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  3. Vol. 6 No. 7 (2023): American Journal of Economics and Business Management
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Vol. 6 No. 7 (2023): American Journal of Economics and Business Management

Issue Published : July 3, 2023
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Factors Affecting the Value of Manufacturing Sector Companies Listed on the Indonesia Stock Exchange in 2017-2021

Benny Oloando Tampubolon
Master of Management Study Program, Faculty of Economics and Business, Sam Ratulangi University
Sri Murni
Master of Management Study Program, Faculty of Economics and Business, Sam Ratulangi University
Joubert B. Maramis
Master of Management Study Program, Faculty of Economics and Business, Sam Ratulangi University

American Journal of Economics and Business Management, Vol. 6 No. 7 (2023): American Journal of Economics and Business Management
Article Published : July 12, 2023

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Abstract

In addition to being an important factor seen by stakeholders, current company value also has specific long-term interests using fundamental analysis methods such as financial ratios. Increasing the value of the company will affect the increase in the welfare of shareholders. However, the separation between shareholders and company managers has limited shareholders from supervising management as company managers to provide added value where management has the nature or desire to benefit itself. This conflict between the agent and the principal is called the agency problem (agency cost) where this conflict of interest creates costs for monitoring, observing, and ensuring management has acted in accordance with the interests of shareholders. Institutional mechanisms are needed to overcome agency problems, namely Good Corporate Governance, namely a system that regulates and controls companies in order to create added value for stakeholders. The sample in this study were 66 manufacturing companies listed on the IDX during 2017-2021 using path analysis. The results show that the proportion of independent commissioners and the proportion of institutional ownership has a significant positive effect on profitability, the proportion of independent commissioners has no effect on firm value, the proportion of institutional ownership has no significant positive effect on firm value, and profitability has a significant positive effect on firm value.

Keywords

Proportion of Independent Commissioners Proportion of Institutional Ownership Profitability Company Value

