Peran Profitabilitas dalam Struktur Kepemilikan dan Kesejahteraan Pemegang Saham
DOI:
https://doi.org/10.47747/snfmi.v2i1.2364Abstract
This study examines profitability's role in mediating ownership structure on firm value. Managerial ownership as a proxy for ownership structure shows an inconsistent effect on firm value. Efforts made to overcome this gap propose profitability variables as mediators for the impact of ownership structure on firm value. Therefore, a sample of consumer goods industry companies listed on the Indonesia Stock Exchange for 2020-2022 was analyzed using WarpPls 5.0 as its software. The results support agency theory, especially the GCG (good corporate governance) mechanism.
References
Abor, J., dan G. A. Bokpin. 2010. "Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets". Studies in economics and finance, Vol. 27, No. 3, hlm: 15.
Allini, A., S. Rakha, D. G. McMillan, dan A. Caldarelli. 2018. "Pecking order and market timing theory in emerging markets: The case of Egyptian firms". Research in international business and finance, Vol. 44, No., hlm: 297-308.
Arko, A. C., J. Abor, C. K. D. Adjasi, dan M. Amidu. 2014. "What influence dividend decisions of firms in Sub-Saharan African?". Journal of Accounting in Emerging Economies, Vol. 4, No. 1, hlm: 57-78.
Baron, R. M., dan D. A. Kenny. 1986. "The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations". Journal of personality and social psychology, Vol. 51, No. 6, hlm: 1173.
Diyanto, V., dan R. Natariasari. 2019. "The Analysis of Good Corporate Governance, Corporate Social Responsibility and, Firm Size Toward Firm Value". Indonesian Journal of Economics, Social, and Humanities, Vol. 1, No. 2, hlm: 97-101.
Doğan, M. 2013. "Does firm size affect the firm profitability? Evidence from Turkey". Research journal of finance and accounting, Vol. 4, No. 4, hlm: 53-59.
Eisenhardt, K. M. 1989. "Agency theory: An assessment and review". Academy of management review, Vol. 14, No. 1, hlm: 57-74.
Hair, J. F., M. Sarstedt, C. M. Ringle, dan J. A. Mena. 2012. "An assessment of the use of partial least squares structural equation modeling in marketing research". Journal of the academy of marketing science, Vol. 40, No. 3, hlm: 414-433.
Harun, P., B. Kintan, M. Yosilia, M. Pamela, I. Muhammad, R. R. Muhammad, dan M. Syifa. 2020. "Pengaruh Struktur Kepemilikan Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening: Studi Perusahaan Manufaktur Di Indonesia”". Jurnal Ekonomi, Manajemen dan Perbankan, Vol. 6, No. 3, hlm.
Isik, O., E. A. Unal, dan Y. Unal. 2017. "The effect of firm size on profitability: evidence from Turkish manufacturing sector". Journal of Business Economics and Finance, Vol. 6, No. 4, hlm: 301-308.
Iswajuni, I., A. Manasikana, dan S. Soetedjo. 2018. "The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013". Asian Journal of Accounting Research, Vol., No., hlm.
Jensen, M. C., dan W. H. Meckling. 1976. "Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure". Journal of Financial Economics, Vol. 3, No., hlm: 305-360.
Julianti, D. K. 2015. "Pengaruh mekanisme good Corporate Governance terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010-2013". Universitas Negeri Semarang, Vol., No., hlm.
Kaźmierska-Jóźwiak, B. 2015. "Determinants of Dividend Policy: Evidence from Polish Listed Companies". Procedia Economics and Finance, Vol. 23, No., hlm: 473-477.
Kieschnick, R., dan R. Moussawi. 2018. "Firm age, corporate governance, and capital structure choices". Journal of Corporate Finance, Vol. 48, No., hlm: 597-614.
Kock, N. 2011. "Using WarpPLS in e-collaboration studies: Mediating effects, control and second order variables, and algorithm choices". International Journal of e-Collaboration (IJeC), Vol. 7, No. 3, hlm: 1-13.
———. 2013. "Using WarpPLS in e-collaboration studies: What if I have only one group and one condition?". International Journal of e-Collaboration (IJeC), Vol. 9, No. 3, hlm: 1-12.
Kolamban, D. V., S. Murni, dan D. N. Baramuli. 2020. "Analisis pengaruh leverage, profitabilitas dan ukuran perusahaan terhadap nilai perusahaan pada industri perbankan yang terdaftar di Bei". Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, Vol. 8, No. 3, hlm.
Kuncová, M., V. Hedija, dan R. Fiala. 2016. "Firm size as a determinant of firm performance: The case of swine raising". AGRIS on-line Papers in Economics and Informatics, Vol. 8, No. 665-2016-45098, hlm: 77.
Latan, H., dan I. Ghozali. 2017. Partial Least Squares: Konsep, Metode dan Aplikasi menggunakan Program WarpPLS 5.0 (Third Edit).
Nguyen, T., S. Locke, dan K. Reddy. 2015. "Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter?". International Review of Financial Analysis, Vol. 41, No., hlm: 148-161.
Riahi-Belkaoui, A. 2002. "Profitability, multinationality and the investment opportunity set". Advances in International Accounting, Vol. 15, No., hlm: 1-12.
Ross, S. A. 1973. "The economic theory of agency: The principal's problem". The American economic review, Vol. 63, No. 2, hlm: 134-139.
———. 1977. "The determination of financial structure: the incentive-signalling approach". The bell journal of economics, Vol., No., hlm: 23-40.
Sholihin, M., dan D. Ratmono. 2013. Analisis SEM-PLS Dengan WarpPLS 3.0.
Utama, C. A., dan M. Sulistika. 2015. "Determinants of investment opportunity set (degree of internationalization and macroeconomic variables)". Gadjah Mada International Journal of Business, Vol. 17, No. 2, hlm: 107.
Warrad, L., S. M. Almahamid, N. Slihat, dan M. Alnimer. 2013. "The Relationship between Ownership Concentration and Company Performance: A Case of Jordanian Non-Financial Listed Companies". Interdisciplinary Journal of Contemporary Research in Business, Vol. 4, No. 9, hlm: 17-38.
