Managerial Ownership, Financial Performance and Firm Value: Evidence from Consumers Goods Company Listed in Indonesia Stock Exchange
Keywords:
Liquidity, profitability, leverage, firm value, managerial ownership
Abstract
The research about the impact of financial performance on firm value has become great attention to financial issues in various researches. Financial performance provides information needed by investors. Firm value is used to reflect the real value of the company more realistically by considering the concept of market value. The investors need the actual value of the firm to be a factor to consider for them to invest. This research is aimed at examining the impact of the financial performance of profitability, liquidity, leverage, and activity ratio. We also examine if there were managerial ownership effects the relationship among those financial performances on the firm value using the proxy of Tobin's Q. The sample used is the Consumers Goods Companies which listed in the Indonesia Stock Exchange for the period from 2015 to 2019. We used purposive sampling for obtaining 70 observations. We analyzed data using multiple linier regression, and moderated- regression analysis. The study indicates that profitability and leverage statistically affect the firm value. But, the liquidity and activity ratio with the proxy of total asset turnover has no significant impact on firm value. Other result were the moderation has significant effect of managerial ownership strengthens the relationship of debt to equity ratio and total assets turnover.
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References
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[38]. Berķe-Berga, A., Dovladbekova, I., & Ābula, M. (2017). Managerial Ownership, and Firm Performance: Evidence of Listed Companies In The Baltics. Polish Journal of Management Studies, 15(2), 273-283. doi:10.17512/pjms.2017.15.2.25
[39]. Zhang, C., & Zhang, G. (2014). Managerial Power, Capital Structure, and Firm Value. Open Journal of Social Sciences, 02(12), 138-142. DOI:10.4236/jss.2014.212019
[2]. Harmono. 2009. Manajemen Keuangan Berbasis Balanced Scorecard (Pendekatan Teori, Kasus, dan Riset Bisnis).
[3]. Hermastuti, C. (2014). Pengaruh Profitabilitas, Kebijakan Dividen, Kebijakan Hutang, Keputusan Investasi dan Kepemilikan Insider Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi Vol 3 No 4, 1-14.
[4]. Hirdinis, M (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, VII (Issue 1), 174-191. DOI:10.35808/ Ijeba/204
[5]. Gharaibeh, A. M., & Qader, A. A. (2017). Factors Influence Firm Value. International Journal of Applied Business, and Economic Research, 15(Number 6).
[6]. Hasania, Z., Murni S., Mandagie Y. 2016. Pengaruh Current Ratio, Ukuran Perusahaan, Struktur modal, dan ROE Terhadap Nilai Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014. Jurnal Berkala Ilmiah Efisiensi. Vol. 16 No.3. Hal 133-144. http://ejournal.unsrat.ac.id/index.php/jbie/article/view/13107/12692.
[7]. Salim, M., & Susilowati, R. (2020). The Effect Of Internal Factors On Capital Structure And Its Impact On Firm Value: Empirical Evidence From The Food And Beverages Industry Listed On Indonesian Stock Exchange 2013-2017. International Journal of Engineering Technologies and Management Research, 6(7), 173-191. DOI:10.29121/ijetmr.v6.i7.2019.434
[8]. Noviani, A.F., Atahau A.D.R., Robiyanto R. 2019. Struktur modal, profitabilitas, dan nilai perusahaan: Efek moderasi Good Corporate Governance. Jurnal Ekonomi dan Bisnis. Vol. 22 No.2. Oktober. Hal 391-415.)
[9]. Modigliani, F and M.H. Miller (1958). The Cost of Capital Corporation Finance and The Theory of Investment. American Economic Review, Vol.8. No.13 pp.261-297
[10]. Kusumawati, E., & Setiawan, A. (2019). The Effect Of Managerial Ownership, Institutional Ownership, Company Growth, Liquidity, And Profitability On Company Value. Riset Akuntansi Dan Keuangan Indonesia, (Vol 4, No 2 (2019)), 136-146. DOI:10.23917/reaksi.v4i2.8574
[11]. Hermuningsih, S. (2019). Does Growth Opportunities Moderate The Relationship Between Profitability And Liquidity Toward Firm Value? Jbfem, 2(1), 1-8. DOI:10.32770/jbfem.vol21-8
[12]. Moniaga, F. (2013). Struktur Modal, Profitabilitas dan Struktur Biaya Terhadap Nilai Perusahaan Industri Keramik Porcelen Dan Kaca Periode 2007 - 2011. Jurnal EMBA Vol.1 No. 4, 433-422.
[13]. Pratama, I.G.G.W., Wirawati N.G.P. 2016. Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kepemilikan Manajerial sebagai Pemoderasi. E-Jurnal Akuntansi Universitas Udayana. ISSN 2302- 8556. Vol.15 No.3. Juni. Hal 1796-1825.
[14]. Agnes. (2013). Pengaruh Kepemilikan Manajerial, Struktur Modal dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Universitas Negeri Padang.
[15]. 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 Volume 1 No 2 Tahun 2015, 1-21.
[16]. Lubis, I. L., Sinaga, B. M., & Sasongko, H. (2017). Pengaruh Profitabilitas, Struktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis dan Manajemen, Vol. 5 No. 3, 458-465.
[17]. Dewi, A., & Wirajaya, A. (2013). Pengaruh Struktur Modal, Profitabilitas Dan Ukuran Perusahaan Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, Vol. 4.2, Halaman 358-372
[18]. Hoque, J., Hossain, A., & Hossain, K. (2014). Impact of Capital Structure Policy On Value Of The Firm A Study On Some Selected Corporate Manufacturing Firms Under Dhaka Stock Exchange. ECO FORUM, 77-84.
