The effect of managerial ownership and institutional ownership on firm value with profitability as an intervening variable in mining companies listed on the Indonesia Stock Exchange

Muhammad Rafsanjani; Isnurhadi Isnurhadi; Marlina Widiyanti; Kms Husni Thamrin

doi:10.53730/ijssh.v8n2.14958

Authors

Muhammad Rafsanjani Sriwijaya University, Palembang, Indonesia
Isnurhadi
isnurhadi@unsri.ac.id
Sriwijaya University, Palembang, Indonesia
Marlina Widiyanti Sriwijaya University, Palembang, Indonesia
Kms Husni Thamrin Sriwijaya University, Palembang, Indonesia

Keywords:

managerial’s ownerships, institutional’s ownerships, profitability, value

Abstract

This study aims to obtain empirical evidence of Managerial and Institutional Ownership of the Mining firm’s value listed on the Indonesia Stock Exchange with profitability as a mediating variable. The sampling technique used purposive sampling, the research samples obtained totalled 13 companies with a research period from 2019-2022 so there were 52 units of analysis. The research design was quantitative descriptive. The analysis technique in this research is the path analysis method. The results showed that Managerial and Institutional Ownership has a significant positive effect on a firm’s value and no effect on profitability. Profitability has no direct effect or mediating effect on a firm’s value. This research implies that companies must pay attention to Managerial and Institutional Ownership and those that can affect the stock price to increase the firm’s value.

Downloads

Download data is not yet available.

References

Abduh, M. M. & Ellen, R. (2018). Mekanisme Good Corporate Governance, Leverage Dan Kinerja Keuangan Perusahaan. Jurnal Riset Akuntansi, 9(1), 80–87.

Aisyah, K. E. S., & Wahyuni, D. U. (2020). Pengaruh Profitabilitas, Leverage, dan Good Corporate Governance Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Manajemen (JIRM), 9(4).

Alamsyah, M. F., & Yulianti, Y. (2022). The effect of good corporate governance on the financial performance of property and real estate sub-sector companies listed on the Indonesia Stock Exchange. Asian Management and Business Review, 2(1), 90-102.

Albertazzi, U., & Gambacorta, L. (2009). Bank profitability and the business cycle. Journal of financial stability, 5(4), 393-409. https://doi.org/10.1016/j.jfs.2008.10.002

Alshifa, K. (2021). Pengaruh Faktor-Faktor Fundamental dan Kepemilikan Institusional Terhadap Harga Saham Sektor Infrastruktur, Utilitas, dan Transportasi Yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi UMMI, 1(2).

Bakhtiar, H. A., Nurlaela, S., & Hendra, K. (2021). Kepemilikan manajerial, kepemilikan institusional, komisaris independen, komite audit, dan nilai perusahaan. AFRE (Accounting and Financial Review), 3(2), 136-142.

Benson, B. W., & Davidson III, W. N. (2009). Reexamining the managerial ownership effect on firm value. Journal of Corporate Finance, 15(5), 573-586. https://doi.org/10.1016/j.jcorpfin.2009.08.002

Brigham, E. F., & Houston, J. F. (2006). Dasar-dasar manajemen keuangan.

Burns, N., Kedia, S., & Lipson, M. (2010). Institutional ownership and monitoring: Evidence from financial misreporting. Journal of Corporate Finance, 16(4), 443-455. https://doi.org/10.1016/j.jcorpfin.2010.06.001

Coleman, M., & Wu, M. (2021). Corporate governance mechanisms and corporate performance of firms in Nigeria and Ghana. International Journal of Productivity and Performance Management, 70(8), 2319-2351.

Damaianti, I. (2019). Pengaruh Good Corporate Governance (GCG), Profitabilitas, dan Leverage Terhadap Nilai Perusahaan. Ekonam: Jurnal Ekonomi, Akuntansi & Manajemen, 1(2), 113-123.

Dewi, I. G. A. A. O., & Dewi, I. G. A. A. P. (2017). Corporate social responsibility, green banking, and going concern on banking company in Indonesia stock exchange. International Journal of Social Sciences and Humanities, 1(3), 118–134. https://doi.org/10.29332/ijssh.v1n3.65

Fadelia, A., & Diyanti, F. (2023). Pengaruh kepemilikan manajerial, kepemilikan institusional, dan kebijakan dividen terhadap nilai perusahaan food and beverage. Jurnal Akuntansi dan Keuangan, 20(2), 258-264.

