Analisis Pengaruh Stuktur kepemilikan, Eksternal Monitoring, dan Variabel Kontrol terhadap Nilai Perusahaan: dengan Agency Cost sebagai Variabel Intervening (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2016)

Abstract

This study aims to analyze the factors that affect the value of the company with agency cost as an intervening variable on manufacturing companies listed on the Indonesia Stock Exchange Year 2011-2016. Price Book Value (PBV) is the dependent variable in this study. There are five independent variables used, namely Insider Ownership, Institution Ownership, Foreign Ownership, External Monitoring proxied with Debt to Total Assets (DAR), Company Age as control variable, and Agency Cost proxyed by Operating Expense to Sales Ratio (OESR) as intervening variable. The population used in this study consists of manufacturing companies listed on the Indonesia Stock Exchange (BEI) in 2011-2016. So the total population of 148 companies. Sampling in this study using purposive sampling, so the total sample of 80 companies. The data analysis method used is the classical assumption test, path analysis which is the development of multiple linear regression analysis and use the test of sobel to analyze the effect of intervening variable mediation. The results of this study indicate that Insider Ownership has a non-significant positive effect on OESR, Institution Ownership has a significant negative effect on OESR, Foreign Ownership has significant positive effect on OESR, DAR has no significant significant effect on OESR, influential Insider Ownership negatively insignificant to PBV, Institution Ownership has no significant positive effect on PBV, Foreign Ownership has no significant negative effect on PBV, DAR has no significant positive effect on PBV, and Age of Company has no significant positive effect on PBV. OESR can not mediate the influence of Insider Ownership, Institution Ownership, Foreign Ownership, DAR and Age of Company to PBV.