Struktur Kepemilikan dan Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia The Ownership Structure and Firm Value in Manufacturing Companies on Indonesia Stock Exchange

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.


INTRODUCTION
The globalization requires every organization to be able to compete with other organizations. Every organization, both a profit orientation and a non-profit orientation has a goal.
In company's objectives, funds are needed to finance operational activities, funds can be obtained from owner's capital, or retained earnings, and can also from outside company in form of loans or debt and through the sale of shares to investors or owner's capital. The media that companies can use to sell their shares to public is capital market. The presence of capital market contribute in development of companies to look for alternative funding other than banking. Companies can obtain funds not only form the bank but can fund from equity.
One approach in determining a firm value is price book value which is one of ratio to valuation of company. This ratio measures ability of management to create business market value above investment costs (Keown, 2014). The higher price book value ratio can beinterpreted more successful company is in creating value for shareholders, which will have an impact on firm value.
Demirgunes (2017)  Internally the company's ownership structure can affect firm value of the company because of transmission effect on investment decisions (Jensen and Meckling, 1976). Internally, the relationship between ownership structure on investment decision and ownership structure of the companies affected by agency theory, whereas the relationship between investment decision through the firm value is affected by signaling theory. Agency theory explains the relationship contract between the principal with his agent that can lead to conflict agency because of the large amount of excess cash flow that could affect investment decisions and firm value, so the principal wants to make an investment that is risky to expect a high rate of return, but the management select investment with low risk to protect his position (Fama, 1978).
The development stock price of manufacturing companies in Indonesia is fluctuating, as shown in the figure below.

Figure 1
The development stock price of manufacturing companies Wardhani, et al (2017)  The higher of institutional ownership, so will be bigger supervision given to the managerial, thus the institutional wants bigger dividend as well. Thus the bigger dividends given to institutional, the bigger the investment that will be invested. And the higher institutional ownership in a company, the more external supervision of the company increases and this results in a decrease in managerial interest to enlarge its ownership.
Herdianti & Husaini (2018) stated that institute-onal ownership has a significant effect on investment decisions. This is because investments will reduce the dividends they will receive. Although its role in the company as controlling, but it does not rule out the possibility of these institutional owners will prioritize the interests of the institution compared to the interests of the company. Nugroho et al (2018), stated that ownership structure has a significant effect on investment decisions. Based on the description above, the researcher makes a hypothesis.  Wahyuni, et.al (2020), stated that which is proxied by debt to equity ratio (DER) has a significant effect on firm value. The optimal use of funding decisions through debt is a positive signal from the company that can make investors appreciate the value of shares bigger than the value recorded on the company's balance sheet, so that the company's price to book value (PBV) is high and the firm value will also increase.

H2:
Based on the description above, the researcher makes a hypothesis.  (2017), stated that managers who succeed in creating the right investment decisions, the assets invested will produce optimal performance so as to provide a positive signal to investors who will later increase stock prices and firm value. Based on description above, researcher makes a hypothesis.

H7: Investment decisions mediate effect ownership
structure on firm value.
The relationship between independent variable (ownership structure) and dependent variable (funding decision, investment decision, firm value) can be described as below:

RESULT AND DISCUSSION
The partial least square analysis (PLS) used Smart PLS 3.0, as shown in Figure 3:  Table 1.
Goodness of fit model in PLS analysis is Q 2 and calculated from R-square value has a range value of 0 <Q 2 <1. R-square isbased on the coefficient of determination of all endogen variable.     Table 2  has partial mediation. This shows that investment decisions partial mediate effect of ownership structure on firm value. Keown (2014) stated that a bad investment policy will lead to investor reaction so that stock prices will fall, eventually value of the company will also fall. Supervision carried out by institutional investors is very dependent on amount of investment made so that the higher level of investment can increase supervisionwhich in turn will also increase the value of company. This is also in accordance with signaling theorywhich states that investment expenditure provides a positive signal for investors about company's growth in future, there by increasing value of company. High price earnings ratio (PER) shows good company investment and good growth prospects for company so that investors will be interested. High stock demand will make investors appreciate value of shares is greater than value recorded on company's balance sheet, so that company's PBV is high and value of company is high. Thus investment decision has a positive influence on investors increasing value of company.