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Pengaruh Struktur Kepemilikan terhadap Nilai Perusahaan dengan Kinerja Keuangan dan Kebijakan Hutang sebagai Variabel Intervening

Author

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  • Dewi Kusuma Wardani
  • Sri Hermuningsih

Abstract

This study aims to determine the influence of ownership structure on firm value of financial performance and debt policy as an intervening variable. Data used in this research is secondary data obtained from the OSIRIS database and indexes that are the result of previous research. This study used the path analysis conducted using the Eviews 6.0 and SPSS 17 programs. From the results of data analysis can be concluded that in Indonesia (1) the ownership structure proxied by insider ownership has no relationship with debt policy; (2) the ownership structure proxied by insider ownership has relationship with financial performance; (3) debt policy has not affect stock prices, as a proxy of firm value; (4) there is a positive influence on financial performance with corporate values; and (5) there is no influence of ownership structure on corporate value through debt policy and financial performance as an intervening variable.Keywords: ownership structure, firm value, debt policy, financial performanceAbstrakPenelitian ini bertujuan untuk mengkaji pengaruh struktur kepemilikan terhadap kinerja keuangan yang mana kebijakan hutang sebagai variabel intervening. Data yang digunakan dalam penelitian ini adalah data sekunder yang diperoleh dari database OSIRIS dan indeks yang merupakan hasil dari penelitian sebelumnya. Penelitian ini menggunakan analisis jalur (path analysis) yang dilakukan dengan menggunakan program Eviews 6.0 dan program SPSS 17. Hasil analisis menunjukkan bahwa di Indonesia (1) struktur kepemilikan yang ditunjukkan oleh insider ownership tidak memiliki hubungan dengan kebijakan utang; (2) struktur kepemilikan yang ditunjukkan oleh insider ownership memiliki hubungan dengan kinerja keuangan, (3) kebijakan hutang tidak mempengaruhi nilai perusahaan yang diproksi oleh harga saham; (4) ada pengaruh positif kinerja keuangan terhadap nilai perusahaan, dan (5) tidak ada pengaruh struktur kepemilikan terhadap nilai perusahaan melalui kebijakan hutang dan kinerja keuangan sebagai variabel intervening.Kata kunci: struktur kepemilikan, nilai perusahaan, kebijakan hutang, kinerja keuangan

Suggested Citation

  • Dewi Kusuma Wardani & Sri Hermuningsih, 2011. "Pengaruh Struktur Kepemilikan terhadap Nilai Perusahaan dengan Kinerja Keuangan dan Kebijakan Hutang sebagai Variabel Intervening," Jurnal Siasat Bisnis, Management Development Centre (MDC) Department of Management, Faculty of Business and Economics Universitas Islam Indonesia, vol. 15(1).
    • Handle: RePEc:uii:jsbuii:v:15:y:2011:i:1:id:3190
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    1. repec:thr:techub:10025:y:2021:i:1:p:242-259 is not listed on IDEAS
    2. Zulfikar Ikhsan Pane & Roy Sembel & Yvonne Agustine, 2021. "Street earnings as a mediator of the effect of intellectual capital disclosure, customer value, and research development activities on firm value," Technium Social Sciences Journal, Technium Science, vol. 25(1), pages 242-259, November.

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