Existence Of Company Size In Control Towards Family Ownership And Debt Policy Value Of Companies
(1) UIN Alauddin Makassar
(2) UIN Alauddin Makassar
(3) UIN Alauddin Makassar
(4) Universitas Bangka Belitung
(5) Open University
(*) Corresponding Author
Abstract
This study aims to examine the effect of family ownership, debt policy on firm value with firm size as a control variable. The sample used was a family company listed on the Indonesia Stock Exchange from 2014 to December 2017. The type of this research was quantitative using Agency theory and Signaling Theory. Analysis technique with multiple regression analysis. The results showed that family ownership had a positive and significant effect on firm value, and debt policy had a negative and significant effect on firm value. While company size as a control variable in this study cannot control the relationship of the influence of family ownership and debt policy on firm value, in other words, company size as a control variable does not have a significant effect on the relationship of family ownership and corporate value policy debt.
Keywords
Full Text:
PDFReferences
Altan, M. and Ferhat Arkan. “Relationship Between Firm Value and Financial Structure: A Study on Firms in ISE Industrial Index”. Journal of Business and Economics Research, 9(9), H: 61-66. 2011.
Antwi, Samuel., Ebenezer Fiifi Emire Atta Mills., and Xicang Zhao. “Capital Structure and Firm Value: Empirical Evidence from Ghana”. International Journal of Business and Social Science, 3 (22), H: 103-111. 2012.
Amran, N. A., & Ahmad, A. C. Family Succession and Firm Performance among Malaysian Companies. International Journal of Business and Social Science, 1(2), 193-203. 2010.
Afzal, Arie. Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan Deviden Terhadap Nilai Perusahaan. Skripsi Jurusan Ekonomika dan Bisnis Universitas Diponegoro Semarang. 2012.
Apergis, Nicholas., and Sorros John. “Long-Term Debt and The Value of The Firm: Evidence From International Listed Manufacturing Firms”. Review of Economics and Finance Submitted On 14/Sept./2010 Article Id: 1923-7529- 2011-01-60-13. 2010.
Amran, N. A., & Ahmad, A. C. “Family Succession and Firm Performance among Malaysian Companies”. International Journal of Business and Social Science, 1(2), 193-203. 2010.
Anderson, R. C., Mansi, S. A., and Reeb, D. M. “Founding family ownership and the agency cost of debt”. Journal of Financial economics, 68(2), 263-285. 2003.
Ayub, Maydelina. Pengaruh Family Control Terhadap Cost Of Debt Pada
Perusahaan Yang Terdaftar Di BEI. Tesis. Universitas Indonesia. 2018
Abzari,M., Fathi, S., Motamedi, S., Zarei, F. “Trading volume, Company Age, Company Size and Their Affect on Deviation of Earning Prediction”.Journal of Research in Business, Vol. 2, H:12-22. 2012.
Ahmad Tanzeh,” Pengantar Metode Penelitian”, Yogyakarta: Teras, 2009.
Arikunto. Prosedur Penelitian: Suatu Pendekatan Praktik. Jakarta: Rineka Cipta, 2006.
Awaluddin, M. (2016). Pengaruh Modal Kerja Dan Perputaran Persediaan Terhadap Profitabilitas Melalui Likuiditas (Studi Kasus Pada Perusahaan Farmasi Yang Terdaftar Di Bei Periode 2010-2014). Jurnal Minds: Manajemen Ide dan Inspirasi, 3(2).
Belen Villalonga And Raphael Amit,” How Do Family Ownership, Management, and Control Affect Firm Value?”,.2004.
Barney, J. B., “Firm resources and sustained competitive advantage”, Journal of Management, Vol. 17, H:99-120. 1991.
Cheng, Ming-Chang., and Zuwei-Ching Tzeng. “The Effect of Leverage On Firm Value and How The Firm Financial Quality Influence On This Effect”. Word Journal of Management, 3(2), pp: 30-53. 2011.
Christiawan, Y. J. dan J. Tarigan. Kepemilikan Manajerial: “Kebijakan Hutang, Kinerja dan Nilai Perusahaan”. Jurnal Akuntansi dan Keuangan. Vol.1. mei 2007. H:1-8. 2007.
Eugene F. Brigham.”Dasar-Dasar Manajemen Keuangan”. Jakarta: Salemba Empat, 2013.
Elsa Limbago., dan Juniartu. “ Pengaruh Family Control Terhadap Profitabilitas dan Nilai Perusahaan Pada Industri Properti Dan Real Estate”. Business Accounting Review, Vol. 2, 2014.
Ernawati, dewi.” Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan.” Jurnal Ilmu & Riset Akuntansi Vol. 4 No. 4 (2015).
Fahmi, Irham. “Analisis Kinerja Keuangan”. Edisi Pertama. Bandung : AlfabetA. 2011.
