PENGARUH UKURAN PERUSAHAAN, UMUR PERUSAHAAN, KEPEMILIKAN INSTITUSIONAL, DAN KEPEMILIKAN MANAJERIAL TERHADAP KINERJA KEUANGAN PERUSAHAAN

Abstract

This research aimed to examine the effect of firm size, firm age, institutional and managerial
ownership on financial performance at Pharmaceutical companies. The independent variables were
firm size, firm age, institutional and managerial ownership. While the dependent variable was the
companies’ financial performance, which was measured by Return On Asset (ROA). The research
was quantitative. Moreover, the population was pharmaceutical companies listed on the Indonesia
Stock Exchange during 2017- 2021. The data collection technique used purposive sampling, in which
the sample was based on the criteria given. In line with that, there were 9 companies during 5 years
with 45 data observations as the sample. Furthermore, the data were secondary, in the form of
documents of financial statements and companies’ annual reports during 2017- 2021. Additionally, the
data analysis technique used multiple linear regression. The result concluded that firm size had a
negative and significant effect on financial performance (ROA). However, firm age had a positive and
significant effect on financial performance (ROA). In contrast, institutional ownership had a negative
and significant effect on financial performance (ROA). Likewise, managerial ownership had a negative
and significant effect on financial performance (ROA).