal Muara Ilmu Ekonomi dan Bisnis ◽

10.24912/jmieb.v5i1.10859 ◽

2021 ◽

Vol 5 (1) ◽

pp. 160

Author(s):

Margarita Ekadjaja ◽

Rorlen Rorlen ◽

Fanny Andriani Setiawan ◽

Kartika Nuringsih

Keyword(s):

Decision Making ◽

Firm Value ◽

Agency Costs ◽

Least Square ◽

Managerial Ownership ◽

Corporate Value ◽

Manufacturing Companies ◽

Positive Interaction ◽

Two Stage ◽

The Relationship

Manajemen dan nilai perusahaan memiliki keterkaitan yang tidak dapat dipisahkan. Dimana manajemen perusahaan merupakan penggerak roda perusahaan dan berorientasi pada nilai perusahaan. Peran seorang manajer adalah memaksimalkan kekayaan bagi pemegang saham. Namun, manajer yang tidak memiliki kepemilikan saham yang signifikan di perusahaan dapat memilih untuk memaksimalkan keuntungan bersih mereka sendiri dengan mengorbankan pemilik perusahaan. Akibatnya, pemilik terpaksa mengeluarkan biaya agensi untuk memastikan bahwa manajemen perusahaan bertindak dengan cara yang tepat. Cara untuk mengurangi biaya agensi adalah memaksa perusahaan untuk meningkatkan hutang. Tujuan penelitian adalah menguji hubungan simultan pertukaran antara ownership, leverage, dan nilai perusahaan sehubungan dengan keagenan pada perusahaan manufaktur di Indonesia dari tahun 2012-2018. Penelitian ini menambah pemahaman mengenai keterkaitan antara ownership dengan leverage, dan nilai perusahaan. Analisis data untuk argumen tentang keterkaitan simultan antara ownership, leverage, dan nilai perusahaan melalui data panel regresi berganda 2 SLS (Two Stage Least Square). Bidang penelitian ini diperluas dengan mempertimbangkan model empiris di mana ownership dan leverage masing-masing diperlakukan sebagai variabel endogen atau ditentukan bersama. Dalam metode 2 SLS ada 2 kali variabel yang diobservasi secara simultan untuk menghindari bayes sehingga variabel tersebut tidak bias, di mana variabel managerial ownership dan Leverage merupakan determinan non linier nilai perusahaan sebagai bagian integral dari pengambilan keputusan perusahaan dalam kerangka keagenan. Persamaan Regresi hasil uji 2SLS memunjukkan keterkaitan nilai perusahaan dengan managerial ownership dan leverage. Hasil menunjukkan interaksi positif tidak signifikan antara managerial ownerhip dengan nilai perusahaan, interaksi positif signifikan antara nilai perusahaan dengan leverage, dan interaksi yang negatif signifkan antara managerial ownership dengan leverage. Management and corporate value have an inseparable relationship. Where the company management is the driving force of the company and oriented to corporate values. The role of a manager is to maximize wealth of shareholders. However, managers who do not have a significant share in the company may choose to maximize their own net profits at the expense of the company owners. As a result, the owners are forced to incur agency costs to ensure that company management acts in an appropriate manner. The way to reduce agency costs is to force the company to increase debt. The research objective is to examine the exchange simultaneous relationship between ownership, leverage, and corporate value with respect to agency in manufacturing companies in Indonesia from 2012-2018. This study adds to the understanding of the relationship between ownership and leverage, and corporate value. Data analysis for arguments about the simultaneous relationship between ownership, leverage, and firm value through 2 SLS (Two Stage Least Square) multiple regression panel data. This field of research is extended by considering empirical models in which ownership and leverage are treated as endogenous or co-determined variables, respectively. Ownership and Leverage as an integral part of corporate decision making within an agency framework, which in turn will affect the value of the company. In the SLS 2 method, there are 2 variables that are observed simultaneously to avoid bayes so that the variable is not biased, in which the managerial ownership and leverage variables are nonlinear determinant corporate value as an integral part of corporate decision making within the agency framework, which in turn will affect firm value. The 2SLS regression equation results show the relationship between firm value and managerial ownership and leverage. The results prove that there is a positive interaction between managerial ownership between firm value, a significant positive interaction between firm value and leverage, and a significant negative interaction between managerial ownership and leverage.

