BLOCKHOLDER OWNERSHIP, CAPITAL STRUCTURE AND MANUFACTURE COMPANY VALUE IN INDONESIA STOCK EXCHANGE

Yuliani Yuliani

Abstract


The capital markets have been in the emerging market category for example, the Indonesia StockExchange. In connection with this condition, it has been known that the behavior of issuers andinvestors are still relatively unstable. This behavior is quite different to market conditions in othercountries, which have become the efficient market. The number of listed companies is still relativelysmall compared to the number of listed companies on stock exchanges in developed countries. Theresearch aims to measure and to find empirical evidence, the direct effect of blockholder ownershipand capital structure on company value. It will investigate and examine the mediating effect ofcapital structure on company value. The research was conducted at manufacturing company inIndonesia Stock Exchange (IDX) for five years. This research use census sampling, with number 36of companies that were analyzed with Structural Equation Modeling (SEM). The result shows directlythe blockholder ownership does not have significant effect to company value. Capital structurehas mediating effect to the relationship between blockholder ownership and company value.This finding Explains that the indirect role of capital structure can increase of company value. Inaddition, capital structure directly has significant effect to company value.

Keywords


Block-holder Ownership;Capital Structure;Company Value

Full Text:

PDF

References


Anderson, Ronald C, Mansi, Sattar A, Reeb,

David M 2003, Founding family

ownership and the agency cost of

debt, Journal of Financial Economics,

Vol. 68, pp. 263-285.

Augusty Ferdinand 2011, Metode penelitian

manajemen. pedoman penelitian untuk

penulisan skripsi, tesis dan disertasi

ilmu manajemen, Edisi 3, Fakultas

Ekonomi dan Bisnis Universitas Diponegoro:

Semarang.

Chen, Sheng-Syan & Ho, Kim W 2000,

Corporate diversification, ownership

structure, and firm value: the singapore

evidence, International Review

of Financial Analysis, (9), pp 315-326.

Claessens Stijn, Djankov Simeon, Lang,

Larry H P 2000, The separation of

ownership and control in east asian

corporations, Journal of Financial

Economics, 58, pp. 81-112.

Djumahir 2005, Pengaruh variabel-variabel

tax shield dan non-tax shield terhadap

struktur modal dan nilai perusahaan,

Disertasi tak diterbitkan, Program

Doktor Ilmu Manajemen Universitas

Brawijaya Malang.

Driffield Nigel, Mahambare Vidya, Pal

Sarmistha 2007, How does ownership

structure affect capital structure and

firm value? recent evidence from east

asia, Economics of Transition, Vol.

(3), pp. 535-573.

Fama, Euegene F & French, Kenneth R

, Taxes, financing decisions, and

firm value, The Journal of Finance,

Vol. 53, Issue 3, pp. 819-843.

Hagelin Niclas, Holmen Martin, Pramborg

Bengt 2006, Family ownership, dualclass

shares, and risk management,

Global Finance Journal, 16, pp. 283-

Jensen, Michael C 1986, Agency cost of

free cash flow, corporate finance and

takeover, American Economic Review,

Vol.76, No. 2, pp. 247-263.

Jensen, Michael C & Meckling, Wiliam H

, Theory of the firms: managerial

behavior, agency costs and ownership

structure, Journal of Financial Economics,

Vol. 3, No.4, pp. 305-360.

Kasbi Salmah 2009, Ownership concentra tion and capital structure adjustments,

(Online), http://basepub.dauphine.fr/

bitstream/handle/123456789/3862/kas

bi_salma.PDF?sequence=1, (Viewed

Februari 2012).

La Porta, Rafael, Lopez-de-Silanes, Florencio,

Shleifer, Andrei, Vishny, Robert W

, Law and finance, Journal of Political

Economy,Vol.106, pp.1113-1155.

