The Effect of Ownership Concentration on Firm Value of Listed Companies

Oluwagbemiga, Oyerogba Ezekiel; Michael, OlaleyeOlugbenga; Zaccheaus, Solomon Adeoluwa

doi:10.9790/0837-19179096

Cited by 4 publications

(4 citation statements)

References 25 publications

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“…The present work followed prior studies and evaluated board characteristics in terms of board size (Rahman and Saima, 2018; Nepal and Deb, 2021), board independence (Vintila and Gherghina, 2013; Khan et al , 2017) and board diversity (Tarigan et al , 2018; Ararat and Sayedy, 2019). We evaluated ownership characteristics based on ownership concentration (Oluwagbemiga et al , 2014; Busta et al , 2014) and CEO ownership (Sugosha and Artini, 2020; Syamsudin et al , 2020). Board size is measured by the natural logarithm of the number of directors on the board.…”

Section: Methodsmentioning

confidence: 99%

“…Bubbico et al (2012) showed that ownership concentration has a positive effect on the firm value of financial institutions listed on the Italian Stock Exchange and stated that high concentration is expected to produce high monitoring exercised by majority shareholders over the management to maximize firm value. Moreover, Oluwagbemiga et al (2014) indicated a positive effect of ownership concentration on the firm value of banks listed on the Nigeria Stock Exchange. However, Thompson et al (2016) found a positive and non-significant relationship between ownership concentration and firm value.…”

Section: Ownership Concentration and Firm Valuementioning

confidence: 97%

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Corporate governance and firm value: a study on European financial institutions

Fatma

Chouaibi

2021

IJPPM

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PurposeThe purpose of this paper is to examine the impact of the characteristics of two corporate governance mechanisms, namely, board of directors and ownership structure, on the firm value of European financial institutions.Design/methodology/approachUsing the market-to-book ratio calculated by the Thomson Reuters Eikon ASSET4 database, this study measures the firm value of 111 financial institutions belonging to 12 European countries listed on the stock exchange during the period 2007–2019. Multivariate regression analysis on panel data is used to estimate the relationship between corporate governance attributes, such as board size, board independence, board gender diversity, ownership concentration and CEO ownership, and the firm value of European financial institutions.FindingsThe empirical results reveal that board gender diversity and CEO ownership are positively related to the firm value, whereas board size and ownership concentration are negatively related. Furthermore, the findings suggest that board independence is insignificantly correlated with the firm value. Regarding the control variables, the results show that financial institutions' size, age and legal system are significant factors in changing the firm value. Nevertheless, financial institutions' leverage and activity sector are not significantly correlated with their value.Originality/valueThis research contributes to the literature by providing the significant links between some corporate governance mechanisms and the firm value of companies from the financial industry, by addressing the information gap for this critical industry in the context of a developed market like Europe.

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Section: Methodsmentioning

confidence: 99%

Section: Ownership Concentration and Firm Valuementioning

confidence: 97%

Corporate governance and firm value: a study on European financial institutions

Fatma

Chouaibi

2021

IJPPM

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“…Hasil pengujian yang dilakukan dengan menggunakan EViews 11 menunjukkan bahwa kepemilikan terkonsentrasi memiliki nilai probabilitas sebesar 0,1445 yang lebih besar dari nilai signifikansi yakni 0,1445 > 0,05, maka H 5 ditolak artinya kepemilikan terkonsentrasi tidak berpengaruh terhadap nilai perusahaan. Hasil yang didapatkan pada penelitian ini menolak kesimpulan dari penelitian yang telah dilakukan oleh Kong, Famba, Chituku-Dzimiro, Sun, & Kurauone (2020), Oluwagbemiga, Michael, & Zaccheaus (2014), dan Vintilă & Gherghina (2014) yang menyatakan bahwa kepemilikan terkonsentrasi berpengaruh terhadap nilai perusahaan.…”

Section: Pengaruh Kepemilikan Terkonsentrasi Terhadap Nilai Perusahaanunclassified

Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Kepemilikan Institusional dan Terkonsentrasi Terhadap Nilai Perusahaan

Sulistiorini

Lestari

2022

Kalbisocio

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Penelitian ini bertujuan untuk mengetahui pengaruh profitabilitas, struktur modal, ukuran perusahaan, kepemilikan institusional, dan kepemilikan terkonsentrasi terhadap nilai perusahaan sektor consumer goods yang terdaftar di Bursa Efek Indonesia (BEI) per kuartal selama periode 2016-2019. Penelitian ini menggunakan data sekunder dari laporan keuangan konsolidasi per kuartal perusahaan sektor consumer goods yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2016-2019. Terdapat 23 perusahaan yang menjadi sampel atau sebanyak 368 observasi yang memenuhi kriteria sampel penelitian dengan metode purposive sampling. Metode analisis data dilakukan dengan analisis regresi panel. Hasil penelitian menunjukkan bahwa variabel ukuran perusahaan dan kepemilikan institusional berpengaruh terhadap nilai perusahaan. Sedangkan, variabel net profit margin, debt to equity ratio, dan kepemilikan terkonsentrasi tidak berpengaruh terhadap nilai perusahaan.

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“…Pemegang saham dominan dapat memengaruhi kinerja operasional perusahaan dalam mengambil keputusan-keputusan strategis yang memaksimalkan perilaku perusahaan untuk tujuan ekonomi (Utomo et al, 2019). Pemegang saham mayoritas cenderung membuat area mereka sendiri untuk mencegah terbentuknya pemegang saham mayoritas lain tersebut (Oluwagbemiga et al, 2014). Jika pemilik saham mayoritas ingin meningkatkan nilai pasar perusahaan, kepemilikan terkonsentrasi dapat menerapkan fungsi pengawasan yang lebih banyak, mengurangi agency costs, profit dan harga saham yang lebih tinggi, karena pemegang saham mayoritas memiliki wewenang yang lebih kuat untuk mengawasi perusahaan dan penyelarasan insentif yang lebih besar antara pemilik dengan manajer (Pedersen & Thomsen, 2003).…”

Section: Pendahuluanunclassified

Dapatkah Kepemilikan Tekonsentrasi Memoderasi Hubungan Tax Avoidance & Manajemen Laba Riil Dengan Nilai Perusahaan?

Melyawati

Trisnawati

2022

E-Jurnal Akuntansi

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The value of the company is reflected by the company's stock price which is influenced by many factors. This study examines the effect of tax avoidance and real earnings management on firm value, and examines the role of concentrated ownership as a moderating variable. The research sample is energy sector companies listed on the Indonesia Stock Exchange during 2019 and 2020. The sample was selected based on purposive sampling, the number of samples used in this study were 54 companies. The analysis technique used is Moderated Regression Analysis (MRA). Research shows that tax avoidance and real earnings management have no effect on firm value. Concentrated ownership is also unable to moderate the relationship between tax avoidance and real earnings management on firm value. Both before and during the covid-19 pandemic, did not affect the effect of these variables on the value of the company. Keywords: Firm Value; Tax Avoidance; Real Earnings Management; Ownership Concentration; Covid-19.

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The Effect of Ownership Concentration on Firm Value of Listed Companies

Abstract: Abstract:

Cited by 4 publications

References 25 publications

Corporate governance and firm value: a study on European financial institutions

Corporate governance and firm value: a study on European financial institutions

Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Kepemilikan Institusional dan Terkonsentrasi Terhadap Nilai Perusahaan

Dapatkah Kepemilikan Tekonsentrasi Memoderasi Hubungan Tax Avoidance & Manajemen Laba Riil Dengan Nilai Perusahaan?

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