Ownership institutional and firm value: the mediating role of profitability in Indonesian firms

Radhi Abdul Halim Rachmat (1), Yana Hendayana (2),
(1) Universitas Widyatama  Indonesia
(2) Universitas Widyatama  Indonesia

Corresponding Author


DOI : https://doi.org/10.29210/020232242

Full Text:    Language : en

Abstract


Institutional ownership refers to the shareholding structure and the parties that own or control a company. Institutional ownership can be interpreted as ownership of company shares owned by institutions. In this case, institutions refer to legal entities such as corporations, banks, insurance companies, and others. This study aims to research related to management that continues to grow. The research method used is quantitative research. This study provides a clear picture of the effect of institutional ownership of the company through profitability. The research was conducted on all companies listed on the Indonesia Stock Exchange from 2015 to 2018. The sample used in this study consisted of 322 companies selected using a purposive sampling method. Data processing uses mediation analysis with the SPSS 24 application with the additional PROCESS feature by Hayes. The results showed that, first, institutional ownership affects firm value. Second, profitability mediates the effect of institutional ownership on firm value.

Keywords


Institutional ownership, Profitability, ROA, Firm value, Mediation

References


Akhtar, H., & Soetjipto, H. P. (2014). Peran Sikap Dalam Memediasi Pengaruh Pengetahuan Terhadap Perilaku Minimisasi Sampah Pada Masyarakat Terban, Yogyakarta (The Role Of Attitude To Mediate The Effect Of Knowledge On People’s Waste Minimization Behaviour In Terban, Yogyakarta). Jurnal Manusia Dan Lingkungan, 21(3), 386–392.

Bhattacharya, P. S., & Graham, M. A. (2009). On Institutional Ownership And Firm Performance: A Disaggregated View. Journal Of Multinational Financial Management, 19(5), 370–394.

Budianto, W., & Payamta, P. (2014). Pengaruh Kepemilikan Manajerial Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi. Assets: Jurnal Akuntansi Dan Pendidikan, 3(1), 13–25.

Chairudin, A., & Sari, S. R. (2021). Model Hubungan Citra Merek Dan Minat Beli Ulang: Peran Kepuasan Pelanggan Dan Kesetiaan Pelanggan. Oikonomia: Jurnal Manajemen, 17(2), 112–126.

Clay, D. G. (2002). Institutional Ownership And Firm Value. Available At Ssrn 485922.

Darmayanti, F. E., & Sanusi, F. (2018). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional Dan Kebijakan Hutang Terhadap Nilai Perusahaan. Sains: Jurnal Manajemen Dan Bisnis, 11(1).

Dewi, L. S., & Abundanti, N. (2019). Pengaruh Profitabilitas, Likuiditas, Kepemilikan Institusional Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. Udayana University.

Dian, F., &Lidyah, R. (2014). Pengaruh Corporate Social Responsibility, Kepemilikan Manajerial Dan Kepemilikan Institusi Terhadap Nilai Perusahaan Tambang Batu Bara Yang Terdaftar Di Bei.

Estiasih, S. P., Yuniarsih, N., & Wajdi, M. Ba. N. (2019). The Influence Of Corporate Social Responsibility Disclosure, Managerial Ownership And Firm Size On Firm Value In Indonesia Stock Exchange. The Influence Of Corporate Social Responsibility Disclosure, Managerial Ownership And Firm Size On Firm Value In Indonesia Stock Exchange, 9(9), 159–171.

Jennings, W. W. (2005). Further Evidence On Institutional Ownership And Corporate Value. In Corporate Governance (Pp. 167–207). Emerald Group Publishing Limited.

Jensen, M. C., & Meckling, W. H. (2019). Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure. In Corporate Governance (Pp. 77–132). Gower.

Kasmir. (2012). Analisis Laporan Keuangan. Jakarta: Pt Raja Grafindo Persada.

Kosimpang, A. D., Andini, R., & Oemar, A. (2017). Pengaruh Profitabilitas, Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Variabel Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Pertambangan Yang Terdaftar Di Bei Periode Tahun 2012–2016. Journal Of Accounting, 3(3).

Lin, F.-L. (2010). A Panel Threshold Model Of Institutional Ownership And Firm Value In Taiwan. International Research Journal Of Finance And Economics, 42(1), 54–62.

Mastuti, A. N., & Prastiwi, D. (2021). Pengaruh Kepemilikan Institusional Dan Ukuran Dewan Terhadap Nilai Perusahaan Melalui Profitabilitas. Jurnal Penelitian Teori Dan Terapan Akuntansi (Peta), 6(2), 222–238.

Navissi, F., & Naiker, V. (2006). Institutional Ownership And Corporate Value. Managerial Finance, 32(3), 247–256.

Nurkhin, A., Wahyudin, A., & Fajriah, A. S. A. (2017). Relevansi Struktur Kepemilikan Terhadap Profitabilitas Dan Nilai Perusahaan Barang Konsumsi. Jurnal Akuntansi Multiparadigma, 8(1), 35–46.

Pamungkas, H. S., & Puspaningsih, A. (2013). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Auditing Indonesia, 17(2), 156–165.

Pirzada, K., Mustapha, M. Z. Bin, & Wickramasinghe, D. (2015). Firm Performance, Institutional Ownership And Capital Structure: A Case Of Malaysia. Procedia-Social And Behavioral Sciences, 211, 170–176.

Rachmat, R. A. H., & Waspada, I. (2020). Corporate Governance And Firm Value: The Mediating Role Of Intellectual Capital Disclosure In Indonesian Manufacturing Firms. European Journal Of Molecular & Clinical Medicine, 7(2), 5320–5335.

Saifi, M. (2019). Pengaruh Corporate Governance Dan Struktur Kepemilikan Terhadap Kinerja Keuangan Perusahaan. Profit: Jurnal Administrasi Bisnis, 13(2), 1–11.

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, Dan R & D. Bandung: Cv Alfabeta.

Sulong, Z., & Nor, F. M. (2008). Dividends, Ownership Structure And Board Governance On Firm Value: Empirical Evidence From Malaysian Listed Firms. Malaysian Accounting Review, 7(2).

Tambalean, F. A. K., Manossoh, H., & Runtu, T. (2018). Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Nilai Perusahaan Pada Perusahaan Sektor Industri Barang Konsumsi Di Bei. Going Concern: Jurnal Riset Akuntansi, 13(04).

Tanujaya, D., Rakhman, A., & Mutiarawati, E. V. (2016). Analisis Pengaruh Profitabilitas Dan Struktur Modal Terhadap Nilai Perusahaan Perbankan Yang Terdaftar Di Bei Pada Tahun 2011-2014. Manajemen Keuangan, 23(2).

Thanatawee, Y. (2014). Institutional Ownership And Firm Value In Thailand. Asian Journal Of Business And Accounting, 7(2).


Article Metrics

 Abstract Views : 0 times
 PDF Downloaded : 0 times

Refbacks

  • There are currently no refbacks.