IMPACT OF CORPORATE OWNERSHIP CONTROL AGAINST COMPANY VALUE
DOI:
https://doi.org/10.56107/penanomics.v2i1.97Keywords:
Control Impact, Company Ownership, Company ValueAbstract
This research is expected to improve theories related to company value. Jensen and Meckling (Jensen and Meckling) point out that agency theory is a theory of unequal interests between the party granting the authorization (principal), i.e. the investor, and the party receiving the authorization (agent), that is, the manager. As a company manager, the manager is accountable to the owner, which will affect the funds of the investor's or creditor's company. This research uses a quantitative approach. The main data needed is secondary data derived from the company's Annual report within 6 years, namely from 2015-2020 obtained from IDX or the website of each company The research population is 30 companies listed on the IDX data collected using the documentation method.
The results showed that, that Ho was accepted and Ha was rejected, meaning that the Institutional Ownership variable had no effect and was not significant to the value of the company. Then Ho is accepted and Ha is rejected, meaning that the Concentrated Ownership variable has a positive and significant effect on the value of the company. And there is an influence of Institutional Ownership and Concentrated Ownership together as having a significant effect on the value of the company.
Downloads
References
Agus Sartono (2011), Manajemen Keuangan Teorindan Aplikas. BPFE, Jakarta.
Brigham, Eugene F dan Houston. 2006. Fundamental of FinancialManagement: Dasar-Dasar Manajemen Keuangan. Edisi 10. Jakarta: Salemba Empat
Bjuggren, Per-Olof, Johan E. Eklund, and Daniel Wiberg, (2007). Institutional Owners and Firm Performance: The Impact of Ownership Categories on Investments. Working Paper, Jonkoping International Business School (JIBS), and Centre of Excellence for Science and Innovation Studies (CESIS), Royal Institute of Technology, Stockholm, Sweden, February, pp 1-26
Demsetz,H and Villalonga, B. 2001. Ownership Concentration. Institutional Investment and Corporate Governance: An Empirical Investigation of 100 Australian Companies.www.ssrn.com (diakses tanggal 3 Februari 2008).
Fakhruddin & Sopian Hadianto. (2001). Perangkat dan Model Analisis Investasi di. Pasar Modal. Buku satu. Jakarta: Elex Media Komputindo.
Ghozali, Imam. 2013. Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Semarang: Badan Penerbit Universitas Diponegoro.
Gitman, Lawrence J. 2011. Principal Of Managerial Finance (11th Ed). Boston: Addison Wesley
Harmono, 2014: Manajemen Keuangan: Berbasis Balanced Scorecard, Edisi Pertama,. Bumi Aksara, Jakarta
Jensen, M., C., dan W. Meckling, 1976. “Theory of the firm: Managerial behavior, agency cost and ownership structure”, Journal of Finance Economic 3:305- 360, di-download dari http://www.nhh.no/for/courses/spring/eco420/jensenmeckling-76.pdf.
Jensen, Michael C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review. May 1986. Vol 76 No 2.
Munawir, S. 2007. Analisa Laporan Keuangan. Edisi Keempat. Liberty. Yogyakarta.
Martono Dan Agus Harjito. 2010. Manajemen Keuangan (Edisi 3). Yogyakarta: Ekonisia
Perdana, R. S., & Raharja. 2014. Analisis Pengaruh Corporate Governance terhadap Nilai Perusahaan. Diponegoro Journal of Accounting. Vol. 3, No. 3, Tahun 2014: 1-13.
Pizarro, V., S. Mahenthiran, D. Cademamartori, and C. Roberto, 2006. The Influence of Insiders and Institutional Owners on the Value, Transparency, and Earnings Quality of Chilean Listed Firms. Editorial Manager (tm) for Contemporary Accounting Research Manuscript Draft, http://ssrn.com/ abstract=982697,pp1-33.
Rizqia, Dwita Ayu, Aisjah, Siti dan Sumiati. 2013. Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting. 4 (11), h: 120-130
Rao, M.A. and J.F. Steffe. (1992). Viscoelastic Properties of Foods. Elsevier Applied Science. New York
Supriatna, N., & M. Kusuma, A. (2009). Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan. Jurnal ASET (Akuntansi Riset), 1(1), 1. https://doi.org/10.17509/jaset.v1i1.8907
Sujoko dan Ugy Soebiantoro. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Interen dan Faktor Eksteren terhadap Nilai Perusahan. Jurnal Manajemen dan Kewirausahaan. Vol 9, No. 1.
Supriyanto, Budi; Suwarti, Titik. 2004. “Pengaruh Struktur Kepemilikan Manajerial dan Publik, Ukuran Perusahaan, EBIT/Sales, dan Total Debt/Total Assets Terhadap Nilai Perusahaan yang Telah Go Publik dan Tercatat di BEJ”. Semarang. Telaah Manajemen, Vol. 1 ed. 3 STIE STIKUBANK.
Sofyaningsih, Sri Pacawati Hardiningsih (2011). Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang Dan Nilai Perusahaan Ownership Structure, Dividend Policy And Debt Polcy And Firm Value. Dinamika Keuangan Dan Perbankan Vol. 3, No. 1.
Sulong, Zunaidah, et al. 2013. Managerial Ownership, Leverage, and Audit Quality Impact on firm Performance : Evdence From the Malaysian ACE Market. Accounting & Taxation. Vol. 5 No.1. pp. 59-70
Sutrisno. 2012. Manajemen Keuangan Teori, Konsep dan Aplikasi. Yogyakarta: EKONISIA
Spence, Michael. 1973. Job Market Signaling. The Quarterly Journal of. Economics, Vol. 87, No. 3. (Aug., 1973), pp. 355-374.
Wijaya, L.R.P, Wibawa, A.2010. Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan.Simposium Nasional Akuntansi XIII Purwokerto: 1-21.
Weston & Copeland. 1995. Managerial Finance 9th ed., The Dryden Press, 1992. Terjemahan A. Jaka Wasana dan Kibrandoko, Manajemen Keuangan, Jakarta: Binarupa Aksara.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Iskandar Zulkarnain, Riyanti, Sampor Ali, Erika Angelina
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