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The relationship between intellectual capital information and firms’ market value: a study from an emerging economy

Measuring Business Excellence ◽

10.1108/mbe-01-2019-0002 ◽

2019 ◽

Vol 24 (1) ◽

pp. 39-51

Author(s):

A.A. Ousama ◽

Mashael Thaar Al-Mutairi ◽

A.H. Fatima

Keyword(s):

Intellectual Capital ◽

Firm Value ◽

Stock Exchange ◽

Market Value ◽

Total Sample ◽

Emerging Economy ◽

Annual Reports ◽

Content Type ◽

Knowledge Based Economy ◽

The Relationship

Purpose The purpose of this paper is to investigate the relationship between the intellectual capital (IC) information reported in the annual reports and market value of the companies listed on the Qatar Stock Exchange. Design/methodology/approach The study is based on a panel data collected from the annual reports and Bloomberg database for six years, specifically the periods 2010-2012 and 2016-2018. The total sample consists of 252 observations. The theoretical framework was developed in reference to the resource-based theory. The regression model is based on Ohlson’s model, which has been modified by including IC information. Findings The study found that there is a significant relationship between IC information and firm market value. This finding indicates that companies report their IC to help the stakeholders (e.g. shareholders, investors) to understand the real value of the company (which includes IC values). Practical implications The shift to a knowledge-based economy (KBE) has made knowledge a driver for economic growth, and it has become more important than capital, land and labour. This shift makes IC and resources vital for companies to create wealth, value and gain competitive advantage. The State of Qatar plans to transform its economy to a KBE in its “Qatar Vision 2030”. The findings of the study show that the companies have started to depend more on IC to contribute to transforming Qatar’s economy to a KBE. Originality/value This study could be considered a pioneer study to examine the association of IC disclosure and firm value in Qatar. Furthermore, prior literature has mixed findings, which justifies further investigation of IC’s effect on market value, particularly in the emerging economy of Qatar.

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PENGARUH PERENCANAAN PAJAK, STRUKTUR MODAL DAN KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN DENGAN TRANSPARANSI PERUSAHAAN SEBAGAI VARIABEL MODERASI

JURNAL AKUNTANSI BARELANG ◽

10.33884/jab.v6i1.4660 ◽

2022 ◽

Vol 6 (1) ◽

pp. 1-12

Author(s):

Deaelma Sari ◽

Wiwit Irawati

Keyword(s):

Data Analysis ◽

Capital Structure ◽

Firm Value ◽

Stock Exchange ◽

Sampling Technique ◽

Tax Planning ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Corporate Transparency ◽

The Relationship

This study aims to identify and prove empirically the effect of Tax Planning, Capital Structure and Managerial Ownership on Firm Value with Corporate Transparency as a moderating variable. This type of research is quantitative approach research with explanatory research and associative methods. Samples were taken using the purposive sampling technique using Eviews 9 software for data analysis. The sample consists of 60 data from 12 property and real estate subsector manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. The results show that Tax Planning, Capital Structure and Managerial Ownership simultaneously affect the value of the company which is moderated by corporate transparency, tax planning has no effect on firm value, the capital structure does not affect firm value, managerial ownership does not affect firm value, and corporate transparency does not. effect on firm value, corporate transparency is unable to moderate the relationship between tax planning and firm value, corporate transparency is unable to moderate the relationship between capital structure and firm value, and corporate transparency is unable to moderate the relationship between managerial ownership and firm value.

