KETERKAITAN STRUKTUR KEPEMILIKAN, STRUKTUR MODAL DAN NILAI PERUSAHAAN
Abstrak
This research aims to test the relation between ownership structures and capital structure firm value of basic industry & chemistry firm. This research places the capital structure as a mediating variable for the relationship between ownership structure and firm value. The sample used is a company listed on the Indonesia Stock Exchange for the period 2014-2019, using a purposive sampling technique got 115 samples that meet the criteria. Data processing using the IBM SPSS 23 series program as an analysis tool. The result is that management's ownership has a negative effect on capital structure, and a positive effect on firm value, while institutional ownership has a positive effect on capital structure, and a negative effect on firm value. This study also found that capital structure is a mediating variable of the relationship between management ownership and firm value.
Keywords: ownership structure, capital structure, firm value
Referensi
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[3] Stiglitz JE. of the Miller Theorem. Am Econ Rev 1969; 59: 784–793.
[4] Ali A, Faisal S. Capital structure and financial performance: A case of Saudi petrochemical industry. J Asian Financ Econ Bus 2020; 7: 105–112.
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[6] Myers SC, Majluf NS. Corporate financing and investment decisions when firms have information that investors do not have. J finance econ 1984; 13: 187–221.
[7] Subagyo H. Efektifitas kebijakan struktur modal dalam meningkatkan nilai perusahaan. J Bisnis dan Ekon 2011; 18: 59–68.
[8] Nejad NR, Wasiuzzaman S. Multilevel Determinants of Capital Structure: Evidence from Malaysia. Glob Bus Rev 2015; 16: 199–212.
[9] Edmans A. Blockholders and corporate governance. Annu Rev Financ Econ 2014; 6: 23–50.
[10] Brooch in P, Yang J, Zhang R. The Effect of Institutional Ownership Types on Innovation and Competition. SSRN Electron J. Epub ahead of print 2018. DOI: 10.2139/ssrn.3204767.
[11] Brooks C, Chen Z, Zeng Y. Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions. J Corp Financ 2018; 48: 187–216.
[12] Kostovetsky L, Manconi A. Common Institutional Ownership and Diffusion of Innovation. SSRN Electron J. Epub ahead of print 2018. DOI: 10.2139/ssrn.2896372.
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[14] Fayez M, Ragab AA, Moustafasoliman M. The Impact of Ownership Structure on Capital Structure: An Empirical Study on the Most Active Firms in the Egyptian Stock Exchange. OALib 2019; 06: 1–13.
[15] Subiantoro S. Pengaruh Struktur Kepemilikan, Strategi Diversifikasi, Leverage, Faktor Intern Dan Faktor Ekstern Terhadap Nilai Perusahaan (Studi Empirik Pada Perusahaan Manufaktur Dan Non Manufaktur Di Bursa Efek Jakarta). Manaj dan Kewirausahaan 2007; 9: 41–48.
[16] Muñoz Mendoza JA, Sepúlveda Yelpo SM, Veloso Ramos CL. Non-linear Effects of Ownership Structure, Growth Opportunities, and Leverage on Debt Maturity in Chilean Firms. Rev Mex Econ y Finanz 2019; 14: 21–40.
[17] Santi Novita MS. Ownership Structure, Firm Value and Mediating Effect of Firm Performance. J Account 2020; 24: 219.
[18] Kusumastuti S, Supatmi, Sastra P. Pengaruh Board Diversity Terhadap Nilai Perusahaan Dalam Perspektif Corporate Governance. J Akunt dan Keuang 2014; 9: 88–98.
[19] Din SU, Arshad Khan M, Khan MJ, et al. Ownership structure and corporate financial performance in an emerging market: a dynamic panel data analysis. Int J Emerg Mark. Epub ahead of print 2021. DOI: 10.1108/IJOEM-03-2019-0220.
[20] Shyu J. Ownership structure, capital structure, and performance of group affiliation: Evidence from Taiwanese group-affiliated firms. Manag Financ 2013; 39: 404–420.
[21] Bemby S. B, Mukhtaruddin, Hakiki A, et al. Intellectual capital, firm value and ownership structure as moderating variable: Empirical study on banking listed in Indonesia stock exchange period 2009-2012. Asian Soc Sci; 11. Epub ahead of print 2015. DOI: 10.5539/ass.v11n16p148.