Fahlenbrach, R., & Stulz, R. M. (2009). Managerial ownership dynamics and firm value. Journal of Financial Economics, 92(3), 342-361. https://doi.org/10.1016/j.jfineco.2008.06.005

Fana, A. A. A. A., & Prena, G. D. (2021). Pengaruh Corporate Social Responsibility, Good Corporate Governance, dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2018–2020. Jurnal Ilmiah Akuntansi Dan Bisnis, 6(2), 17-29.

Harun, M. S., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. A. (2020). CSR disclosure, corporate governance and firm value: a study on GCC Islamic banks. International Journal of Accounting & Information Management, 28(4), 607-638.

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.

Khan, R., Dharwadkar, R., & Brandes, P. (2005). Institutional ownership and CEO compensation: a longitudinal examination. Journal of Business Research, 58(8), 1078-1088. https://doi.org/10.1016/j.jbusres.2004.02.002

Lindgreen, A., & Wynstra, F. (2005). Value in business markets: What do we know? Where are we going?. Industrial marketing management, 34(7), 732-748. https://doi.org/10.1016/j.indmarman.2005.01.001

Listiyowati, I. I., & Indarti, I. U. (2018). Analisis Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Kontruksi yang Terdaftar Di BEI Tahun 2014-2017). Jurnal Sosial Ekonomi Dan Humaniora (JSEH) ISSN, 2461, 666.

Mulyani, N. P. S. A., Suryandari, N. N. A., & Putra, G. B. B. (2022). Pengaruh investment opportunity set, kepemilikan manajerial, kepemilikan institusional, dewan komisaris independen dan kebijakan dividen terhadap nilai perusahaan. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 4(3), 100-110.

Novy-Marx, R. (2013). The other side of value: The gross profitability premium. Journal of financial economics, 108(1), 1-28. https://doi.org/10.1016/j.jfineco.2013.01.003

Nurdiwaty, D. (2020). Analisis Pengaruh Mekanisme Gcg Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sub Sektor Logam Dan Sejenisnya. Jurnal Penelitian Teori & Terapan Akuntansi (PETA), 5(2), 50-65.

Nurhayati, S. A., & Wijayanti, A. (2022). Pengaruh kepemilikan institusional, likuiditas, dan leverage terhadap profitabilitas. INOVASI, 18(2), 360-368.

Nuryono, M., Wijanti, A., & Chomsatu, Y. (2019). Pengaruh kepemilikan manajerial, kepemilikan institusional, komisaris independen, komite audit, serta kulitas audit pada nilai perusahaan. Jurnal Ilmiah Edunomika, 3(01).

Putri, R. A. D., & Trisnaningsih, S. (2021). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel intervening. In Seminar Nasional Akuntansi dan Call for Paper (Vol. 1, No. 1, pp. 142-153).

Rokhmawati, A. (2020). Analisis Pengaruh Good Corporate Governance (GCG) dan Corporate Social Responsibility (CSR) Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi KIAT, 31(2), 10-25.

Sa'adah, L. A. I. L. A. T. U. S., Aninditha, C., & Soedarman, M. (2022). Pengaruh Corporate Social Responsibility Dan Good Corporate Governance Terhadap Nilai Perusahaan. Measurement Jurnal Akuntansi, 16(2), 151-158.

Saidat, Z., Silva, M., & Seaman, C. (2019). The relationship between corporate governance and financial performance: Evidence from Jordanian family and nonfamily firms. Journal of Family Business Management, 9(1), 54-78.

Saona, P., Muro, L., San Martín, P., & Cid, C. (2020). Ibero-American corporate ownership and boards of directors: implementation and impact on firm value in Chile and Spain. Economic research-Ekonomska istraživanja, 33(1), 2138-2170.

Saputri, I. A., & Supramono, S. (2021). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. Jurnal Riset Ekonomi dan Bisnis, 14(2), 117-132.

Sari, D. M., & Wulandari, P. P. (2021). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Tema, 22(1), 1-18.