Made Sudarma 2004, Pengaruh struktur

kepemilikan saham, faktor intern, faktor

ekstern terhadap struktur modal

dan nilai perusahaan, Disertasi tak diterbitkan,

Program Doktor Ilmu Akuntansi

Universitas Brawijaya, Malang.

Miller, Merton H & Modigliani, Franco

, Dividend policy and market

valuation: a reply. The Journal of

Business, Vol. 36, Issue 1, pp.116-119.

Modigliani, Franco & Miller, Merton H

, The cost of capital, corporation

finance and the theory of investment,

The American Economic Review, Vol.

, No.3, pp. 261-275.

Morck Randall, Shleifer Andrei, Vishny Robert

W 1988, Management ownership

and market valuation: an emprical

analysis, Journal of Financial Economics,

Vol. 20, pp. 293-315.

Olayinka Akinlo 2011, Determinants of capital

structure: evidence from nigerian

panel data, African Economic and

Business Review, Vol. 9, No.1, pp. 1-16.

Prowse, Stephen D 1993, The structure of

corporate ownership in Japan, The

Journal of Finance, Vol. 47, Issue 1,

pp. 1121-1140.

Shleifer, Andrei & Vishny, Robert W 1997,

A survey of corporate governance,

The Journal of Finance, Vol. 52, No.

, pp. 737-783.

Siti Aisjah, 2009, Strategi diversifikasi korporat,

struktur modal dan nilai perusahaan

(Studi pada perusahaan yang tercatat

di Bursa Efek Indonesia), Disertasi

tak diterbitkan, Program Pascasarjana

Fakultas Ekonomi Universitas

Brawijaya.

Sujoko 2006, Pengaruh struktur kepemilikan

saham, strategi diversifikasi,

leverage, faktor internal dan faktor eksternal

terhadap nilai perusahaan (studi

pada perusahaan manufaktur dan nonmanufaktur

di Bursa Efek Jakarta),

Disertasi tak diterbitkan, Program

Doktor Ilmu Manajemen Universitas

Brawijaya, Malang.

Sujono, 2010, Determinan struktur modal,

inovasi dan nilai perusahaan (studi

pada industri manufaktur di Bursa

Efek Indonesia), Ringkasan Disertasi

tak diterbitkan, Program Doktor Ilmu

Manajemen Universitas Brawijaya,

Malang.

Sumiati, 2011, Kekuatan pasar, struktur

modal dan nilai perusahaan (studi pada

perusahaan manufaktur yang terdaftar

di Bursa Efek Indonesia), Proceeding

Master & Doctorate Journey in Management

Science, Malang, pp. 67-82.

Thomsen, S, Pedersen, T & Kvist, Hans K

, Blockholder ownership: effect

on firm value in market and control

based governance systems, Journal of

Corporate Finance, 12, pp. 246-269.

Vera-Minguez, Antonio & Ugedo-Martin,

Juan F 2007, Does ownership structure

affect value? A panel data analysis

for the Spanish market, International

Review of Financial Analysis,

, pp. 81-98.

Yermack David, 1996, Higher market valuation

of companies with a small board of

directors, Journal of Financial Economic,

Vol.40, Issue 2, pp. 185-211.

Yulia Efni 2011, Pengaruh keputusan pendanaan,

keputusan investasi, kebijakan

dividen terhadap nilai perusahaan yang

dimediasi oleh risiko (studi pada sektor

properti dan real estate di Bursa

Efek Indonesia), Ringkasan Disertasi,

Universitas Brawijaya Malang.

Zeckhouser, Richard J & Pound John, 1990,

Are large shareholders effective monitor?

An investigation of share ownership

and corporate performance, 149-180,

(Online), http://www.nber.org/ chapters/

c11471 (Viewed 19 February 2012).




DOI: http://dx.doi.org/10.14414/jebav.v15i3.115

Refbacks

  • There are currently no refbacks.




Copyright (c)



Abstracting & Indexing

 

 

Hasil gambar untuk ccbyncsa

Copyright @ 2010 Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi (PPPM STIE)