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Pengaruh intellectual capital disclosure, kinerja keuangan, dan kepemilikan manajerial terhadap nilai perusahaan

JURNAL PUNDI ◽

10.31575/jp.v2i1.61 ◽

2018 ◽

Vol 2 (1) ◽

Author(s):

Muhammad Rivandi

Keyword(s):

Intellectual Capital ◽

Firm Value ◽

Regression Models ◽

Sampling Method ◽

Positive Impact ◽

Stock Exchange ◽

Managerial Ownership ◽

Analysis Method ◽

A Value ◽

Multiple Regression Models

The achievement of a value of the firm may effect positive impact, both internal and external's company (Debby, Mukhtaruddin, Yuniarti, Saputra, & Abukosim, 2014).This study aims to examine the effect of intellectual capital, financial performance, and managerial ownership on the firm value. The samples of this study are 30 companies listed in Indonesia Stock Exchange selected by using purposive sampling method. Data analysis method used is Multiple regression models. The result this study tested that intellectual capital disclosure have t statistics the biggest than t table (4,137 ≥ 1,652), leverage has t statistic the smallest than t table (-0,621 ≤ - 1,652), profitability has t statistic the biggest than t table (2,348 ≤ 1,652) and managerial ownership has t statistic the biggest than t table (2,157 ≥ 1,652). Base on hypothesis tested that the Intellectual Capital Disclosure, Profitability, and Managerial Ownership variable has Positive a significant effect on the Firm Value, whereas Leverage Variable significant no effect on the Firm Value Keywords:Intellectual capital disclosure, leverage, profitability, manajerial ownership and firm value

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The Effect of Intellectual Capital and Good Corporate Governance on Company Value Mediated by Competitive Advantage

Journal of Accounting and Investment ◽

10.18196/jai.v22i2.10412 ◽

2021 ◽

Vol 22 (2) ◽

Author(s):

Selvia Roos Ana ◽

Agung Budi Sulistiyo ◽

Whedy Prasetyo

Keyword(s):

Corporate Governance ◽

Competitive Advantage ◽

Intellectual Capital ◽

Firm Value ◽

Capital Good ◽

Company Value ◽

Good Corporate Governance ◽

The Relationship ◽

A Company

Abstract: This study examines the effect of the relationship between intellectual capital, good corporate governance, and firm value by using competitive advantage as mediation. Design/methodology/approach : This study uses a sample of companies registered in CGPI during the 2014-2018 period. Data analysis using regression and path analysis.Research findings : The research results show that the creation of a competitive advantage is inseparable from the role of intellectual capital and good corporate governance. In addition, competitive advantage is able to increase firm value but unfortunately it is not able to mediate company value.Theoretical contribution/ Originality : This study uses M-VAIC to measure intellectual capital where in this measurement there is additional relational capital, and the use of competitive advantage as a mediating variable.Practitioner/Policy implication : This study proves the resourced-based theory which states that a company can win the competition by having a competitive advantage so that in the end it can increase firm value.Research limitation/Implication: This study only includes CGPI listed companies as the research sample. In addition, the independent variables used are limited to intellectual capital and good corporate governance. Keywords: intellectual capital, good corporate governance, competitive advantage, company value

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The effect of stakeholder on firm value and environmental performance as intervening variable

Jurnal Akuntansi Keuangan dan Manajemen ◽

10.35912/jakman.v2i1.137 ◽

2020 ◽

Vol 2 (1) ◽

pp. 41-56

Author(s):

Djoko Suhardjanto ◽

◽

Sigit Santosa ◽

Tri Fitrianto Suratno ◽

Rini Fatmawati ◽

...

