THE ROLE OF INSTITUTIONAL OWNERSHIP MODERATING CAPITAL STRUCTURE, PROFITABILITY, AND MANAGERIAL OWNERSHIP ON COMPANY VALUES

  • Taufiq Hidayat State Islamic University of Maulana Malik Ibrahim Malang
    (ID)
  • Puji Endah Purnamasari State Islamic University of Maulana Malik Ibrahim Malang
    (ID)
Kata Kunci: Capital Structure, Profitability, Managerial Ownership, Company value, and Institutional Ownership

Abstrak

The proportion of the value of capital structure, profitability, managerial ownership, and institutional ownership greatly influences the company's performance in increasing the value of the company so that it has an impact on shareholder wealth. This research aims to determine and analyze the relationship between capital structure, profitability, and managerial ownership of company value with institutional ownership asianmoderating variable. The research uses company objects in the consumer goods industry sector for 2019-2021. The research method uses quantitative research with a descriptive approach, data collection techniques using the documentation method, and data analysis techniques using multiple linear regression analysis and Moderated Regression Analysis (MRA) using the SPSS 23 application. Partially, the capital structure does not affect company value. Profitability and managerial ownership have a positive effect on the company value. The moderation test of institutional ownership cannot moderate the positive effect of capital structure and managerial ownership non-company value, and institutional ownership can moderate the negative effect of profitability on company value.

Referensi

Anggita, R. T., Rinofah, R., & Sari, P. P. 2021. Effects of Institutional Ownership, Debt Policy, Investment Decisions, and Profitability on Company Value. SCIENTIFIC JOURNAL OF ECONOMICS AND BUSINESS TRIANGLE, 2(1), 38–49.

Arikunto, S. 2013, Research Procedures: A Practical Approach. Rineka Cipta, Jakarta.

Ayuningrum, I. A., Paningrum, D., & Kusumastuti, A. D. 2021. Pengaruh Debt to Assets Ratio, Firm Size, Return on Assets dan Sales Growth Terhadap Price to Book Value. 1.

Azizah, N. H. N. 2020. The Effects of Managerial Ownership, Institutional Ownership and Dividend Policy on Company Value (Case Study of Automotive & Component Companies Listed on the Indonesia Stock Exchange). Dewantara Ecobis Journal, 2(3).

Bakhtiar, H. A., Nurlaela, S., & Hendra, K. 2020. Managerial Ownership, Institutional Ownership, Independent Commissioners, Audit Committee and Corporate Values. AFRE Accounting and Financial Review, 3(2), 136–142.

Brigham, E., & Houston, J. 2011. Essentials of financial management. Management Science, 48, 453–469.

Darmawan, R., & Firdausy, C. M. 2021. Effects of Return on Assets, Debt to Asset Ratio, Current Ratio, Company Size, Dividend Payout Ratio on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange. Journal of Business Management and Entrepreneurship, 5(6), 655. https://doi.org/10.24912/jmbk.v5i6.15171

Dewi, L. S., & Abundanti, N. 2019. Effects of profitability, liquidity, institutional ownership and managerial ownership on company value. Udayana University Management E-Journal, 8(10), 6099.

Dwiputra, K. R., & Cusyana, S. R. 2022. Effects of DAR, ROA, NPM on PBV in Construction and Property Sector Companies Listed on the Indonesia Stock Exchange in 2016-2020. Journal of Accounting and Management, 19(01), 62–73. https://doi.org/10.36406/jam.v19i01.480

Fahmi, I. 2017, Analysis of Financial Statements. Alphabet, Bandung.

Fana, A. A. A. A., & Prena, G. D. 2021. THE INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY, GOOD CORPORATE GOVERNANCE, AND MANAGERIAL OWNERSHIP ON THE VALUE OF BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2018–2020 PERIOD. Scientific Journal of Accounting and Business, 6(2), 17–29.

