PENGARUH STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING

Abstract

This research aimed to analyze the effect of ownership structure on the firm value with financial performance as an intervening variable at 12 Food and Beverage companies that were listed on the Indonesia Stock Exchange 2016-2020. The independent variables were managerial and institutional ownership. While the dependent variable was the firm value which was referred to as Price to Book Value. Meanwhile, the financial performance was referred to as Return On Asset. The research was quntitative with causal-comparative as the approach. Furthermore, the data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 44 samples taken. The data analysis technique used multiple linear regression with SPSS 26. The result concluded that managerial ownership had a significant positive effect on financial performance. However, institutional ownership had an insignificant effect on financial performance. While managerial ownership had an significant positive effect on firm value. Likewise, financial performance had a significant positive effect on firm value. Meanwhile, institutional ownership had an insignificant effect on firm value. In addition, managerial ownership could mediate financial performance on firm value. On the other hand, institutional ownership could not mediate financial performance on firm value.