Title: Relationship between Managerial Ownership, Investment Opportunities and Company Value: Mediation of Dividend Policy and Capital Structure
Author: Risa Mayasari
Affiliations : Masters Program in Accounting, Faculty of Economics and Business, Universitas Airlangga , Surabaya, Indonesia
Publisher: Universitas Airlangga
Abstract
Throughout 2014 to 2018, manufacturing companies became companies with positive performance growth rates and had a dominant role in the formation of Indonesia's GDP. This positive performance then becomes attractive data for investors to determine investment choices. This research aims to empirically prove the role of dividend policy and capital structure as intervening variables on the influence of managerial ownership and investment opportunities on company value. The research was conducted on all manufacturing companies listed on the Indonesia Stock Exchange from 2013 to 2017. The sample was determined using purposive sampling. The research data source is a secondary data source originating from the publication of the annual report of each manufacturing company. The data analysis technique used is path analysis with the Sobel Test. The research results explain that dividend policy does not have a mediating role in the influence of investment opportunities on the value of manufacturing companies in 2013 to 2017. However, dividend policy has a full mediating role in the influence of managerial ownership on the value of manufacturing companies in 2013 to 2017. In addition, the research results also explains that capital structure has a full mediating role in the influence of managerial ownership on company value and has a partial mediating role in the influence of investment opportunities on the value of manufacturing companies from 2013 to 2017.
Keywords: Managerial Ownership, Investment Opportunities, Dividend Policy, Capital Structure, Firm Value, Manufacturing Companies.
Sources: http://repository.unair.ac.id/97967/
