Interaksi Struktur Modal, Ukuran Perusahaan, dan Kepemilikan Manajerial terhadap Nilai Perusahaan: Peran Moderasi Kepemilikan Institusional
DOI:
https://doi.org/10.30651/stb.v6i1.31211Kata Kunci:
Nilai Perusahaan, Struktur Modal, Ukuran Perusahaan, Kepemilikan Manajemen, Kepemilikan Institusional, Tata Kelola Perusahaan.Abstrak
Penelitian ini mengkaji pengaruh struktur modal, ukuran perusahaan, dan kepemilikan manajerial terhadap nilai perusahaan, dengan kepemilikan institusional sebagai variabel moderator. Dengan menggunakan pendekatan kuantitatif, penelitian ini menganalisis data sekunder dari perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2018–2023. Sebanyak 638 pengamatan perusahaan-tahun dipilih melalui purposive sampling dan dianalisis menggunakan metode SEM-PLS. Temuan menunjukkan bahwa struktur modal tidak berpengaruh signifikan terhadap nilai perusahaan, yang mengindikasikan bahwa tingkat utang bukanlah pertimbangan utama bagi investor. Sementara itu, ukuran perusahaan dan kepemilikan manajemen memiliki efek negatif yang signifikan terhadap nilai perusahaan, yang menunjukkan bahwa perusahaan yang lebih besar dan kepemilikan manajemen yang lebih tinggi mungkin mengindikasikan inefisiensi atau penguatan posisi manajemen. Selain itu, kepemilikan institusional tidak memoderasi hubungan antara struktur modal dan kepemilikan manajemen terhadap nilai perusahaan. Studi ini menyimpulkan bahwa faktor internal perusahaan memainkan peran yang lebih dominan dalam menentukan nilai perusahaan daripada mekanisme pengawasan eksternal.
Referensi
Abu Hussain, M., Alsayegh, M. F., & Boshnak, H. (2025). The Role of ESG Disclosure in Enhancing Profitability and Market Value: Insights from Saudi Arabia’s Corporate Landscape. Maha Faisal and Boshnak, Helmi, The Role of ESG Disclosure in Enhancing Profitability and Market Value: Insights from Saudi Arabia’s Corporate Landscape.
Alshareef, M. N. (2024). Ownership Structure and Financial Sustainability of Saudi Listed Firms. In Sustainability (Vol. 16, Issue 9, p. 3773). https://doi.org/10.3390/su16093773
Artantiwi, P. P., & Hamidah. (2018). The Effect of Managerial Ownership , Institutional Ownership , and Foreign Ownership on Firm Value : An Empirical Study on Manufacturing Companies. Journal of Contemporary Accounting and Economics, Jcae, 241–247.
Ashrafi, M. (2019). Nonlinear relationship between institutional investors’ ownership and capital structure: evidence from Iranian firms. International Journal of Managerial and Financial Accounting, 11(1), 1–19. https://doi.org/10.1504/IJMFA.2019.097827
Berga A, B., Dovladbekova, I., & Ābula, M. (2017). Managerial Ownership And Firm Performance : Evidence Of Listed Companies In The Baltics. Polish Journal Of Management Studies, 15(2), 273–283. https://doi.org/10.17512/pjms.2017.15.2.25
Bosek-Rak, D. (2022). Institutional investors and company market value–the case of Poland. Journal of East European Management Studies, 27(1), 87–105.
Boubaker, S., Saffar, W., & Sassi, S. (2018). Product market competition and debt choice ☆. Journal of Corporate Finance, 49, 204–224. https://doi.org/10.1016/j.jcorpfin.2018.01.007
Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The Effect of Capital Structure on Firm Value : A Study of Companies Listed on the Vietnamese Stock Market. International Journal of FInancial Studies.
Dang, C., Li, Z. F., & Yang, C. (2018). Measuring Firm Size in Empirical Corporate Finance *. 159–176.
Dao, B. T. T., & Ta, T. D. N. (2020). A meta-analysis : capital structure and firm performance. Journal of Economics and Development, 22(1), 111–129. https://doi.org/10.1108/JED-12-2019-0072
Daryaei, A. A., & Fattahi, Y. (2020). The asymmetric impact of institutional ownership on firm performance: panel smooth transition regression model. Corporate Governance, 20(7), 1191–1203. https://doi.org/10.1108/CG-06-2020-0254
Dussauge, P., & Moatti, V. (2018). Firm Size and Boundaries, Strategy (pp. 557–559). https://doi.org/10.1057/978-1-137-00772-8_94
El-Ansary, O., & Hamza, H. F. (2022). The underlying mechanisms of the relationships between corporate financial policies and firm value: flexibility and agency theory perspectives. Asia-Pacific Journal of Business Administration, 15(3), 440–465. https://doi.org/10.1108/APJBA-08-2021-0420
Fabisik, K., Fahlenbrach, R., Stulz, R. M., & Taillard, J. P. (2021). Why are firms with more managerial ownership worth less ? Journal of Financial Economics, 140(3), 699–725. https://doi.org/10.1016/j.jfineco.2021.02.008
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 15(1), 1–33.
Febrianti, Karmila, and Nurul Hasanah Uswati Dewi. “The Effect of Corporate Governance on Company Value (Empirical Study of LQ 45 Companies Listed on the Indonesia Stock Exchange Period 2015-2017)”. The Indonesian Accounting Review, vol. 9, no. 2, Oct. 2019, pp. 155-68, https://doi.org/10.14414/tiar.v9i2.1769.
Frahm, G., Gl¨oerb, C., & Simic, A. K. (2023). The Interplay between Institutional Investors , Debt and Firm Value : Evidence from France , Germany and the UK. Multinational Finance Journal, 27(1), 3–49.