Sari, P. A., & Khuzaini, K. (2022). Pengaruh good corporate governance terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening (studi perusahaan perbankan yang terdaftar di Bursa Efek Indnesia Periode 2016-2020). Jurnal Ilmu Dan Riset Manajemen (JIRM), 11(8).

Sejati, E. P., Titisari, K. H., & Chomsatu, Y. (2018, October). pengaruh good corporate governance terhadap kinerja keuangan pada perusahaan manufaktur industri real estate dan property di bei periode 2014-2016. In Prosiding Seminar Nasional: Manajemen, Akuntansi, dan Perbankan (Vol. 1, No. 1, pp. 500-512).

Solekhah, M. W., & Efendi, D. (2020). Pengaruh good corporate governance (GCG) terhadap profitabilitas perusahaan sektor pertambangan. Jurnal Ilmu dan Riset Akuntansi (JIRA), 9(6).

Spence, M. (1978). Job market signaling. In Uncertainty in economics (pp. 281-306). Academic Press.

Sudana, I. M., & Sallama, N. I. (2015). Manajemen keuangan perusahaan: Teori dan praktik.

Sunardi, N. (2019). Mekanisme good corporate governance terhadap nilai perusahaan dengan leverage sebagai variabel intervening pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2012-2018. JIMF (Jurnal Ilmiah Manajemen Forkamma), 2(3), 48-61.

Suryanto, A., & Refianto, R. (2019). Analisis pengaruh penerapan good corporate governance terhadap kinerja keuangan. Jurnal Bina Manajemen, 8(1).

Sweeney, J. C., & Soutar, G. N. (2001). Consumer perceived value: The development of a multiple item scale. Journal of retailing, 77(2), 203-220. https://doi.org/10.1016/S0022-4359(01)00041-0

Thaharah, N., & Asyik, N. F. (2016). Pengaruh mekanisme corporate governance dan kinerja keuangan terhadap nilai perusahaan LQ 45. Jurnal Ilmu dan Riset Akuntansi (JIRA), 5(2).

Wahyudin, Y., Suratno, S., & Suyanto, S. (2020). Kepemilikan Manajerial, Kepemilikan Institusi dan Komisaris Independen Terhadap Nilai Perusahaan Dengan Peran Integrated Reporting Sebagai Pemoderasi. Jurnal Riset Akuntansi & Perpajakan (JRAP), 7(02), 177-184.

Walter, A., Ritter, T., & Gemünden, H. G. (2001). Value creation in buyer–seller relationships: Theoretical considerations and empirical results from a supplier's perspective. Industrial marketing management, 30(4), 365-377. https://doi.org/10.1016/S0019-8501(01)00156-0

Wang, Y., Abbasi, K., Babajide, B., & Yekini, K. C. (2020). Corporate governance mechanisms and firm performance: evidence from the emerging market following the revised CG code. Corporate Governance: The international journal of business in society, 20(1), 158-174.

Widayanti, L. P. P. A., & Yadnya, I. P. (2020). Leverage, Profitabilitas, Dan Kepemilikan Manajerial Berpengaruh Terhadap Nilai Perusahaan Pada Perusahaan Real Estate Dan Property. E-Jurnal Manajemen, 9(2), 737-757.

Widuri, K., & Wibowo, B. J. Yohananes. (2017). The mediating effect of corporate social responsibility and corporate governance on the company’s firm value. Research Journal of Social Sciences, 10(3), 1-7.

Wiguna, R. A., & Yusuf, M. (2019). Pengaruh profitabilitas dan good corporate governance terhadap nilai perusahaan. ECONBANK: Journal of Economics and Banking, 1(2), 158-173.

Yosephus, A., Mustikowati, R. I. & Haryanto, S. (2020). Good Corporate Governance terhadap Nilai Perusahaan. Journal Riset Mahasiswa (JRMM), 6(2), 1–6.

Yusrizal, Y., & Suharti, S. (2020). Faktor Penentu Kinerja Keuangan Dan Nilai Perusahaan Sektor Pertambangan Di Bursa Efek Indonesia. Jurnal Manajemen dan Keuangan, 9(2), 135-155.

Zhou, X. (2001). Understanding the determinants of managerial ownership and the link between ownership and performance: comment. Journal of financial economics, 62(3), 559-571. https://doi.org/10.1016/S0304-405X(01)00085-X