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Benny Oloando Tampubolon, Sri Murni, & Joubert B. Maramis. (2023). Factors Affecting the Value of Manufacturing Sector Companies Listed on the Indonesia Stock Exchange in 2017-2021. American Journal of Economics and Business Management, 6(7), 94–112. Retrieved from https://globalresearchnetwork.us/index.php/ajebm/article/view/2341
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References
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  2. Abdillah, A. (2015) "The Influence of GCG Implementation on Financial Performance (Study of Public Companies Winning the Annual Report Award for the 2010-2012 Period Listed on the Indonesian Stock Exchange)", Journal of Business Administration. Malang: Brawijaya University.
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  13. Ciftci, I., Tatoglu, E., Demirbag, M., Zaim, S. (2019) "Corporate governance and firm performance in emerging markets: evidence from Turkey", Int. Business Reviews 28, 90–103.
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  25. Gayatri, ST & Purwaningrum, E. (2022), "Analysis of Good Corporate Governance Mechanisms on Company Value of the Food and Beverage Sub-Sector Listed on the Indonesian Stock Exchange During the Covid-19 Pandemic for Investment Decisions", Journal of the Jakarta State Polytechnic Financial Management Study Program , SNAM 2203114.
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  30. Israel. C., Mangantar, M., and Saerang, IS (2018) "The Influence of Capital Structure, Institutional Ownership and Company Size on Company Value in Mining Companies Listed on the IDX", Emba Journal. 6(3), 1118-1127.
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  32. Jensen, MC and Meckling, WH (1976) "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure". Journal of Financial Economics. October, 3, 305-360.
  33. Johan, Ruth Prapaska. (2012) "An Analysis of the Influence of Profitability, Investment Decisions, Funding Decisions and Dividend Policy on Firm Value in Manufacturing Companies on the IDX in 2009-2010", Journal of Accounting, 1 (1), 1-12.
  34. Kaplan, Steven N, and David Reishus. (1990) “Outside Directorships and Corporate Performance”, Journal of Financial Economics, 27 (2), 389-410.
  35. Kankaew, K., Yapanto, L. M., Waramontri, R., & Arief, S. (2021). Uncertain Supply Chain Management Supply chain management and logistic presentation : Mediation effect of competitive advantage. 9, 255–264. https://doi.org/10.5267/j.uscm.2021.3.007
  36. Khurram Khan, ARN and MI. (2011) "Impact of Corporate Governance Firms on the value of the Tobacco Industry of Pakistan", Economics International Research Journal of Finance and Economics, (61).
  37. Laksana, J. (2015) "Corporate Governance and Financial Performance (Case study of banking companies listed on the IDX for the period 2008 - 2012)", E-Journal of Accounting, 269 - 288.
  38. Martini, Ni Nyoman G., Moeljadi, Djumahir and Atim Djazuli. (2014) "Factors Affecting Firms Value of Indonesian Public Manufacturing Firms", International Journal of Business and Management Invention, 3 (2), 35- 44.
  39. Millstein, Ira M., and Paul W. MacAvoy. (1998) "The Active Board of Directors and Performance of The Large Publicly Traded Corporation". Columbia Law Review, 98(5): 1283-1322.
  40. Monks, Robert AG, and Minow, N. (2003) Corporate Governance. 3rd ed. Blackwell Publishing.
  41. Navissi, F. and VN. (2006) "Institutional Ownership and Corporate Value". Managerial Finance, 32(3), 247-256.
  42. Onasis, RK. (2016) “Influence of Corporate Governance on Corporate value in the Financial Sector Companies Listed on the Stock Exchange”, Economic Development, 20 (1), 1-22.
  43. Ou-Yang, Hou. (2008) “An Empirical Analysis of the Effect Components of the Corporate Governance Index on Firm Value: Evidence from Taiwan's Financial Industry”, The Business Review Cambridge, 10 (1), 119-128.
  44. Pandya, H. (2011) "Corporate Governance Structure and Profitability of Selected Indian Banks", Journal of Management & Public Policy. 2(2).4-21.
  45. Prastuti, NKK, & Budiasih, IGAN (2015). The Effect of Good Corporate Governance on Corporate Values with Moderation of Corporate Social Responsibility. E-Journal of Accounting, 114-129.
  46. Pratiwi, A. (2016) "The Influence of the Quality of Implementation of Good Corporate Governance (GCG) on Financial Performance in Islamic Commercial Banks in Indonesia (Period 2010 - 2015)", Al-Tijary, 2(1), 55 -76.
  47. Ramdani, D., Witteloostuijn, AV (2009) “CEO Duality and Firm Performance: A Quantile Regression Analyst for Indonesia, Malaysia, South Korea and Thailand”, Unpublished Thesis. Belgium, University of Antwerp.
  48. Sarafina, S., & Saifi, M. (2017) "The Influence of Good Corporate Governance on Financial Performance and Corporate Value (Study of State-Owned Enterprises (BUMN) Listed on the Indonesian Stock Exchange Period 2012 - 2015)" Journal of Business Administration, 50(3), 108 -117.
  49. Sartono, Agus. (2010) Financial Management Theory and Applications. Ed 4, Yogyakarta: BPFE.
  50. Siswoyo, H. and Parwoto, W. (2015) Structural Equation Modeling. 1st edn, Dictionary of Statistics & Methodology. 1st edn. Bekasi: PT. Key Personnel Intermediaries. Address. Available at: https://doi.org/10.4135/9781412983907.n1909.
  51. Srivastava, M. (2009) “Good Governance - Concept, Meaning and Features: A Detailed Study. Soc. sci. Res. Networks, 1–23.https://doi.org/10.2139/ssrn.1528449.
  52. Syafitri, T., Nuzula, NF, & Nurlaily, F. (2018) "Influence of Good Corporate Governance Company Values (Study on Industrial Company Metals and Allied Sectors Sub Listed on the Stock Exchange Period 2012-2016)", Journal of Business Administration (JAB), 56(1), 118-126.
  53. Tsorhe, J., Aboagye, A., & Kyereboah - Coleman, A. (2011) "Corporate Governance and Bank Risk Management in Ghana". University of Ghana Business School, 1–22. Retrieved fromhttp://www.csae.ox.ac.uk/conferences/2011 EDiA/papers/651Aboagye.pdf
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  55. Zhang, Hong, Shuai Gao, Michael J Seiler, and Jiawei Chen. (2016) “Ownership structure, diversification, and corporate performance based on structure”. equation modeling”, Journal of Real Estate Portfolio Management. 22, 63-73.
  56. Yapanto, L. M., Diah, A. M., Kankaew, K., Dewi, A. K., Dextre-Martinez, W. R., Kurniullah, A. Z., & Villanueva-Benites, L. A. (2021). The effect of crm on employee performance in banking industry. Uncertain Supply Chain Management, 9(2), 295–306. https://doi.org/10.5267/j.uscm.2021.3.003
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References


