PENGARUH STRUKTUR KEPEMILIKAN PADA NILAI PERUSAHAAN: KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MEDIASI

Abstract

The research aimed to examine effect of managerial ownership and institutional ownership on firm value with dividend policy as
intervening variable. While, the population was consumer good manufacturing companies which were listed on Indonesia Stock
Exchange during 2016-2018. Moreover, the research was quantitative. Furthermore, the data were taken from database of
Invesment Gallery of Indonesia Stock Exchange. Additionally, the data collection technique used purposive sampling, in which
the sample was based on criteria given. In line with, there were 120 observations in 43 companies within 3 years. In addition, the
data analysis technique used path analysis. According to the research result, it concluded as follows: (a) managerial ownership had
positive effect on dividend policy; (b) institutional ownership did not affect on dividend policy; (c) managerial ownership had
positive effect on firm value; (d) institutional ownership had positive effect on firm value; (e) dividend policy had positive effect on
firm value; (f) dividend policy intervened the effect of managerial ownership on firm value; (g) yet, it did not intervene the effect of
institutional ownership on firm value.
Keywords:managerial ownership, institutional ownership, dividend policy, firm value