STRUKTUR KEPEMILIKAN DAN NILAI PERUSAHAAN
Abstract
Artikel ini bertujuan untuk mengkaji teori agency ketika perbedaan tujuan untuk memaksimalkan nilai perusahaan antara pemilik dan manajemen muncul karena pemisahan fungsi dan wewenang. Kajian ini berguna untuk mengetahui faktor-faktor yang mempengaruhi nilai perusahaan. Metode analisis yang dipergunakan adalah regresi berganda. Sampel yang dipergunakan adalah 276 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2013-2015. Penelitian menunjukkan bahwa kepemilikan blockholder, kepemilikan asing, cash holding serta leverage memiliki pengaruh positif yang signifikan terhadap nilai perusahaan. Sementara ukuran perusahaan memiliki pengaruh positif tetapi tidak signifikan terhadap nilai perusahaan.
Kata Kunci: Nilai Perusahaan, Kepemilikan Blockholder, Kepemilikan Asing, Cash Holding, Ukuran Perusahaan
THE OWNERSHIP STRUCTURE AND THE VALUE OF THE COMPANY
Abstract
This study examines agency theory where differences in objectives to maximize the value of the company between the owner (principal) and the management (agent) arise because of the separation of functions and authority. This study aims to analyze the factors that affect value of the company. Method of analysis used in this study is multiple regressions. This study uses samples of 276 manufacturing companies that listed on the Indonesia Stock Exchange during the periode 2008-2010. This study indicates that blockholder ownership, foreign ownership, cash holdings, and leverage have a positive significant effect on the value of the company while company size is positively affect the value but not significantly. The result of this study indicates with the increase of blockholder ownership, foreign ownership, cash holdings, and leverage will increase the value of the company.
Keywords: Company Value, Blockholder Ownership, Foreign Ownership, Cash Holdings, Company Size
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DOI: http://dx.doi.org/10.21043/iqtishadia.v9i1.951
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