Struktur Kepemilikan dan Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

Indra Siswanti(1*), Embun Prowanta(2),

(1) University Mercu Buana, Jakarta
(2) Perbanas Institute, Jakarta
(*) Corresponding Author


This study aims to examine the effect of ownership structure on firm value with financial decisions and investment decisions as intervening variables. This study uses secondary data from financial reports. The population used in this study are manufacturing companies in the consumer goods sector which listed on Indonesian stock exchange 2013-2019 of 35 (thirty five) companies. While the research sample was taken using certain criteria.The number of samples obtained are 7 (seven) companies. Data processing techniques using smartPLS 3.0. The results state: 1) ownership structure has a significant effect on firm value, 2) ownership structure has a significant effect on funding decisions, 3) ownership structure has a significant effect on investment decisions, 4) funding decisions has a significant effect on firm value, 5) investment decisions has a significant effect on firm value, 6) funding decisions mediate the effect of ownership structure on firm value, 7) investment decisions mediate the effect of ownership structure on firm value. The limitation of the results of this study is that the results of this study cannot be generalized because the objects used are limited to manufacturing companies in the consumer goods sub-sector.


Ownership Structure; Funding Decisions; Investment Decisions; Firm Value

Full Text:



Brigham, E. F., & Houston, J. F. (2014). Dasar-dasar Manajemen Keuangan buku 2. (Alih Bahasa : Ali Akbar Yulianto). Jakarta: Salemba Empat

Brealey, M. & Marcus. (2010). Dasar-Dasar Manajemen Keuangan Perusahaan. Jakarta: Erlangga

Demirgunes, K. (2017). Capital Strcture Choice and Firm Value: New Empirical Evidence from Asymetric Causality Test. International Journal of Financial Research, 8(2); 75-91.

Dewi, K.R. & Sanica, I. G. (2017). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, dan Pengungkapan Corporate Social Responsibility terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia, Jurnal Ilmiah Akuntansi dan Bisnis, 2(1); 1-26.

Hajar, Alam, S., & Nohong, M. (2020). Effect of ownership structure on financial decisions in the manufacturing sector on the indonesian stock exchange. International Journal of Scientific and Technology Research, 9(2), 2322–2324.

Herdianti, W. & Husaini, A. (2018). Pengaruh Leverage, Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Keputusan Investasi, Studi pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Periode 2010-2016. Jurnal Administrasi Bisnis, 55(2); 67-176.

He,W.& Kyaw,A.K. (2018). Ownership structure and investment decisions of Chinese SOEs. Research in International Business and Finance. Vol 43; 48-57

Keown. (2014). Manajemen Keuangan : Prinsip-prinsip dan Aplikasi. Edisi Ke-14. Jakarta : PT. Indeks

Manna, A., Sahu,T.N., & Gupta,A. (2016). Impact of Ownership Structure and Board Composition on Corporate Performance in Indian Companies. Indian Journal of Corporate Governance, Vol. 9(1); 44-66

Mishra, Rakesh & Kapil, Sheeba. (2017). Effect Of Ownership Structure And Board Structure On Firm Value: Evidence From India. The International Journal of Business in Society, Vol.17(4); 700-726

Moeljadi. (2006). Manajemen Keuangan. Pendekatan Kuantitatif dan Kualitatif, Edisi Pertama. Malang: Bayu Media Publishing

Mossadak, A., Fontaine, R. & Khemakhem, H. (2016). The Relationship between Ownership Structure and Dividend Policy in an Emerging Market: A Moroccan Study. Universal Journal of Accounting and Finance, 4(2); 89-95.

Nasrum, M., Dhalan & Burham, A.H. (2015). The Effect of Ownership Structure, Corporate Governance, Investment Decision, Financial Decision and Dividend Policy on the Value of the Firm Manufacturing Companies Listed on Indonesian Stock Exchange. British Journal of Economics, Finance and Management Sciences, Vol 10(2); 195-203

Nugroho., Cahyo, A., Firdaus, M., Andati, T., & Tony, I. (2018). Invesment Decision In The Agency Theory Framework. MIX: Jurnal Ilmiah Manajemen. 8(1); 16-32.

Oktowiati, E.D., & Nurhayati, M. (2020). Pengaruh Profitabilitas, Struktur Modal, Dan Keputusan Investasi Terhadap Nilai Perusahaan (Pada Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2017). MIX: Jurnal Ilmiah Manajemen, 10(2);196 – 209.