Fauzia, M. 2020. Indonesia Officially Recesses, Economic Quarter III-2020 Minus 3.49 Percent. Available at https://money.kompas.com/read/2020/11/05/111828826/indonesia-resmi-resesi- Ekonomi-kuartal-iii-2020-minus-349-persen?page=all/ (Accessed: 2 February 2023)

Ghozali, I. 2011, Application of Multivariate Analysis with the IBM SPSS Program. UNDIP, Semarang.

Gz, A. A., & Lisiantara, G. A. 2022. The effect of profitability, capital structure, company size, liquidity and dividend policy on company value. Owner: Accounting Research and Journal, 6(4), 3974–3987.

H. S. Lestari, H. R. T. E., Ferina A. Latiefa,. 2021. The Effect of Ownership Structure on the Dividend Policy of Manufacturing Companies Listed on the IDX. Journal of Economics, 26(3), 345. https://doi.org/10.24912/je.v26i3.795

Indriyani, E. 2017. Effect of Company Size and Profitability on Company Value. Accountability, 333–348.

Israel, C., Mangantar, M., & Saerang, I. S. 2018. THE EFFECT OF CAPITAL STRUCTURE, INSTITUTIONAL OWNERSHIP AND COMPANY SIZE ON COMPANY VALUE IN MINING COMPANIES LISTED ON THE IDX.

Jensen, C., & Meckling, H. 1976. Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure Michael. 3. JENSEN and William H. MECKLING·. Journal Of.

Julia Putri, M., & Ahmar, N. 2019. Determinants of Public Company Value in Indonesia and the Philippines with Institutional Ownership as Moderator. Journal of Accounting & Taxation Research (JRAP), 6(01). https://doi.org/10.35838/jrap.2019.006.01.5

Juliansyah. 2014. Economic and Management Research Data Analysis. Gramedia, Jakarta.

Cashmere. 2014. Analysis of Financial Statements. PT. Rajagrafindo Persada, Jakarta.

Mufidah, N. M., & Purnamasari, P. E. 2018. THE EFFECT OF PROFITABILITY ON COMPANY VALUE WITH CORPORATE SOCIAL RESPONSIBILITY AND GOOD CORPORATE GOVERNANCE DISCLOSURE AS MODERATING VARIABLES. El Dinar, 6(1), 64. https://doi.org/10.18860/ed.v6i1.5454

Muharramah, R., & Hakim, M. Z. 2021. The Effect of Company Size, Leverage, and Profitability on Company Value.

Myers, S. C. 2001. Capital Structure. 2001, 15.

Oktaviarni, F., Murni, Y., & Suprayitno, B. 2019. Effects of Profitability, Liquidity, Leverage, Dividend Policy, and Company Size on Company value. Journal of Accounting, 9(1), 1–16.

Putra, E. M., Kepramerani, P., & Novitasari, N. L. G. 2016. The Effect of Financial Performance, Inflation and Interest Rates on Company value. Proceedings of National Semester Research Results.

Putranto, P., & Kurniawan, E. 2018. Effect of Managerial Ownership and Profitability on Company value (Empirical Study on Food and Beverage Industrial Sector Company 2012 to 2015). European Journal of Business and Management, 10(25), 96–104.

Rahmi, P. P., & Oktapiani, R. 2021. THE EFFECT OF CAPITAL STRUCTURE, PROFITABILITY AND COMPANY GROWTH ON COMPANY VALUE AT PT ASTRA INTERNATIONAL Tbk 2010-2020 PERIOD. MAHATANI: Agribusiness and Agricultural Economics Journal, 4(1), 328. https://doi.org/10.52434/mja.v4i1.1245

Rakhmat, A. S., & Fafirudin, T. 2020. Effects of Tax Avoidance and Institutional Ownership on Company Value. IKRAITH-ECONOMICS, 3(3), 145–152.

