Mediating role of profitability in the relationship between institutional ownership and firm value: Evidence from Indonesia

Penulis

  • Giri Suseno School of Accounting and Finance, Walailak University
  • Endah Arianti Putri Fakultas Ekonomi, Universitas Pasir Pengaraian
  • Nurmala Sari Fakultas Ekonomi dan Bisnis, Universitas Rokania
  • Willi Meilita Fakultas Ekonomi dan Bisnis, Universitas Rokania
  • Jusniarty Sihite Fakultas Teknik, Universitas Mercu Buana

DOI:

https://doi.org/10.28932/vikara.v1i2.13361

Kata Kunci:

Indonesia, kepemilikan institusional, nilai perusahaan, profitabilitas

Abstrak

Penelitian ini menguji pengaruh kepemilikan institusional terhadap profitabilitas dan nilai perusahaan, dengan profitabilitas sebagai variabel mediasi, pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) dari tahun 2018 hingga 2022, variabel kontrolnya adalah ukuran perusahaan dan suku bunga. Sampel penelitian mencakup 54 perusahaan manufaktur yang diambil sampelnya secara purposif. Data sekunder dari BEI dan laporan keuangan tahunan perusahaan digunakan. STATA versi 17 digunakan untuk structural equation modelling (SEM) dengan analisis data bootstrapping. Penelitian ini menemukan bahwa kepemilikan institusional meningkatkan profitabilitas (ROE) dan nilai perusahaan (PBV) masing-masing pada tingkat signifikansi 5% dan 10%. Profitabilitas juga meningkatkan nilai perusahaan pada tingkat signifikansi 1%. Profitabilitas juga memediasi pengaruh kepemilikan institusional terhadap nilai perusahaan pada tingkat signifikansi 10%, yang menunjukkan bahwa kepemilikan institusional dapat meningkatkan nilai perusahaan melalui peningkatan profitabilitas. Penelitian ini membantu menjelaskan bagaimana kepemilikan institusional meningkatkan nilai bisnis melalui profitabilitas. Penelitian ini memiliki implikasi bagi regulator (OJK & IDX) dan pembuat kebijakan terkait tata kelola perusahaan. Manajer perlu memperkuat tata kelola dan transparansi untuk memaksimalkan profitabilitas dan meningkatkan nilai perusahaan. Untuk lebih memahami bagaimana kepemilikan institusional memengaruhi nilai bisnis, penelitian di masa mendatang sebaiknya menambah variabel, memasukkan data dari berbagai industri, dan melakukan studi lintas negara.

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Diterbitkan

2026-01-05

Terbitan

Vol 1 No 2 (2026): Vikara: Student Academic Journal of Business and Management

Bagian

Articles

Lisensi

Hak Cipta (c) 2026 Giri Suseno, Endah Arianti Putri, Nurmala Sari, Willi Meilita, Jusniarty Sihite

Creative Commons License

Artikel ini berlisensi Creative Commons Attribution-NonCommercial 4.0 International License.