Abbasi, M., Kalantari, E., and Abbasi. H. (2012) “Impact of Corporate Governance Mechanisms on Firm Value Evidence From the Food Industry of Iran”, Journal of Basic and Applied Scientific Research.

Abdillah, A. (2015) "The Influence of GCG Implementation on Financial Performance (Study of Public Companies Winning the Annual Report Award for the 2010-2012 Period Listed on the Indonesian Stock Exchange)", Journal of Business Administration. Malang: Brawijaya University.

Afnan, A., & Rahardja, R. (2014) "Size Effect of BOC, and the proportion of Independent Commissioner Against Profitability by Profit Management as an intervening variable", Diponegoro Journal of Accounting, 3 (3), 1.

Agrawal, A. and CRK (1996) “Firm Performance and Mechanism to Control Agency Problems Between Managers and Shareholders”, Journal of Financial and Quantitative Analysis, 31, 377-397.

Aguilera, Ruth V., and R. Crespi-Cladera. (2016) “Global Corporate Governance: On the relevance of firms' ownership structure”, Journal of World Business 51: 50–57.

Akhtaruddin, Muhammad; Monirul Alam Hossain; Mahmud Hossain; Lee Yao. (2009) “Corporate Governance and Voluntary Disclosure in Corporate Annual Reports of Malaysian Listed Firms”, Journal of Applied Management Accounting Research 7(1).

Almudehki, N and Zeitun, R. (2012) “Ownership Structure and Corporate Performance: Evidance From Qatar”, Department of Finance and Economics. Qatar University.

Bakhtiar, HA, Nurlaela, S., & Hendra, K. (2020) “Managerial Ownership, Institutional Ownership, Independent Commissioners, Audit Committees, and Corporate Values”, AFRE (Accounting and Financial Review), 3(2), 136– 142.

Bjuggren, Per-Olof, Johan E. Eklund, and Daniel Wiberg, (2007) “Institutional Owners and Firm Performance: The Impact of Ownership Categories on Investments”, Working Paper, Jonkoping International Business School (JIBS), and Center of Excellence for Science and Innovation Studies (CESIS). Royal Institute of Technology, Stockholm, Sweden, February, pp 1-26.

Brigham, Eugene F., & Houston, Joel F. (2019), Fundamentals of Financial Management, 15e.

Brown, LD and Caylor, M. (2006) “Corporate governance and firm valuation”, Journal of Accounting and Public Policy, 25 (4), 409-434.

Chen, J., L. Blenman, DHC. (2008) “Institutional Ownership does Create Values? The New Zealand Case”, Quarterly Journal of Finance and Accounting, 47 (4), 109-124.

Ciftci, I., Tatoglu, E., Demirbag, M., Zaim, S. (2019) "Corporate governance and firm performance in emerging markets: evidence from Turkey", Int. Business Reviews 28, 90–103.

Connelly, JT, Limpaphayom, P., Nguyen, HT, & Tran, TD. (2017) “A Tale of Two Cities: Economic development, corporate governance and firm values in Vietnam”, Research in International Business and Finance, 42 (February), 102-123.

Dehaene, A., Vuyst, VD, Ooghe, H., 2001 "Corporate Performance and Board Structure in Belgian Companies". Long Range Planning 34, 383-398.

Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017) “Corporate Governance, Capital Structure and Firm Performance: Evidence from Thailand”, Research in International Business and Finance, 42 (June), 689-709.

Dewi, Ayu Sri Mahatma and Ary Wirajaya. (2013) "The Influence of Capital Structure, Profitability and Firm Size on Firm Value", Udayana University Accounting E-Journal, 4(2), 358-372.