[22] Alwi S, Rahim RA. Dividend and debt policy as corporate governance mechanism: Indonesian evidence. J Pengur 2009; 29: 111–125.
[23] Fahlenbrach R, Stulz RM. Managerial ownership dynamics and firm value. J financ econ 2009; 92: 342–361.
[24] Ling YH, Jaw BS. The influence of international human capital on global initiatives and financial performance. Int J Hum Resour Manag 2006; 17: 379–398.
[25] KASABOĞLU OT, ÇİNKO M. a Study of the Relationship Between Institutional Ownership and Capital Structure: Evidence From Turkey. Marmara J Econ 2017; 1: 155–170.
[26] Pirzada K, Mustapha MZ Bin, Wickramasinghe D. Firm Performance, Institutional Ownership and Capital Structure: A Case of Malaysia. Procedia - Soc Behav Sci 2015; 211: 170–176.
[27] SOLIKHAH B, WAHYUDIN A, RAHMAYANTI AAW. The Extent of Intellectual Capital Disclosure and Corporate Governance Mechanism to Increase Market Value. J Asian Financ Econ Bus 2020; 7: 119–128.
[28] Rohim M, Syamsudin, Satriawi SPW. The effect of ownership structure on firm value with profitability as a moderating variable. J Appl Manaj 2019; 18: 122–129.
[29] Trafalgar J, Africa LA. The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies. Indonesia Account Rev 2019; 9: 27.
[30] Choi PMS, Choi JH, Chung CY, et al. Corporate governance and capital structure: Evidence from sustainable institutional ownership. Sustain 2020; 12: 1–8.
[31] Shleifer A, Vishny RW. The limits of arbitrage. Adv Behav Financ 1997; 2: 79–101.
[32] Hansen RS, Crutchley CE. Agency Theory of Corporate Ownership, Managerial Corporate Dividends Leverage, and Corporate Dividends. Financ Manag 1989; 18: 36–46.
[33] Persson R. Simultaneous determination of Debt, Dividend, and Inside Ownership policies: Evidence from Sweden.
[34] Vo DH, Nguyen VT-Y. Managerial Ownership, Leverage and Dividend Policies: Empirical Evidence from Vietnam’s Listed Firms. Int J Econ Financ; 6. Epub ahead of print 2014. DOI: 10.5539/ijef.v6n5p274.
[35] Joher H, Ali M, Nazrul M. The Impact Of Ownership Structure On Corporate Debt Policy: Two-Stage Least Square Simultaneous Model Approach For Post Crisis Period: Evidence From Kuala Lumpur Stock Exchange. Int Bus Econ Res J 2011; 5: 51–64.
[36] Handriani E, Robiyanto R. Institutional ownership, independent board, the board size, and firm performance: Evidence from Indonesia. Cortaderia y Adm 2018; 64: 1–16.
[37] Kakilli AS. The determinants of capital structure: Evidence from the Turkish manufacturing sector. Int J Econ Financ Issues 2015; 5: 158–171.
[38] Jensen MC. Journal of Social and Personal. J Soc Pers Relatsh 1986; 15: 755–773.
[39] stephen A.Ross. The Determination of Financial Structure: The Incentive-Signalling Approach. Bell J Econ 1997; 8: 23–40.
[40] Aggarwal D, Padhan PC. Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theor Econ Lett 2017; 07: 982–1000.
[41] Sari IAGDM. Profitability and liquidity on firm value and capital structure as intervening variables. Int Res J Manag IT Soc Sci 2020; 7: 116–127.
[42] Uzliawati L, Yuliana A, Januarsi Y, et al. Optimisation of capital structure and firm value. Eur Res Stud J 2018; 21: 705–713.
[43] Kayhan A, Titman S. Firms’ Histories and Their Capital Structures. SSRN Electron J. Epub ahead of print 1984. DOI: 10.2139/ssrn.552144.
[44] L.I Wijaya, Welson & WRM, University of Surabaya, Surabaya I. Ownership Structure, Good Corporate Governance, and Firm Performance in the Indonesian Capital Market. Adv Econ Bus Manag Res Vol 115 17th Int Symp Manag (INSYMA 2020) 2020; 15: 256–260.