[19]. Chun, S. E., & Lee, M. H. (2017). Corporate Ownership Structure and Risk-Taking Evidence from Japan. Journal of Governance and Regulation Volume 6 Issue 4, 39-52.
[20]. Munandar, B. T., & Kusumawati, R. (2017). Pengaruh Aliran Kas Bebas dan Keputusan Pendanaan Terhadap Nilai Pemegang Saham dengan Set Kesempatan Investasi Sebagai Variabel Moderating. Jurnal Manajemen dan Bisnis Vol. 3 No.1.
[21]. Iqbal, U., & Usman, M. (2018). Impact of Financial Leverage on Firm Performance. SEISENSE Journal of Management, 1(2), 70-78. DOI:10.33215/sjom.v1i2.13
[22]. Sujoko, & Soebiantoro, U. (2007). Pengaruh Faktor Kepemilikan, Leverage, Faktor Intern, dan Faktor Ekstern Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur dan Non Manufaktur di Bursa Efek Jakarta.
[23]. Ju Chen, & Yu Chen. (2011). The Influence of Profitability on Firm Value With Capital Structure as The Mediator and Firm Size and Industry as Moderators. Investment Management and Financial Innovations, Vol. 8, Issue 3.
[24]. Luthfiah, A. A., & Suherman, S. (2018). The Effects Of Financial Performance Toward Firm Value With Ownership Structure As Moderating Variable (The Study On Manufacturing Companies Listed In Indonesia Stock Exchange In The Period Of 2012-2016). Journal of Business and Behavioural Entrepreneurship, 2(1), 18-27. DOI:10.21009/jobbe.002.1.03
[25]. Kusumawati, R., & Rosady, I. (2018). Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kepemilikan Manajerial sebagai Variabel Moderasi. Jurnal Manajemen Bisnis, 9(2). doi:10.18196/mb.9259
[26]. Jensen, M. C., & Meckling, W. H. (n.d.). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Economic Analysis of the Law, 162-176. DOI:10.1002/9780470752135.ch17
[27]. Brigham & Hauston (2010). Dasar-dasar Manajemen Keuangan: Essentials of Financial Management edisi 11. Salemba 4
[28]. Rompas, Gisella Prisilia. 2013. Likuiditas, Solvabilitas dan Rentabilitas terhadap Nilai Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia. Jurnal EMBA. Universitas Sam Ratulangi. Vol.1 No.3. September. Hal 252-262.
[29]. Cheung, W. M., Chung, R., & Fung, S. (2015). The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment. Journal of Corporate Finance, 35, 211-231. DOI:10.1016/j.jcorpfin.2015.09.001
[30]. Sondakh, R. (2019). The Effect Of Dividend Policy, Liquidity, Profitability, and Firm Size On Firm Value In Financial Service Sector Industries Listed In Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91. DOI:10.32400/ja.24760.8.2.2019.91-101
[31]. Nurmaningsih, E & V. Herawati (2019). Pengaruh Struktur Modal, Profitabilitas, Pertumbuhan Dan Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2018. Buku 2 Sosial Dan Humaniora
[32]. Dewi, R. R., & Tarnia, T. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 6(2), 115. doi:10.25105/jipak.v6i2.4486
[33]. Ghozali, I. 2016. Aplikasi Analisis Multivariete dengan Program IBM SPSS 23, edisi 8. Semarang: Badan Penerbit Undip.
[34]. Nguyen, Tam Thanh, et al (2020). The relationship Between Capital Structure and Firm Value: Cases of Listed Companies in The Food and Beverages Industry in Vietnam. Academy of Accounting and Financial Studies Journal. Vol.24. Issue 1
[35]. Rinnaya, I.Y., Andini R., Oemar A. 2016. Pengaruh Profitabilitas, Rasio Aktivitas, Keputusan Investasi terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2010-2014). Jurnal of Accounting. Vol.2 No.2
[36]. Apan, Mehmet, & Mehmet Islamoglu (2018). Determining the Impact of Financial Characteristics on Firm Profitability: An Empirical Analysis on Borsa Istanbul Energy Firms. WSEAS Transaction on Business and Economics, vol.15. P 547-567
[37]. Nurlaela, S., Mursito, B., Kustiyah, E., Istiqomah, I., & Hartono, S. (2019). Asset Turnover, Capital Structure, and Financial Performance Consumption Industry Company In Indonesia Stock Exchange. International Journal of Economics and Financial Issues, 9(3), 297-301. DOI:10.32479/ijefi.8185
[38]. Berķe-Berga, A., Dovladbekova, I., & Ābula, M. (2017). Managerial Ownership, and Firm Performance: Evidence of Listed Companies In The Baltics. Polish Journal of Management Studies, 15(2), 273-283. doi:10.17512/pjms.2017.15.2.25
[39]. Zhang, C., & Zhang, G. (2014). Managerial Power, Capital Structure, and Firm Value. Open Journal of Social Sciences, 02(12), 138-142. DOI:10.4236/jss.2014.212019
Published
2021-05-27
How to Cite
Harnida, M., Rizka Zulfikar, Siti Mardah, & Dian Titania Rahman. (2021). Managerial Ownership, Financial Performance and Firm Value: Evidence from Consumers Goods Company Listed in Indonesia Stock Exchange. International Journal of Science, Technology & Management, 2(3), 791-801. https://doi.org/10.46729/ijstm.v2i3.206
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Articles
