Abstract
The aims of this study is to determine the influence of ownership structure, investment, stock liquidity and risk stock to operating performance, Good Corporate Governance (GCG) and firm value on the manufacturing sector listed in Indonesian Stock Exchange (IDX). The research results are; the ownership structure have a positive significant effect to operating performance and the risk stock have a negative significant effect on operating performance and operating performance have positive insignificant effect on firm value. The ownership structure have a significant effect on corporate governance and corporate governance have a significant effect on firm value. However, investment, stock liquidity and risk stock have a negative insignificant effect on corporate governance. Stock liquidity have a negative significant effect on firm value, however ownership structure and investment have insignificant effect on firm value. Special findings from this research are that there is gradual process in influencing firm value so that corporate governance has the role as intervening variable, which is the variables moderating the effects of ownership structure in affecting firm value.
Highlights
The company represents the union between the various interests of shareholders and management that aims value maximize of the company
The present study examines the effect of ownership structure, investment, liquidity risk and shares risk to operating performance, Good Corporate Governance (GCG) and firm value of the manufacturing sector that listed in Indonesian Stock Exchange (IDX)
Investment, share risk and operating performance has no effect on firm value
Summary
The company represents the union between the various interests of shareholders and management that aims value maximize of the company. It that means value maximize of shareholder wealth is the ultimate goal of the company. Improved corporate value indicates increasing shareholder wealth. Company is above the market value of debt securities and outstanding equity investor perceptions and the level of success that is often associated with the company's share price (Keown et al, 2004). Rising share prices mean increased Firm Value itself (the market value of the firm). An enterprise value of investor’s perception level of success companies are often associated with share price. Firm value high will make the market believe in the firm's current performance and on the company's future prospects
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