[2] Modigliani F, Miller MH. Income Taxes and the Cost of Capital. Am Econ Rev 1963; 53: 433–443.
[3] Stiglitz JE. of the Miller Theorem. Am Econ Rev 1969; 59: 784–793.
[4] Ali A, Faisal S. Capital structure and financial performance: A case of Saudi petrochemical industry. J Asian Financ Econ Bus 2020; 7: 105–112.
[5] Myers SC. Determinants of corporate borrowing. J finance econ 1977; 5: 147–175.
[6] Myers SC, Majluf NS. Corporate financing and investment decisions when firms have information that investors do not have. J finance econ 1984; 13: 187–221.
[7] Subagyo H. Efektifitas kebijakan struktur modal dalam meningkatkan nilai perusahaan. J Bisnis dan Ekon 2011; 18: 59–68.
[8] Nejad NR, Wasiuzzaman S. Multilevel Determinants of Capital Structure: Evidence from Malaysia. Glob Bus Rev 2015; 16: 199–212.
[9] Edmans A. Blockholders and corporate governance. Annu Rev Financ Econ 2014; 6: 23–50.
[10] Brooch in P, Yang J, Zhang R. The Effect of Institutional Ownership Types on Innovation and Competition. SSRN Electron J. Epub ahead of print 2018. DOI: 10.2139/ssrn.3204767.
[11] Brooks C, Chen Z, Zeng Y. Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions. J Corp Financ 2018; 48: 187–216.
[12] Kostovetsky L, Manconi A. Common Institutional Ownership and Diffusion of Innovation. SSRN Electron J. Epub ahead of print 2018. DOI: 10.2139/ssrn.2896372.
[13] Jensen MC, Meckling WH. Theory of the firm: Managerial behavior, agency costs, and ownership structure. J finance econ 1976; 3: 305–360.
[14] Fayez M, Ragab AA, Moustafasoliman M. The Impact of Ownership Structure on Capital Structure: An Empirical Study on the Most Active Firms in the Egyptian Stock Exchange. OALib 2019; 06: 1–13.
[15] Subiantoro S. Pengaruh Struktur Kepemilikan, Strategi Diversifikasi, Leverage, Faktor Intern Dan Faktor Ekstern Terhadap Nilai Perusahaan (Studi Empirik Pada Perusahaan Manufaktur Dan Non Manufaktur Di Bursa Efek Jakarta). Manaj dan Kewirausahaan 2007; 9: 41–48.
[16] Muñoz Mendoza JA, Sepúlveda Yelpo SM, Veloso Ramos CL. Non-linear Effects of Ownership Structure, Growth Opportunities, and Leverage on Debt Maturity in Chilean Firms. Rev Mex Econ y Finanz 2019; 14: 21–40.
[17] Santi Novita MS. Ownership Structure, Firm Value and Mediating Effect of Firm Performance. J Account 2020; 24: 219.
[18] Kusumastuti S, Supatmi, Sastra P. Pengaruh Board Diversity Terhadap Nilai Perusahaan Dalam Perspektif Corporate Governance. J Akunt dan Keuang 2014; 9: 88–98.
[19] Din SU, Arshad Khan M, Khan MJ, et al. Ownership structure and corporate financial performance in an emerging market: a dynamic panel data analysis. Int J Emerg Mark. Epub ahead of print 2021. DOI: 10.1108/IJOEM-03-2019-0220.
[20] Shyu J. Ownership structure, capital structure, and performance of group affiliation: Evidence from Taiwanese group-affiliated firms. Manag Financ 2013; 39: 404–420.
[21] Bemby S. B, Mukhtaruddin, Hakiki A, et al. Intellectual capital, firm value and ownership structure as moderating variable: Empirical study on banking listed in Indonesia stock exchange period 2009-2012. Asian Soc Sci; 11. Epub ahead of print 2015. DOI: 10.5539/ass.v11n16p148.
[22] Alwi S, Rahim RA. Dividend and debt policy as corporate governance mechanism: Indonesian evidence. J Pengur 2009; 29: 111–125.
[23] Fahlenbrach R, Stulz RM. Managerial ownership dynamics and firm value. J financ econ 2009; 92: 342–361.