Hanarista, Ni Putu Rina Sri. “Pengaruh Kebijakan Dividen dan Kebijakan Utang pada Nilai Perusahaan Dengan Kepemilikan Institusional sebagai Variabel Moderasi”. Skripsi Fakultas Ekonomi dan Bisnis Universitas Udayana. 2016.
Hidayat, Azhari., “Pengaruh Kebijakan Hutang dan Kebijakan Deviden Terhadap Nilai Perusahaan”. Artikel Fakultas Ekonomi Universitas Negeri Padang. 2013
Hasnawati, S. “Dampak Set Peluang Investasi Terhadap Nilai Perusahaan Publik Di Bursa Efek Jakarta”. JAAI, 9(2), H: 117-126. 2005.
Hermuningsih, Sri dan Dewi Kusuma Wardani. “Faktor-Faktor yang Mempengaruhi Nilai Perusahaan yang Terdaftar di Bursa Efek Malaysia dan Bursa Efek Jakarta”. Jurnal Siasat Bisnis Vol. 13 No. 2, Agustus 2009 H: 173–183. Universitas Sarjanawiyata Tamansiswa. 2009.
Itturiaga, Félix J. López., and Vicente Lima Crisóstomo. “Do Leverage, Divident Payout, and Ownership Concentration Influence Firm Value Creation ? An Analysis of Brazilian Firms”. Emerging Markets Finance and Trade, 46(3), H: 80-94. 2010.
Imam, Ghozali. “Aplikasi Analisis Multivariate dengan Program SPSS”. Semarang: Badan Penerbitan Universitas Dipanegoro, 2006.
Juhandi, Nendi, et al. “The Effects of Internal Factors and Stock Ownership Structure on Dividend Policy On Company’s Value [A Study On Manufacturing Companies Listed On The Indonesia Stock Exchange (IDX)]”. International Journal of Business and Management Invention Issn (Online), 2(11), H: 06-18. 2013.
Jusriani, Ika Fanindya dan Shiddiq Nur Rahardjo. “Analisis Pengaruh Profitabilitas, Kebijakan Dividen, Kebijakan Utang, Dan Kepemilikan Manajerial terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2009 – 2011)”. Diponegoro Journal of Accounting. 2 (2). H: 1-10. 2013.
Jensen M.C. and Meckling, W.H. “Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure”, Journal of Financial Economics, 3 (4), pp. 305-360. Ssrn id-94043, 1976.
Litz, R. A., Pearson, A. W., and Litchfield, S. “Charting the Future of Family Business Research Perspectives From the Field. Family business” review, 25(1), 16-32. 2012.
Lidia Harianto., dan Juniarti. “ Pengaruh Family Control, Firm Risk, Frim Size, Frim Age Terhadap Profitabilitas dan Nilai Persahaan Pada Sektor Keuangan”. Business Accounting Review, Vol.2, No.1, 2014.
L. Harahap., Dan R. Wardhani. “Analisi Komprehensif Pengaruh Family Ownership, Masalah Keagenan, Kebijakan Deviden, Kebijakan Hutang, Corporate Governance Dan Opportunity Growth Terhadap Nilai Perusahaan”. Program Pasca Sarjana Universitas Indonesia, 2011.
Mardiyati, Umi., Gatot Nazir Ahmad., dan Ria Putri. 2012. “Pengaruh Kebijakan Dividen, Kebijakan Hutang dan Profitabilitas terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2005-2010”. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 3(1), H: 1-17. 2013.
Meythi. “Dampak Interaksi Antara Kebijakan Utang dan Kebijakan Dividen dalam Menilai Perusahaan”. Jurnal Keuangan dan Perbankan, 16(3), H: 407-414. 2012.
Miller, D. Miller, I.L.B. Family governance and firm performance : agency, stewardship, and capabilities. Family Business Review, Vol. 19, No. 1, H:73-87, 2006.
Mohammad Hendro Leksmono. ”Pengaruh Managerial, Family Ownership, Firm Size dan Firm Risk Terhadap Firm Value”. Skripsi Universitas Sebelas Maret Surakarta 2010.
Nainggolan, Subaraman Desmon Asa., dan Agung Listiadi. “Pengaruh Kebijakan Hutang terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi”. Jurnal Ilmu Manajemen, 2(3), H: 868-879. 2014.
Nurhayati, Mafizatun. “Profitabilitas, Likuiditas, Ukuran Perusahaan Pengaruhnya terhadap Kebijakan Dividend an Nilai Perusahaan Sektor Non Jasa”. Jurnal Keuangan dan Bisnis, 5(2), H:144-153, 2013.
Noerirawan, Moch Ronni.”Pengaruh Faktor Internal dan Eksternal Perusahaan Terhadap Nilai Perusahaan”. Universitas Diponegoro. Semarang, 2012.
