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

Sutrisno, Luky Retno Sari

Abstract


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.


Keywords


managerial ownership, institutional ownership, company value, profitability

Full Text:

PDF

References


Anthony, Robert, N., & Govindarajan. (2011). Sistem Pengendalian Manajemen. Edisi 12. Jakarta: Salemba Empat.

Chaidir. (2015). Pengaruh Struktur Modal, Profitabilitas dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Transportasi yang tercatat di Bursa Efek Indonesia Periode 2012-2014. Jurnal Ilmiah Manajemen Fakultas Ekonomi. 1(2), 1-21.

Chilin, Grace M, & Liao. (2007). Ownership Structure, Information Disclosure and Corporate Value: An Empirical Analysis of Taiwan Companies. Proceedings of the 13 Asia Pacific Management Conference, Melbourne, Australia, 698-704.

Fauzi, H., & Musallam , S. (2015). Corporate Ownership and Company Performance: a study of Malaysian listed companies. Social Responsibility Journal, 11(3), 439–448 http://doi. org/10.1108/SRJ-05-2014-0064.

Garcia, M., & Sanchez, B. (2013). Firm Value and Ownership Structure in the Spanish Capital Market. Corporate Governance; The International Journal of Business in Society, 11(1), 41–53 http://doi.org/10.1108/14720701111108835.

Herpraningsih, W., & Makhdalena, G. (2019). Influence of Managerial Ownership of Profitability and Its Impact on The Company'sValue in Manufacturing Companies Listed on Indonesia Stock Exchange (IDX) Period 2015 to 2017. JOM FKIP-UR, Vol 6(2), 1-13.

Imanta, D. (2011). Faktor-Faktor yang Memengaruhi Kepemilikan Managerial. Jurnal Bisnis dan Akuntansi, 13 (1), 67-80.

Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior,agency costs and ownership structure. Journal of Financial Economics, Vol 3(4), 305–360.

Julianti, D. (2015). Pengaruh Mekanisme Good Corporate Governance terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2013. Universitas Negeri Semarang.

Kodithuwakku, S. (2016). Impact of Firm Specific Factors on the Stock Prices: A Case Study on Listed Manufacturing Companies in Colombo Stock Exchange. International Journal for Research in Business, Management and Accounting. ISSN:2455-6114. Vol 2 Issue 3.

Kumai, B., Love O, & Kabiru, I. (2014). The Impact of ownership Structure on the Financial Performance of Listed Insurance Firms in Nigeria. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(1), 409–416.

Listiyowati, & Indarti, I. (2018). Analisis Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Kontruksi yang Terdaftar di BEI tahun 2014-2017. Jurnal Sosial Ekonomi dan Humaniora (JSEH), ISSN: 2461-0666, Vol 4 (2), 1-16.

Maryanto, H. (2017). Pengaruh Intellectual Capital dan Good Corporate Governance Terhadap Nilai perusahan dengan Kinerja Keuangan Sebagai Variabel Intervening Pada perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2011-2014. JOM Fekon, Vol 4 (1), 1598-1612.

Mollah, S., Al Farooque, O., & W, K. (2012). Ownership Structure, Corporate Governance and Firm Performance; Evidence from an African Emerging Market. Studies in Economicsand Finance, 29(4), 301–319 http://doi.org/10.1108/10867371211266937.

Navissi, F., & Naiker, V. (2010). Institutional Ownership and Corporate Value. Managerial Finance, 32(3), 247–258. http://doi.org/10.1108/03074350610646753.

Ngatemin, Maksum, A., Erlina, & Sirojuzilam. (2018). Effect of Institutional Ownership and Profitability to Firm Value with the Capital Structure as Intervening Variable (Emprical Study at Company Tourism Industry Sector Listed in Indonesia). International Journal of Civil Engineering and Technology (IJCIET), Vol 9 (5), 1305-1320.

Perdana, R. S. (2014). Analisis Pengaruh Corporate Governance Terhadap Nilai Perusahaan. skripsi. Semarang: Universitas Diponegoro.

Pertiwi, S., & Hermanto, S. (2017). Pengaruh Struktur Kepemilikan, Kebijakan Dividen, Hutang dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi 6(7), 1-23.

Prastuti, N., & Sudiartha, I. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 5(3), 1572–1598.

Puspaningrum, Y. (2017). Pengaruh Corporate Social Responsibility dan Kepemilikan Manajerial Terhadap Nilai Perusahaan dengan Profitabilitas dan Ukuran Perusahaan Sebagai Variabel Moderating (Studi Empiris Pada Perusahaan Pertambangan Di Bursa Efek Indonesia. Jurnal Profita Edisi 2, 2-14.

Senda, F. D. (2011). Pengaruh Kepemilikan Manajerial, KepemilikanInstitusional, Kebijakan Deviden, Profitabilitas, Leverage Financial, dan Investment Opportunity Set Terhadap Nilai Perusahaan. Jurnal Manajemen Fakultas Ekonomi Universitas Diponegoro Semarang.

Sucuahi, W., & Jay Mark Cambarihan. (2016). Influence of Profitability to the Firm Value of Diversified Companies in the Philippines. Accounting and Finance Research,Vol 5, No 2.

Sukirni, D. (2012). Kepemilikan Manajerial,Kepemilikan Institusional, Kebijakan Deviden dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal, Vol 1 (2), 2-12.

Sun , J., Ding, L., Guo, J., & Li, Y. (2016). Ownership, Capital Structure and Financing Decision:Evidence from the UK. The British Accounting Review, 48(4), 448-463 https://doi. org/10.1016/j.bar.2015.04.001.

Tarjo. (2008). Pengaruh Konsentrasi Kepemilikan Institusional dan Leverage Terhadap Manajemen Laba, Nilai Pemegang saham serta Cost of Equity Capital. Simposium Nasioanal Akuntansi XI, Pontianak.

Wardani, D., & Hermuningsih, S. (2011). Pengaruh Struktur Kepemilikan Terhadap Nilai Perusahaan Dengan Kinerja Keuangan dan Kebijakan Hutang Sebagai Variabel Intervening. Jurnal Siasat Bisnis 15(1), 27–36.

Wida , N., & Suartana, I. (2014). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 9.3, 575-590.

Wiranata, Y. A. (2013). Pengaruh Struktur Kepemilikan Terhadap Profitabilitas Perusahaan Manufaktur di Indonesia. Jurnal Akuntansi dan Keuangan, Vol. 15, No. 1, 15-26.

Wijaya, B. &. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi). E-Jurnal Manajemen Unud, Vol 4(12), 4477–4500.

Wulandari, I. S. (2012). Faktor-Faktor yang Mempengaruhi Struktur Modal Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Skripsi. Universitas Negeri Yogyakarta.

Yanto, E. (2018). Effect of Corporate Social Responsibility and Good Corporate Governance on the Value of Company with Profitability as Moderating Variables. JAAF (Journal of Applied Accounting and Finance), Vol 2(1), 36-49.


Article Metrics

Abstract has been read : 483 times
PDF file viewed/downloaded: 0 times


DOI: http://doi.org/10.25273/equilibrium.v8i2.7109

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Equilibrium : Jurnal Ilmiah Ekonomi dan Pembelajarannya Indexing by:

      
  
 Equilibrium : Jurnal Ilmiah Ekonomi dan Pembelajarannya ISSN: 2303-1565 (printed) , E-ISSN: 2502-1575 (Online)

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International
View EQUILIBRIUM Stats