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

Abstract

This research aimed to examine the effect of ownership structure on the firm value with financial performance as the intervening variable. While, the population was all companies which were on indonesia stock exchange. Moreover, the data collection technique used purposive sampling. Furthemore, there were 10 property and real estate companies which were listed on Indonesia Stock Exchange 2014-2017 as sample. In addition, the data analysis technique used multiple linear regression. Based on the analysis result, it concluded the ownership structure which was referred to institutional ownership had positive effect on financial performance. On the other hand, the ownership did not affect the financial performance. Meanwhile, financial performance which was referred to Return On Asset (ROA) had positive effect on the firm value, which was referred to Price to Book Value (PBV). In brief, financial performance was able to mediate the institutional ownership on the firm value. However, financial performance could not mediate the managerial performance on the firm value.
keywords: ownership structure, financial performance, firm value