Edvinsson, L. and M. Malone. (1997) “Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower”. HarperCollins, New York, NY.

Eny Maryati & Bambang Tjahjadi. (2013) "CSR and GCG Analysis of Financial Performance Affecting the Value of Manufacturing Companies Listed on the IDX", Journal of Economics and Business, Year XXIII, 1 (59).

Fama, EF and MC Jensen. (1983) “Separation of Ownership and Control”, Journal of Law and Economics, 26, 301 – 325.

Febryawan, A., & Rahayu, YI, & Alfiana. (2021) “The Influence of Financial Performance on Corporate Value by Disclosure of CSR and GCG as Moderating Variables, Conference on Economic and Business Innovation.

Foo, YB & Mat Zain, M. (2010) “Board Independence, Board Diligence and Liquidity in Malaysia”, Journal of Contemporary Accounting & Economics, 6, 92–100.

Freeman, R. Edward. (1984) "Stakeholder Theory of the Modern Corporation". General Issues In Business Ethics.

Garmayuni, I miss Rika. (2015), “The Effect of Intangible Assets, Financial Performance and Financial Policies on The Firm Value. International”, Journal of Scientific and Technology Research, 4(1), 202-212.

Gayatri, ST & Purwaningrum, E. (2022), "Analysis of Good Corporate Governance Mechanisms on Company Value of the Food and Beverage Sub-Sector Listed on the Indonesian Stock Exchange During the Covid-19 Pandemic for Investment Decisions", Journal of the Jakarta State Polytechnic Financial Management Study Program , SNAM 2203114.

Ghozali, Faith. (2011) Application of Multivariate Analysis with the SPSS Program. Semarang: Diponegoro University Publishing Agency.

Hanafi, Mamduh and Abdul Halim. (2007) Analysis of Financial Statements, Third Edition. Yogyakarta: YKPN College of Management.

Hermalin, B and Weisbach, M. (1991) "The effects of board composition and durect incentives on firm performance", Financial Management, Indonesian Institute of Audit Committee". Audit Committee. 20(4):101-112.

Indrarini, Silvia. (2019) "Company Value Through Profit Quality (Good Governance and Company Policy)", Surabaya: Scopindo.

Israel. C., Mangantar, M., and Saerang, IS (2018) "The Influence of Capital Structure, Institutional Ownership and Company Size on Company Value in Mining Companies Listed on the IDX", Emba Journal. 6(3), 1118-1127.

Jennings, William W. (2002) “Further Evidence on Institutional Ownership and Corporate Value”, Working Paper, US Air Force Academy, http://papers. ssrn.com/sol3/papers.cfm?abstract_id=55588 6, 1-27.

Jensen, MC and Meckling, WH (1976) "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure". Journal of Financial Economics. October, 3, 305-360.

Johan, Ruth Prapaska. (2012) "An Analysis of the Influence of Profitability, Investment Decisions, Funding Decisions and Dividend Policy on Firm Value in Manufacturing Companies on the IDX in 2009-2010", Journal of Accounting, 1 (1), 1-12.

Kaplan, Steven N, and David Reishus. (1990) “Outside Directorships and Corporate Performance”, Journal of Financial Economics, 27 (2), 389-410.

Kankaew, K., Yapanto, L. M., Waramontri, R., & Arief, S. (2021). Uncertain Supply Chain Management Supply chain management and logistic presentation : Mediation effect of competitive advantage. 9, 255–264. https://doi.org/10.5267/j.uscm.2021.3.007

Khurram Khan, ARN and MI. (2011) "Impact of Corporate Governance Firms on the value of the Tobacco Industry of Pakistan", Economics International Research Journal of Finance and Economics, (61).

Laksana, J. (2015) "Corporate Governance and Financial Performance (Case study of banking companies listed on the IDX for the period 2008 - 2012)", E-Journal of Accounting, 269 - 288.

Martini, Ni Nyoman G., Moeljadi, Djumahir and Atim Djazuli. (2014) "Factors Affecting Firms Value of Indonesian Public Manufacturing Firms", International Journal of Business and Management Invention, 3 (2), 35- 44.

Millstein, Ira M., and Paul W. MacAvoy. (1998) "The Active Board of Directors and Performance of The Large Publicly Traded Corporation". Columbia Law Review, 98(5): 1283-1322.

