EFFECTS OF MANAGERIAL OWNERSHIP AND PROFITABILITY ON COMPANY VALUE MEDIATED BY DEBT POLICY AS INTERVENING VARIABLE
A Study on Manufacturing Companies Listed on Indonesia Stock Exchange Period 2011-2015
DOI:
https://doi.org/10.32678/bs.v6i2.3724Keywords:
Managerial Ownership, Profitability, Debt Policy, Company ValueAbstract
This study aims to determine whether there are effects between managerial ownership and profitability on company value, by using debt policy as intervening variable. The type of research used was descriptive and associative research. The research population was manufacturing companies listed in IDX period of 2011-2015 as many as 80 companies. By using purposive sampling method, 25 companies as sample were obtained. The data used was secondary data. Data analysis used classical assumption test, path analysis and partial test (t-test), using SPSS (Statistics Product and Service Solution) 17 for windows. The results indicate that there are no effects of managerial ownership on company value, there are positive and significant effects of profitability on company value, there are no effects of debt policy on company value, there are positive and significant effects of managerial ownership on debt policy, there are negative but not significant effects of profitability on debt policy, there are no effect of managerial ownership on company value with Debt Policy mediated, there are negative effects of profitability on company value with Debt Policy mediated
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References
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Abukosim, et al. 2014. Ownership Structure and Company values: Empirical Study on Indonesia Manufacturing Listed Companies. Journal of Arts, Science & Commerce. Vol. V, Issue 4.
Bringham, E. F. Daves, P.R. (2004) Intermediate financial management. 8th edition. Mason, OH: South-Western College
Bringham, E.F., dan L.C.P.R. Gapenski. 1999. Intermediate Financial Management. The Dryden Press. New York.
Chen, Li-Ju and Shun-Yu Chen. 2011. The Effect Of Profitability On Company value With Capital Structure As The Mediator And Firm Size And Industry As Moderators. Investment Management and Financial Innovations. Vol. 8, Issue 3.
Cornett, Marcia Millon, et.al, 2003. The Impact of the Manager-Shareholder Conflict on Acquiring Bank returns. Journal of Banking and Finance. No. 27. Pp. 103-131
Croce, Raffaele Della and Stefano Gatti. 2014. Financing Infrastructure – International Trends. OECD Journal: Financial Market Trends. Vol. 2014/1.
Donaldson, Gordon. 1961. Company Debt Capacity. Boston: Division of Research, Harvard Business School.
Finally Accounting Standard Board (FASB).
Florackis C., Kistakis A., Ozkan A, 2009, Managerial Ownership and Performance, “Journal of Business research”.
Fumani, Maryam Alhani and Abdolkarim Moghadam. 2015. The Effect of Capital Structure on Firma Value, The rate of return on Qquity and Earnings Per Share of Listed Companies in Tehran Stock Exchange. Research journal of Finance and Accounting. Vol. 6, No. 15, ISSN 2222-697
Gujarati. 1995. Basic Econometrics, Third Edition. New York: Mcgraw-Hill Inc.
Haugen, Robert A and Nardin L baker. 1996. Commonality in the Determinants of Expected Stock Returns. Journal of Financial Economics, Summer 1996
Jensen, Michael C., and William H. Meckling. 1976. Theory of The Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics. Vol. 3, No. 4: 305-360.
Kabajeh, Majed Abdel Majid, et.al. 2012. The Relationship between ROA, ROE, and ROI Ratios with Jordanian Insurance Public Companies Market Share Price. International Journal of Humanities and Social Science. Vol. 2, No. 11.
Modugu, Kennedy Prince, 2013. Capital Structure Decision: An Overview
McConnell, John J, et.al. 2008. Changes in Insider Ownership and Changes in the Market Value of the Firm. Journal of Corporate Finance. No. 14. Pp. 92-106.
Modigliani, F. dan M. Miller. 1958. The Cost of Capital, Corporation Finance and The Theory of Investment, Journal American Economic Review, Volume XLVIII.
Modugu, Kennedy Prince. 2013. Capital Structure Decision: An Overview. Journal of Finance and Bank Management. Vol 1, No. 1. Pp. 14-27.
Mueller E., Spitz-Oener A., 2006, Managerial Ownership and Company Performance in German Small and Medium-Sized Private Enterprises, “German Economic Review”,
Munns, A. K. and B. F. Bjeirmi. 1996. The Role of Project Management in Achieving Project Success. International Journal of Project Management. Vol. 14, No. 2, pp. 81-87.
Myers, Stewart C. 1984. The Capital Structure Puzzle, Journal of Finance 39: 575-692.
Nugroho, L., Suganda, A. D., Febrianty, F., Labetubun, M. A. H., Ihwanudin, N., Trimulato, T., ... & Anwar, A. (2020). PENGANTAR PERBANKAN SYARIAH.
Ovtchinnikov, Alexei V and John J. McConnell. 2009. Capital Market Imperfections and the Sensitivity of Investment to Stock Prices. Journal of Financial and Quantitative Analysis. Vol. 44, No. 3, pp. 551-578
Salawu Rafiu Oyesola and Obafemi Awolowo. 2009. The Effect of Capital Structure on Profitability: An Empiricxal Analysis of Lidsted Firms in Nigeria. The International Journal of Business and Finance Research. Vol. 3. No. 2.
Salawu, Rafiu Oyesola and Obafemi Awolowo. 2009. The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Nigeria. The International Journal of Business and Finance Research. Vol. 3, No. 2.
Shahar, Wan Shahdila Shah, et.al. 2015. A Review of Capital Structure Theories: Trade Off Theory, Pecking Order Theory and Market Timing Theory. Proceeding of the 2nd International Company on Management and Muamalah 2015. E-ISBN. 978-967-0850-25-2.
Sokolov, Igor and Anatoly Katyshev. 2017. Nano Economics: A statistical Model of Company Profit Influenced by Individual Interest of Managers. Applied Economics and Finance. Vol. 4, No. 1, ISSN: 2332-7294 E.
Tugas, Florenz C. 2012. A Comparative Analysis of the Financial Ratios of Listed Firms Belonging to the Education Subsector in the Philipines for the Years 2009-2011. International Journal of Business and Social Science. Vol. 3, No. 21.
Vintila, Georgeta and Stefan Cristian Gherghina. 2014. Insider Ownership and the Value of the Bucharest Stock Exchange Listed Companies: Convergence- of-Interest or Entrenchment Effect. International Journal of Economics and Financial Issues. Vol. 4, No. 1, ISSN: 2146-4138.
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Published
2020-12-31
How to Cite
Pamungkas, G. (2020). EFFECTS OF MANAGERIAL OWNERSHIP AND PROFITABILITY ON COMPANY VALUE MEDIATED BY DEBT POLICY AS INTERVENING VARIABLE: A Study on Manufacturing Companies Listed on Indonesia Stock Exchange Period 2011-2015. Banque Syar’i: Jurnal Llmiah Perbankan Syariah, 6(2). https://doi.org/10.32678/bs.v6i2.3724
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