Keyword(s):

Regression Analysis ◽

Path Analysis ◽

Research Methodology ◽

Environmental Performance ◽

Firm Value ◽

Stock Exchange ◽

Managerial Ownership ◽

Analysis Method ◽

Negative Effect ◽

The Relationship

Purpose: This study aimed to understand the relationship between stakeholder and firm value with environmental performance as the intervening variable. The study was conducted on companies listed in Indonesia Stock Exchange and listed in the PROPER program during 2016 and 2017. The stakeholder variables in this study consist of managerial ownership (manager), consumer, and employee. Research methodology: The samples were determined using purposive sampling with a total of 131 companies and using path analysis method as an expansion of regression analysis. Result: The result is managerial ownership, consumer, and employee do not affect firm value directly. Managerial ownership has a positive and significant effect on firm value through environmental performance. The consumer has a significant and negative effect on the firm value through environmental performance and employee has a significant and negative effect on the firm value. Limitation: The sample is limited for two years period and adjusted R2 is 21.5%. Contribution: This study can identify variables that affect firm value, especially: manager, consumer, employee and environmental performance. Keywords: Firm value, Stakeholder, Environmental performance

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PERAN KEPEMILIKAN MANAJERIAL SEBAGAI MEKANISME PENINGKATAN KUALITAS LABA DAN NILAI PERUSAHAAN

Jurnal Akuntansi Auditing dan Keuangan BALANCE ◽

10.25170/balance.v15i2.80 ◽

2018 ◽

Vol 15 (2) ◽

pp. 144-161

Author(s):

Fenny Putrianti ◽

Sugi Suhartono

Keyword(s):

Firm Value ◽

Sampling Method ◽

Stock Exchange ◽

Negative Relationship ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Purposive Sampling ◽

The Relationship

This research is aimed to determine the role of managerial ownership as a mechanism to improve the quality of earnings and value companies in manufacturing companies listed in the Indonesia Stock Exchange period 2014-2016. The sample in this study is a manufacturing company listed on the Indonesia Stock Exchange (BEI) in the period 2014-2016. The sample were selected by purposive sampling method, with the number of sample is 312 companies. The results showed that managerial ownership negatively affects firm value and managerial ownership does not affect the quality of profit but has a negative relationship. In addition, the results also show that the quality of earnings does not affect the value of the company but has a negative relationship. In addition, the quality of earnings does not affect the value of the company. Based on the analysis, the quality of earnings as intervening variable is not able to mediate the relationship between managerial ownership and firm value.

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MANAGERIAL OWNERSHIP, DIVIDEND POLICY, AND INTELLECTUAL CAPITAL ON CORPORATE VALUES WITH PROFITABILITY AS AN INTERVENING VARIABLE : AN EVIDENCE OF REAL ESTATE AND PROPERTY COMPANIES IN INDONESIA STOCK EXCHANGE

Jurakunman (Jurnal Akuntansi dan Manajemen) ◽

10.48042/jurakunman.v13i2.50 ◽

2020 ◽

Vol 13 (2) ◽

Author(s):

Harlyn Lindon Siagian

Keyword(s):

Real Estate ◽

Intellectual Capital ◽

Firm Value ◽

Dividend Policy ◽

Stock Exchange ◽

Sampling Technique ◽

Managerial Ownership ◽

Corporate Values ◽

Company Value ◽

Property Companies

This study aims to determine Managerial Ownership, Dividend Policy and Intellectual Capital Policy on Corporate Value with Profitability as an intervening variable in real estate and property companies listed in the Indonesia Stock Exchange in 2012-2018. This type of research is causal associative. The sampling technique uses purposive sampling. Data on research were 6 companies was obtained so that the research data were 42. The analysis technique used was multiple regression and path analysis. The results of this study indicate that Dividend Policy affect Profitability, Managerial Ownership does not affects to Profitability and Intellectual Capital does not affect Profitability. Further, Managerial Ownership, Return on Assets, and Intellectual Capital does not affects the Value of the Company, Dividend Policy effect the Company Value. Profitability is an intervening variable between Dividend Policy on Firm Value, Profitability is not an intervening variable between Managerial Ownership of Company Value and Profitability is not an intervening variable between Intellectual Capital.

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