Monks, Robert AG, and Minow, N. (2003) Corporate Governance. 3rd ed. Blackwell Publishing.

Navissi, F. and VN. (2006) "Institutional Ownership and Corporate Value". Managerial Finance, 32(3), 247-256.

Onasis, RK. (2016) “Influence of Corporate Governance on Corporate value in the Financial Sector Companies Listed on the Stock Exchange”, Economic Development, 20 (1), 1-22.

Ou-Yang, Hou. (2008) “An Empirical Analysis of the Effect Components of the Corporate Governance Index on Firm Value: Evidence from Taiwan's Financial Industry”, The Business Review Cambridge, 10 (1), 119-128.

Pandya, H. (2011) "Corporate Governance Structure and Profitability of Selected Indian Banks", Journal of Management & Public Policy. 2(2).4-21.

Prastuti, NKK, & Budiasih, IGAN (2015). The Effect of Good Corporate Governance on Corporate Values with Moderation of Corporate Social Responsibility. E-Journal of Accounting, 114-129.

Pratiwi, A. (2016) "The Influence of the Quality of Implementation of Good Corporate Governance (GCG) on Financial Performance in Islamic Commercial Banks in Indonesia (Period 2010 - 2015)", Al-Tijary, 2(1), 55 -76.

Ramdani, D., Witteloostuijn, AV (2009) “CEO Duality and Firm Performance: A Quantile Regression Analyst for Indonesia, Malaysia, South Korea and Thailand”, Unpublished Thesis. Belgium, University of Antwerp.

Sarafina, S., & Saifi, M. (2017) "The Influence of Good Corporate Governance on Financial Performance and Corporate Value (Study of State-Owned Enterprises (BUMN) Listed on the Indonesian Stock Exchange Period 2012 - 2015)" Journal of Business Administration, 50(3), 108 -117.

Sartono, Agus. (2010) Financial Management Theory and Applications. Ed 4, Yogyakarta: BPFE.

Siswoyo, H. and Parwoto, W. (2015) Structural Equation Modeling. 1st edn, Dictionary of Statistics & Methodology. 1st edn. Bekasi: PT. Key Personnel Intermediaries. Address. Available at: https://doi.org/10.4135/9781412983907.n1909.

Srivastava, M. (2009) “Good Governance - Concept, Meaning and Features: A Detailed Study. Soc. sci. Res. Networks, 1–23.https://doi.org/10.2139/ssrn.1528449.

Syafitri, T., Nuzula, NF, & Nurlaily, F. (2018) "Influence of Good Corporate Governance Company Values (Study on Industrial Company Metals and Allied Sectors Sub Listed on the Stock Exchange Period 2012-2016)", Journal of Business Administration (JAB), 56(1), 118-126.

Tsorhe, J., Aboagye, A., & Kyereboah - Coleman, A. (2011) "Corporate Governance and Bank Risk Management in Ghana". University of Ghana Business School, 1–22. Retrieved fromhttp://www.csae.ox.ac.uk/conferences/2011 EDiA/papers/651Aboagye.pdf

Weston J. Fred and Copeland Thomas E. (1997). Financial management. Volume 2. 8th Edition. Subtitles. PT Glora Aksara Pratama. Jakarta.

Zhang, Hong, Shuai Gao, Michael J Seiler, and Jiawei Chen. (2016) “Ownership structure, diversification, and corporate performance based on structure”. equation modeling”, Journal of Real Estate Portfolio Management. 22, 63-73.

Yapanto, L. M., Diah, A. M., Kankaew, K., Dewi, A. K., Dextre-Martinez, W. R., Kurniullah, A. Z., & Villanueva-Benites, L. A. (2021). The effect of crm on employee performance in banking industry. Uncertain Supply Chain Management, 9(2), 295–306. https://doi.org/10.5267/j.uscm.2021.3.003

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American Journal of Economics and Business Management (AJEBM)

 

Monthly, open-access American Journal, that focuses on finance, economics, marketing, management,  service, tourism, banking, and accounting.
ISSN: 2576-5973
Journal DOI : https://doi.org/10.31150
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