[24] Ling YH, Jaw BS. The influence of international human capital on global initiatives and financial performance. Int J Hum Resour Manag 2006; 17: 379–398.
[25] KASABOĞLU OT, ÇİNKO M. a Study of the Relationship Between Institutional Ownership and Capital Structure: Evidence From Turkey. Marmara J Econ 2017; 1: 155–170.
[26] Pirzada K, Mustapha MZ Bin, Wickramasinghe D. Firm Performance, Institutional Ownership and Capital Structure: A Case of Malaysia. Procedia - Soc Behav Sci 2015; 211: 170–176.
[27] SOLIKHAH B, WAHYUDIN A, RAHMAYANTI AAW. The Extent of Intellectual Capital Disclosure and Corporate Governance Mechanism to Increase Market Value. J Asian Financ Econ Bus 2020; 7: 119–128.
[28] Rohim M, Syamsudin, Satriawi SPW. The effect of ownership structure on firm value with profitability as a moderating variable. J Appl Manaj 2019; 18: 122–129.
[29] Trafalgar J, Africa LA. The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies. Indonesia Account Rev 2019; 9: 27.
[30] Choi PMS, Choi JH, Chung CY, et al. Corporate governance and capital structure: Evidence from sustainable institutional ownership. Sustain 2020; 12: 1–8.
[31] Shleifer A, Vishny RW. The limits of arbitrage. Adv Behav Financ 1997; 2: 79–101.
[32] Hansen RS, Crutchley CE. Agency Theory of Corporate Ownership, Managerial Corporate Dividends Leverage, and Corporate Dividends. Financ Manag 1989; 18: 36–46.
[33] Persson R. Simultaneous determination of Debt, Dividend, and Inside Ownership policies: Evidence from Sweden.
[34] Vo DH, Nguyen VT-Y. Managerial Ownership, Leverage and Dividend Policies: Empirical Evidence from Vietnam’s Listed Firms. Int J Econ Financ; 6. Epub ahead of print 2014. DOI: 10.5539/ijef.v6n5p274.
[35] Joher H, Ali M, Nazrul M. The Impact Of Ownership Structure On Corporate Debt Policy: Two-Stage Least Square Simultaneous Model Approach For Post Crisis Period: Evidence From Kuala Lumpur Stock Exchange. Int Bus Econ Res J 2011; 5: 51–64.
[36] Handriani E, Robiyanto R. Institutional ownership, independent board, the board size, and firm performance: Evidence from Indonesia. Cortaderia y Adm 2018; 64: 1–16.
[37] Kakilli AS. The determinants of capital structure: Evidence from the Turkish manufacturing sector. Int J Econ Financ Issues 2015; 5: 158–171.
[38] Jensen MC. Journal of Social and Personal. J Soc Pers Relatsh 1986; 15: 755–773.
[39] stephen A.Ross. The Determination of Financial Structure: The Incentive-Signalling Approach. Bell J Econ 1997; 8: 23–40.
[40] Aggarwal D, Padhan PC. Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theor Econ Lett 2017; 07: 982–1000.
[41] Sari IAGDM. Profitability and liquidity on firm value and capital structure as intervening variables. Int Res J Manag IT Soc Sci 2020; 7: 116–127.
[42] Uzliawati L, Yuliana A, Januarsi Y, et al. Optimisation of capital structure and firm value. Eur Res Stud J 2018; 21: 705–713.
[43] Kayhan A, Titman S. Firms’ Histories and Their Capital Structures. SSRN Electron J. Epub ahead of print 1984. DOI: 10.2139/ssrn.552144.
[44] L.I Wijaya, Welson & WRM, University of Surabaya, Surabaya I. Ownership Structure, Good Corporate Governance, and Firm Performance in the Indonesian Capital Market. Adv Econ Bus Manag Res Vol 115 17th Int Symp Manag (INSYMA 2020) 2020; 15: 256–260.
Diterbitkan
2021-07-01
##submission.howToCite##
Subagyo, H. (2021). KETERKAITAN STRUKTUR KEPEMILIKAN, STRUKTUR MODAL DAN NILAI PERUSAHAAN. Kompak :Jurnal Ilmiah Komputerisasi Akuntansi , 14(1), 186 - 195. https://doi.org/10.51903/kompak.v13i2.687
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