Rochmah Gumilang, A., & Sulhan, M. 2022. The Effect of Activity Ratio on Listed Profitability Moderated By Inflation (Study of Financial Sector Companies on the IDX). JPEKA: Journal of Economic Education, Management and Finance, 6(1), 55–64. https://doi.org/10.26740/jpeka.v6n1.p55-64

Sadewo, F., Santoso, B., & Putra, I. N. N. A. 2022. THE EFFECT OF PROFITABILITY AND LIQUIDITY ON COMPANY VALUE WITH CAPITAL STRUCTURE AS AN INTERVENING VARIABLE (Studies on Manufacturing Companies listed on the Indonesia Stock Exchange Industrial Consumer Goods Sector for the 2015-2019 Period). JMM UNRAM-MASTER OF MANAGEMENT JOURNAL, 11(1), 39–55.

Sholikhah, N. N., & Trisnawati, R. 2022. THE EFFECT OF DIVIDEND POLICY, COMPANY SIZE, PROFITABILITY, INSTITUTIONAL OWNERSHIP AND MANAGERIAL OWNERSHIP ON COMPANY VALUE (Empirical Study of Manufacturing Companies Listed on the Indonesia Stock Exchange in 2018-2020). Eqien-Journal of Economics and Business, 11(1), 1191–1200.

Soebiantoro, U. 2007. Effect of shareholding structure, leverage, internal factors and external factors on company value. Journal of Management and Entrepreneurship, 9(1), 41–48.

Spence, M. 1973. Job Valueet Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010

Sugiyono. 2011. Administrative Research Methods. Alphabet, Bandung.

Tala, O., & Karamoy, H. 2017. PROFITABILITY AND LEVERAGE ANALYSIS OF PROFIT MANAGEMENT IN MANUFACTURING COMPANIES ON THE INDONESIA STOCK EXCHANGE. ACCOUNTABILITY, 6(1), 57. https://doi.org/10.32400/ja.16027.6.1.2017.57-64

Trafalgar, J., & Africa, L. A. 2019. The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies. The Indonesian Accounting Review, 9(1), 27. https://doi.org/10.14414/tiar.v9i1.1619

Tunggal, C. A., & Ngatno, N. 2018. The Effect of Capital Structure on Company value with Company Size and Age as Moderator Variables (Case Study 2014-2016) in Food and Beverage Sub-Sector Companies Listed on the IDX. Journal of Business Administration, 7(2), 141–157.

Umdiana, N., & Claudia, H. 2020. Capital Structure Analysis Based on Trade off Theory. Journal of Accounting: The Scientific Review of Accounting, 7(1), 52–70.

Wardhani, T. S., Chandrarin, G., & Rahman, A. F. 2017. THE EFFECT OF INSTITUTIONAL OWNERSHIP ON COMPANY VALUE WITH INVESTMENT DECISIONS, FUNDING DECISIONS AND DIVIDEND POLICY AS MODERATION VARIABLES. 1(2), 18.

Warfield, T. D., Wild, J. J., & Wild, K. L. 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 20(1), 61–91.

Weston, J. F., & Copeland, T. 2010. Financial Management. Binarupa Script, Jakarta.

Wongso, A. 2013. Effect of dividend policy, ownership structure, and debt policy on company value in the perspective of agency theory and signaling theory. Management Student Scientific Journal, 1(5).

Yanti, I. G. A. D. N., & Darmayanti, N. P. A. 2019. THE INFLUENCE OF PROFITABILITY, COMPANY SIZE, CAPITAL STRUCTURE, AND LIQUIDITY ON THE VALUE OF FOOD AND BEVERAGE COMPANIES. Udayana University E-Journal of Management, 8(4), 2297. https://doi.org/10.24843/EJMUNUD.2019.v08.i04.p15

Yudha, A. M., Yamasitha, Y., Yulia, Y., & Sari, P. I. P. 2022. The Influence of Managerial Ownership and Company Growth on Company Value through Institutional Ownership as a Moderation Variable. Jurnal Penelitian Ekonomi Dan Akuntansi JPENSI, 7(2), 169. https://doi.org/10.30736/jpensi.v7i2.1055

Yusintha, P., & Suryandari, E. 2010. ANALYSIS OF FACTORS AFFECTING CAPITAL STRUCTURE (Empirical Studies on Manufacturing Companies on the Stock Exchange. Journal of Accounting and Investment.

Diterbitkan
2023-06-15
Abstrak viewed = 324 times