Ogbulu, Onyemachi Maxwell., and Francis Kehinde Emeni. “Capital Structure and Firm Value: Empirical Evidence from Nigeria”. International Journal of Bussiness and Social Science, 3(19), H: 252-261. 2012.
Parmitasari, Rika Dwi Ayu., Z., Alwi. “ Pengaruh Keputusan Pendanaan Dan Keputusan Dividen Terhadap Nilai Perusahaan; studi kasus perusahaan yang terdaftar di Jakarta Islamic Index” Jurnal Ilmiah Akuntansi Perdaban Vol IV No 1. 2018.
Parmitari, Rika Dwi Ayu.”Ownership Structure, Finacial Decisions and Their Impact on Firm Value: Jakarta Islamic Index.”Man In India 96.11. 2016: 4483-4502.
Pervan, M., Visic. “Influence of firm size on its business success.Croatian Operational Research Review”, Vol. 3, H: 213-223, 2012.
Prasetyorini, Bhekti Fitri. “Pengaruh Ukuran Perusahaan, Leverage, Price Earning Ratio dan Profitabilitas terhadap Nilai Perusahaan”. Jurnal Ilmu Manajemen. 1.(1). H:183-196. 2013.
Prasetia, E., Ta’dir., Parengkuan Tomy., dan Ivone , S., Saerang. “Struktur Modal, Ukuran Perusahaan dan Resiko PERUSAHAAN Terhadap Nilai pErusahaan Otomotif Yang Terdaftar Di BEI.” Jurnal EMBA Vol.2 No.2, H; 879-88, Juni 2014.
Rebecca, Y., Siregar, S.V. “Pengaruh corporate governance index, kepemilikan keluarga, dan kepemilikan institusional terhadap biaya ekuitas dan biaya utang : studi empiris pada perusahaan manufaktur yang terdaftar di BEI”. Universitas Indonesia.
Rika Nurlela, Islahuddin. “Pengaruh Corporate Sosial Responsibility Terhadap Nilai Perusahaan Dengan Porsentase Kepemilikan Manajemen Sebagai Variabel Moderatingg”, 2008.
Rizqia, Dwita Ayu., Siti Aisjah., dan Sumiati. “Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value”. Research Journal of Finance and Accounting, 4(11) H: 120-130. 2013.
Sukirni, Dwi. “Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Deviden dan Kebijakan Hutang Analisis terhadap Nilai Perusahaan”. Accounting Analysis Journal. 1.(2). H: 2252-6765. 2012.
Suryani, A. W., ‘Analisis Pengaruh Faktor Fundamental terhadap Harga Saham pada perusahaan LQ-45 di Bursa Efek Jakarta Periode Tahun 2003-2005”, Jurnal Emas, Vol 1, No 1, H: 1-12, 2007.
Sujoko dan Ugy Soebiantoro, “Pengaruh Kepemilikan Saham, Leverage, Faktor Intern dan Fakstor Ekstern Terhadap Nilai Perusahaan”, Jurnal Ekonomi Manajemen dan Kewirausahaan, Vol.9, No.1, Maret, H: 41-48, 2007.
Sugiyono. “Metode Penelitian Kualitatif, Kuantitatif, dan R&D”. Bandung: Alfabeta, 2016.
Sunariyah. ”Pengantar Pengetrahuan Pasar Modal”. Yogyakarta: UPP-STIM YKPN, 2011.
Sudiyatno, B., Elen Puspitasari, dan Andi Kartika. “The Company's Policy, Firm Performance, and Firm Value: An Empirical Research on Indonesia Stock Exchange”. American International Journal of Contemporary Research. 2 (12). H: 30-40. 2012
Villalonga, B., & Amit, R. How do family ownership, control and management affect firm value?. Journal of Financial Economics, 80(2), H:385-417. 2006.
Yao, S., J. Wang, and L. Song. “Determinants of Social Responsibility Disclosure By Chinesse Firm”. Discussion Paper 72. Nottingham: The University of Nottingham. 2011.
Wiliandri, Ruly. “Pengaruh Blockholder Ownership dan Firm Size pada Kebijakan Hutang Perusahaan”. Jurnal Ekonomi Bisnis, 16(2), H: 95-102. 2011.
www.cnnindonesia.com Di akses pada; selasa 6 Februari 2018
www.cnnindonesia.com Di akses pada; selasa 6 Februari 2018
www.jakartaconsulting.com Di akses pada; selasa 6 Februari 2018
www.idx.co.id Di akses pada; senin 22 Januari 2018
DOI: http://dx.doi.org/10.33019/ijbe.v4i2.267
Article Metrics
Abstract view : 737 timesPDF - 349 times
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Integrated Journal of Business and Economics is licensed under a Creative Commons Attribution 4.0 International License.
