An Analysis of the Influence of Ownership Structure, Investment, Liquidity and Risk to Firm Value: Evidence from Indonesia

The aims of this study is to determine the influence of ownership structure, investment, stock liquidity and risk stock to operating performance, Good Corporate Governance (GCG) and firm value on the manufacturing sector listed in Indonesian Stock Exchange (IDX). The research results are; the ownership structure have a positive significant effect to operating performance and the risk stock have a negative significant effect on operating performance and operating performance have positive insignificant effect on firm value. The ownership structure have a significant effect on corporate governance and corporate governance have a significant effect on firm value. However, investment, stock liquidity and risk stock have a negative insignificant effect on corporate governance. Stock liquidity have a negative significant effect on firm value, however ownership structure and investment have insignificant effect on firm value. Special findings from this research are that there is gradual process in influencing firm value so that corporate governance has the role as intervening variable, which is the variables moderating the effects of ownership structure in affecting firm value.