PENGARUH OWNERSHIP STRUCTURE, FINANCIAL LEVERAGE, DAN FIRM SIZE TERHADAP FIRM VALUE PADA PERUSAHAAN SEKTOR CONSUMER GOODS YANG LISTING DI BURSA EFEK INDONESIA (BEI) PERIODE 2008-2015
Abstract: Companies generally
have two course, namely short-term and long-term course. In the long term, the
company aims to maximize corporate value or firm value. This study aims to
examine the effect of ownership structure, financial leverage, and firm size on
firm value based on several theories, namely agency theory, pecking-order
theory, andsignaling theory. The sample of this research is the consumer goods
sector companies listing on BEI that have been selected with several criteria.
The consumer goods sector is chosen based on the phenomenon which shows that during
the period of study has the value of PER is increasing while the other sectors
fluctuate. The method used in this research is multiple linear regression. The
results show that ownership structure and financial leverage have no effect on
firm value. The existence of insider ownership does not make the insider align
its vision and mission with the company and other shareholders. Concentrated
ownership in Indonesia can not control the company due to a limited company law
governing the GMS, where the owner of the concentrated ownership derived from
the parent company, subsidiaries or other branch offices does not get voting
rights in the GMS. Banks that invest in companies are limited to investment
banks only, so their focus is not on increasing firm value but on capital
raising, investment strategy making, and risk management. Financial leverage
does not directly affect firm value. The financial performance variable is
thought to be a variable that moderates the relationship between financial
leverage and firm value. Meanwhile, firm size has a positive effect on firm
value. Firm size affects the profitability of the company, where the larger
firm size then the company's ability to generate greater profits as well. Thus,
firm value increases. The implication of this research is in the next research
can re-examine the independent variable found not affect the firm value. It can
also be considered to use a different, more appropriate proxy for each
variable, thus providing more accurate results. Re-testing can be done on
different samples.
Keywords: ownership structure,
financial leverage, firm size, firm value
Penulis: Berlian Citra
Pusparini, Yuyun Isbanah
Kode Jurnal: jpmanajemendd171138