Ghozali, I. (2021). Aplikasi analisis multivariate edisi 10. Badan Penerbit Universitas Diponegoro.
Guo, L., & Platikanov, S. (2019). Institutional ownership and corporate governance of public companies in China ☆. Pacific-Basin Finance Journal, 57(April 2018), 101180. https://doi.org/10.1016/j.pacfin.2019.101180
Hang, M., Geyer‐Klingeberg, J., Rathgeber, A. W., & Stöckl, S. (2021). Rather complements than substitutes: Firm value effects of capital structure and financial hedging decisions. International Journal of Finance & Economics, 26(4), 4895–4917.
Harmono, H., Haryanto, S., Chandrarin, G., & Assih, P. (2023). Financial Performance and Ownership Structure: Influence on Firm Value Through Leverage. In W. A. Barnett & B. S. Sergi (Eds.), Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from SEA (Vol. 33B, p. 0). Emerald Publishing Limited. https://doi.org/10.1108/S1571-03862023000033B005
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, VII(1), 174–191.
Ho, F. N., Wang, H. D., Ho-dac, N., Vitell, S. J., Ho, F. N., Wang, H. D., Ho-dac, N., & Vitell, S. J. (2018). Nature and relationship between corporate social performance and fi rm size : a cross-national study. https://doi.org/10.1108/SRJ-02-2017-0025
Hossain, M. S. (2021). A revisit of capital structure puzzle: Global evidence and analysis. International Review of Economics & Finance, 75, 657–678.
Ifada, L. M., Fuad, K., & Kartikasari, L. (2021). Jurnal Akuntansi dan Auditing Indonesia Managerial ownership and firm value : The role of corporate social responsibility. 25(December).
Indupurnahayu, I., Walujadi, D., Lysandra, S., Hurriyaturrohman, H., & Endri, E. (2023). Determinant of firm value: Evidence of oil palm plantation companies. Corporate and Business Strategy Review, 4 (2), 124–131.
Karaca, C., Mensi, W., & Gemici, E. (2025). Borsa Istanbul Review Inverted U-shaped dynamics of capital structure and firm value : Evidence from an emerging market. Borsa Istanbul Review, 25(5), 939–952. https://doi.org/10.1016/j.bir.2025.05.010
Kraus, A., & Litzenberger, R. H. (1973). A state‐preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922.
Munisi, G. H. (2017). Determinants of capital structure: evidence from Sub-Saharan Africa. International Journal of Managerial and Financial Accounting, 9(2), 182–199. https://doi.org/10.1504/IJMFA.2017.084780
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575–592.
Nguyen, H. T., & Nguyen, A. H. (2020). The Impact of Capital Structure on Firm Performance : Evidence from Vietnam *. 7(4), 97–105. https://doi.org/10.13106/jafeb.2020.vol7.no4.97
NGUYEN, T. X. H., Pham, T. H., & Dao, Thi Nhung NGUYEN, Thi Nga TRAN, T. K. N. (2020). The Impact of Foreign Ownership and Management on Firm Performance in Vietnam. Journal of Asian Finance, Economics and Business, 7(9), 409–418. https://doi.org/10.13106/jafeb.2020.vol7.no9.409
Nuryaman, R. R. (2021). Influence of Firm Size, Profitability and Geographic Location Government Owned Firms on Firm Value: A Study on Indonesia Banking Sector. Rigeo, 11(1), 760–766.
Polwitoon, S., & Tawatnuntachai, O. (2020). Revisiting Managerial Ownership and Firm Value in the Absence of Market Forces : Evidence from Singapore and Thailand *. 7(8), 1–13. https://doi.org/10.13106/jafeb.2020.vol7.no8.001
Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of Firm Value and Profitability : Evidence from Indonesia. 7(11), 769–778. https://doi.org/10.13106/jafeb.2020.vol7.no11.769
Syamsudin, S., Agus, A., & Nuryulia, A. (2020). Corporate Governance and Firm Value : A Moderating Effect of Capital Structure. 12(2).
Vinh, X., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. 22, 90–94. https://doi.org/10.1016/j.frl.2016.10.014
Wang, B., & Luo, Y. (2024). Research in International Business and Finance Institutional investors , heterogeneity , and capital structure decisions : Evidence from an emerging market. Research in International Business and Finance, 68(March 2023), 102188. https://doi.org/10.1016/j.ribaf.2023.102188
Yadav, I. S. (2021). The nexus between firm size , growth and profitability : new panel data evidence from Asia – Pacific markets. https://doi.org/10.1108/EJMBE-03-2021-0077
Yan, C., He, H., Li, J., Cheng, S., & Zhang, Y. (2018). The underlying mechanism of corporate governance in China. Chinese Management Studies, 13(2), 447–467. https://doi.org/10.1108/CMS-10-2016-0202
Zavala, M. del R. V., & Salgado, R. J. S. (2019). Empirical evidence on the relationship of capital structure and market value among Mexican publicly listed companies. Contaduría y Administración, 64(1), 7.
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 SUSTAINABLE
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
Hak Cipta
Hak cipta terhadap artikel yang diterbitkan di Sustainable : Jurnal Akuntansi.
Penulis harus menyerahkan hak cipta pada jurnal dengan menandatangai dan mengirimkan form penyerahan hak cipta (template) melalui email sustainable@um-surabaya.ac.id
Penulis dapat menyebarluaskan artikelnya melalui media manapun.
Lisensi
Setiap karya yang ditulis penulis dilisensi dengan Creative Commons Attribution-NonCommercial 4.0 International License.
