Main Article Content
Abstract
Indonesia’s food and beverage industry presents a promising outlook for investment. From 2020 to 2021, the industry grew by 2.54%, reaching a value of Rp775.1 trillion. It contributed 6.61% to the national GDP, amounting to Rp1.12 quadrillion. This sector also accounted for 38.05% of the non-oil and gas processing industry. As interest in the sector continues to rise, competition is becoming increasingly intense—evidenced by the realization of investment reaching Rp85.10 trillion in 2023. Against this backdrop, the present study explores how capital structure (Debt to Equity Ratio/DER), managerial ownership, institutional ownership, and dividend policy (Dividend Payout Ratio/DPR) influence firm value, measured using the Price to Book Value (PBV). The analysis targets food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023. Using purposive sampling, 20 companies were selected from a population of 71, resulting in 60 observations. Employing secondary data and multiple linear regression (SPSS v25), the study finds that managerial and institutional ownership significantly impact firm value, while capital structure and dividend policy do not. These findings highlight the greater importance of ownership structure in enhancing firm value within this competitive sector.
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References
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References
Arifin, A. Z. (2018). Manajemen Keuangan. Zahir Publishing.
Cristofel, C., & Kurniawati, K. (2021). Pengaruh Enterprise Risk Management, Corporate Social Responsibility, dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Akuntansi Bisnis, 14(1), 1–12. https://doi.org/10.30813/jab.v14i1.2468
Darmawan. (2018). Manajemen Keuangan: Memahami Kebijakan Dividen Teori Dan Praktiknya di Indonesia. Fakultas Ekonomi dan Bisnis Islam UIN Sunan Kalijaga Yogyakarta.
Darsani, P. A., & Sukartha, I. M. (2021). The effect of institutional ownership, profitability, leverage and capital intensity ratio on tax avoidance. American Journal of Humanities and Social Sciences Research, 5(1), 13–22. https://doi.org/https://www.ajhssr.com/wp
Downess, J., & Goodman, J. E. (2000). Kamus Istilah Keuangan dan Investasi. Diterjemahkan oleh Susanto Budhidarmo. PT. Elex Media Komputindo.
Fana, A. A. A. A., & Prena, G. Das. (2021). Pengaruh corporate social responsibility, good corporate governance, dan kepemilikan manajerial terhadap nilai perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2018–2020. Jurnal Ilmiah Akuntansi Dan Bisnis, 6(2), 17–29. https://doi.org/10.38043/jiab.v6i2.3168
Indrarini, S. (2019). Nilai Perusahaan Melalui Kualitas Laba (Good Governance dan Kebijakan Perusahaan). Scopindo.
Kemenku. (2022). Kondisi Industri Pengolahan Makanan dan Minuman di Indonesia. Kemenku. https://www.djkn.kemenkeu.go.id/kanwil-suluttenggomalut/baca-artikel/15588/Kondisi-Industri-Pengolahan-Makanan-dan-Minuman-di-Indonesia.html
Kontan.co.id. (2024). Industri Makanan dan Minuman Kembali Bangkit Pasca Pandemi Covid-19. Kontan.Co.Id. https://nasional.kontan.co.id/news/industri-makanan-dan-minuman-kembali-bangkit-pasca-pandemi-covid-19
Kusumawati, E., & Setiawan, A. (2019). The Effect of Managerial Ownership, Institutional Ownership, Company Growth, Liquidity, and Profitability on Company Value. Riset Akuntansi Dan Keuangan Indonesia, 4(Vol 4, No 2 (2019)), 136–146. https://doi.org/10.23917/reaksi.v4i2.8574
Nopianti, R., & Suparno. (2020). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 8(1), 51–61. https://doi.org/10.30656/jak.v8i1.2381
Nugraha, N. M., Susanti, N., & Rhamadan Setiawan, M. (2021). Pengaruh Struktur Modal, Perputaran Modal Kerja, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Owner, 5(1), 208–218. https://doi.org/10.33395/owner.v5i1.383
Nursery, R. A., & Nursiam. (2022). Pengaruh Profitabilitas, Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Empiris pada Perusahan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2018-2020. Eqien-Jurnal Ekonomi Dan Bisnis, 11(03), 1118–1124. https://doi.org/https://doi.org/10.34308/eqien.v11i03.1155
Pirzada, K., Mustapha, M. Z. Bin, & Wickramasinghe, D. (2015). Firm Performance, Institutional Ownership and Capital Structure: A Case of Malaysia. Procedia - Social and Behavioral Sciences, 211, 170–176.
Putra, B. A. I., & Sunarto, S. (2021). Pengaruh Profitabilitas, Leverage, dan Kepemilikan Manajerial Terhadap Nilai Perusahaan dengan Corporate Social Responsibility Sebagai Variabel Moderasi. Ekonomis: Journal of Economics and Business, 5(1), 149. https://doi.org/10.33087/ekonomis.v5i1.195
Putri, A. N., & Aris, M. A. (2023). Implikasi Kepemilikan Institusional, Free Cash Flow, Growth Opportunity, dan Investment Opportunity Set terhadap Nilai Perusahaan. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(2), 1662–1675. https://doi.org/10.31955/mea.v7i2.3260
Rachmadani, F. A. A., & Nursiam. (2023). The Influence of Profitability, Leverage, Company Size and Dividend Policy on Company Value (Empirical Study of Manufacturing Companies in the Food and Beverage Sub-Sector Registered in BEI for 2019-2021). Management Studies and Entrepreneurship Journal, 4(4), 4092–4101. https://doi.org/https://doi.org/10.37385/msej.v4i5.2594
Rahmawati, D. V., Darmawan, A., Setyarini, F., & Bagis, F. (2021). Profitability, Capital Structure, and Dividend Policy on Firm Value Using Company Size as A Moderating Variable (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015-2019 Periods). International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(1), 282–292.
Safaruddin, Nurdin, E., & Indah, N. (2023). The Influance of Capital Structure and Company Size on The Value of Companies Listed on The Indonesian Stock Exchange. Jurnal Akuntansi Dan Keuangan, 8(1), 166–179.
Sari, D. P., & Sulistyowati, E. (2023). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, dan Kepemilikan Institusional terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 7(1), 621. https://doi.org/10.33087/ekonomis.v7i1.781
Wulandari, S. D., & Arini, L. S. (2023). The Effect of Good Corporate Governance, Dividend Policy, and Capital Structure on Company Value: Empirical Study of Property and Real Estate Companies Listed on the Indonesian Stock Exchange for the 2016-2021 Period. Journal of Social Research, 2(10), 3586–3596. https://doi.org/10.55324/josr.v2i10.1438
Yuwono, W., & Aurelia, D. (2021). The Effect of Profitability, Leverage, Institutional Ownership, Managerial Ownership, and Dividend Policy on Firm Value. Journal of Global Business and Management Review, 3(1), 15. https://doi.org/10.37253/jgbmr.v3i1.4992.