Perwito Perwito, Rita Zulbetti, Rifqi Ali Mubarok, Ilham Setiawan

KEPEMILIKAN INSTITUSIONAL DAN NILAI PERUSAHAAN: STUDI PADA SEKTOR CONSUMEN NON-CYCLICAL DI INDONESIA

Introduction

Kepemilikan institusional dan nilai perusahaan: studi pada sektor consumen non-cyclical di indonesia. Mengkaji pengaruh kepemilikan institusional terhadap nilai perusahaan di sektor konsumen non-cyclical Indonesia. Kepemilikan institusional tidak signifikan, ukuran perusahaan negatif, harga saham positif. Dorong investor aktif & regulasi.

Abstract

Penelitian ini mengkaji pengaruh kepemilikan institusional terhadap nilai perusahaan pada sektor consumer non-cyclical di Indonesia. Dengan menggunakan analisis regresi data panel, studi ini menelusuri hubungan antara kepemilikan institusional, ukuran perusahaan, harga saham, dan nilai perusahaan. Hasil temuan menunjukkan bahwa kepemilikan institusional tidak memiliki pengaruh yang signifikan terhadap nilai perusahaan, yang mengindikasikan peran yang cenderung pasif dari investor institusional dalam praktik tata kelola perusahaan. Sebaliknya, ukuran perusahaan berpengaruh negatif, sementara harga saham berpengaruh positif terhadap nilai perusahaan. Temuan ini menekankan pentingnya mendorong keterlibatan aktif dari investor institusional serta memperkuat kerangka regulasi guna meningkatkan transparansi dan akuntabilitas perusahaan.

Review

The study titled "KEPEMILIKAN INSTITUSIONAL DAN NILAI PERUSAHAAN: STUDI PADA SEKTOR CONSUMEN NON-CYCLICAL DI INDONESIA" delves into a pertinent area of corporate finance and governance within an emerging market context. By specifically focusing on the non-cyclical consumer sector in Indonesia, the research aims to discern the influence of institutional ownership on firm value, alongside other critical factors such as firm size and stock price. Employing panel data regression, the paper attempts to shed light on how these variables interact to shape corporate valuation, a topic of significant interest for investors, regulators, and academics alike in understanding the dynamics of market efficiency and corporate oversight in developing economies. The empirical findings presented offer several noteworthy insights. Most strikingly, the study concludes that institutional ownership does not exhibit a significant influence on firm value, which the authors interpret as indicative of a passive engagement by institutional investors in corporate governance practices within the Indonesian context. This particular finding stands in contrast to much of the established literature that often posits an active monitoring role for institutional shareholders. Conversely, the analysis reveals a negative correlation between firm size and firm value, while confirming a positive and significant relationship between stock price and firm value, consistent with fundamental valuation principles. While the study provides a valuable snapshot, the interpretation of the non-significant impact of institutional ownership warrants further nuanced exploration. Attributing this directly to a "passive role" could benefit from deeper investigation into specific types of institutional investors, their investment horizons, or actual engagement mechanisms beyond simply holding shares. Future research could enhance this understanding by incorporating qualitative elements or alternative proxies for investor activism and governance impact. Nevertheless, the paper's concluding recommendations—emphasizing the importance of encouraging more active institutional investor participation and strengthening regulatory frameworks to foster greater corporate transparency and accountability—are highly relevant and provide a robust call to action for policy makers aiming to improve corporate governance standards in Indonesia.

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