Pratiwi, M.I., Kristanti, F.T., & Mahardika, D.P.K. (2016). The Effect of Managerial Ownership, Institutional Ownership, and Leverage on Firm Value. Journal of Business & Management, 3(3); 3191-3197.

Rahma, A. (2014). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan Ukuran Perusahaan Terhadap Keputusan Pendanaan dan Nilai Perusahaan, Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2009-2012. Jurnal Bisnis Strategi, 23(2);45-69.

Rasyid, A. (2015). Effects of Ownership Structure, Capital Structure, Profitability and Company’s Growth Towards Firm Value. International Journal of Business and Management Invention. 4(4); 25-31.

Rini, I.S., Sutrisno, T., & Nurkholis. (2017). The Effect of Ownership Structure on Firm Value with Investment Decision as Intervening Variable (Empirical Study of The Listed Companies in Indonesia Stock Exchange Period 2008-2014). International Journal of Social and Local Economic Governance. 3(2); 99-110.

Risman,A., Salim,U., Sumiati,.S., & Indrawati,N.K.(2017). Commodity Prices, Exchange Rates and Investment on Indonesian Stock Exchange. European Research Studies Journal. Vol. 20 (3A); 511-524

Santoso, H. (2019). The Impact of Investment Decision and Funding on Financial Performance and Firm Value. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 8(2); 103-112.

Shahid, M.S., Nawaz, S., & Ali, L. (2018). Does Ownership Structure Influence Financial Decisions: Evidence from Pakistan. International Journal of Business & Management, 13(2), 51-64.

Siddik, M. H., & Chabachib, M. (2017). Pengaruh ROE, CR, Size, dan Kepemilikan Institusional Terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening. Diponegoro Journal of Management, 6(4); 1-15.

Siswanti, I., Sukoharsono, E.G. & Prowanta,E.(2015) The Impact of Macro Economics on Firm Values and Financial Performance as an Intervening Variable: An Empirical Study of LQ-45 Banking Industries in Indonesia. Global Journal of Business and Social Science Review (GJBSSR). Vol. 4 (1); 88-94.

Sualehkhattak, M. & Hussain, M.C.H. (2017). Do Growth Opportunities Influence the Relationship of Capital Structure, Dividend Policy and Ownership Structure with Firm Value: Empirical Evidence of KSE?. Journal of Accounting and Marketing, 6(1);1-11.

Saluy, A.B., Fitri, E.M., Sudjono, Kemalasari, N. (2020). The Effect of Capital Structure, Dividend Policies, and Working Capital Routing on Company Value and Profitability as Intervening Variables in Property and Real Estate.International Research Journal of Innovations in Engineering and Technology (IRJIET), Vol 4(10); 14-19.

Susilawati, D. & Rakhman, F. (2018). The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable. Jurnal Akuntansi dan Investasi, 19(1); 64-75.

Thanatawee, Y. (2014). Institutional Ownership and Firm Value in Thailand. Asian Journal of Business and Accounting, 7(2); 1-22.

Umaiyah, E. & Salim, M.N. (2018). Rasio Keuangan, Ukuran Perusahaan, Struktur ModalDan Dampaknya Terhadap Nilai PerusahaanNon Perbankan Kategori LQ-45. Indikator, Jurnal Ilmiah Manajemen & Bisnis, 2(3); 120-135.

Vintila, G. & Gherghina, S.C. (2015). Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies. International Journal of Economics and Financial Issues, 5(2); 501-514.

Wahyuni, A., Alam, S., & Pakki, E. (2020). Effect of Funding Decisions on Firm Value with Profitability as Intervening Variables. Hasanuddin Journal of Business Strategy, 2(1),49–55.

Wardhani, T.S., Chandrarin, G., & Rahman, A.F. (2017). Pengaruh Kepemilikan Institusional Terhadap Nilai Perusahaan dengan Keputusan Investasi, Keputusan Pendanaan dan Keputusan Dividen Sebagai Variabel Moderasi. Jurnal Ilmiah Ilmu Akuntansi Keuangan dan Pajak, 1(2); 93-110.


Article Metrics

Abstract view : 0 times
PDF - 0 times


  • There are currently no refbacks.