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

Abstract

Purpose: This study examines how ownership structure affects financial performance, with debt policy as an influencing factor. Methodology/Approach: This study adopted a quantitative research method. The OSIRIS database and indices, which are the outcomes of earlier investigations, served as secondary data sources for this study. Results/findings: The results of the analysis show that in Indonesia, (1) the ownership structure shown by insider ownership has no relationship with debt policy; (2) the ownership structure shown by insider ownership is related to financial performance; (3) debt policy does not affect firm value as a proxy for stock prices; (4) there is a positive effect of financial performance on firm value; and (5) there is no effect of ownership structure on firm value through debt policy and financial performance as intervening variables. Limitations: Ownership structure and ownership have no relationship with debt policy. Contribution: Indri Ayu Lestari (2022) The results of this study indicate that Foreign Institutional Ownership, Domestic Institutional Ownership, and Dividend Policy have a positive and significant effect on Firm Value. Foreign Institutional Ownership has a negative and significant effect on Dividend Policy. Domestic Institutional Ownership has no effect on Dividend Policy. Dividend Policy as an intervening variable is unable to mediate Foreign Institutional Ownership of Firm Value. Dividend Policy as an intervening variable is unable to mediate Domestic Institutional Ownership of Firm Value.