Managerial Ownership, Financial Performance, and Firm Size as Drivers of Company Value: Empirical Evidence from the Indonesian Food and Beverage Industry (2019–2023)

This study investigates the relationship between dividend policy, debt policy, managerial ownership, and firm value in the food and beverage companies listed on the Indonesia Stock Exchange from 2016 to 2019. The purposive sampling method was employed, and a total of 13 companies were included in the analysis. Secondary data was collected and analyzed using multiple linear regression. The findings reveal that dividend policy, debt policy, and managerial ownership significantly affect firm value in the food and beverage sector. Specifically, the study highlights that dividend policy, debt policy, and managerial ownership have positive effects on firm value. These findings contribute to the understanding of financial decision-making in the food and beverage industry, providing valuable insights for managers, investors, and policymakers seeking to enhance firm value and financial performance.
 Highlights:
 
 
 Dividend policy's impact: The study establishes a significant relationship between dividend policy and firm value in the food and beverage sector.
 
 
 Debt policy's influence: The research reveals the effect of debt policy on company value, providing insights into financial decision-making in the industry.
 
 
 Managerial ownership's significance: The study highlights the importance of managerial ownership and its impact on firm value in food and beverage companies.
 
 
 Keywords: Dividend policy, Debt policy, Managerial ownership, Firm value, Food and beverage sector.

This research examines the impact of Corporate Social Responsibility (CSR) Disclosure, Environmental Performance, and Firm Characteristics on Firm Value, with Financial Performance as a Mediating Variable. The research focuses on bacis materials companies listed on the Indonesia Stock Exchange. CSR Disclosure is assessed using the Corporate Social Responsibility Index (CSRI), Environmental Performance is represented by the PROPER rating, and Firm Characteristics include Firm Size, Managerial Ownership, and Capital Structure using the Debt to-Equity Ratio (DER). Firm Value is measured using Price-to-Book Value (PBV), and Financial Performance is proxied by Return on Assets (ROA). A purposive sampling technique selected 15 companies, and panel data regression analysis was conducted using EViews. The result show that Environmental Performance, Managerial Ownership, and Capital Structure have a significant positive effect on firm value. Capital Structure also positively influences Financial Performance, which in turn enhances Firm Value and Mediates the effect of Capital Structure on Firm Value. However, CSR Disclosure and Firm Size do not have a significant effect on Firm Value or Financial Performance. Additionally, Financial Performance does not mediate the relationship between CSR Disclosure, Environmental Performance, Firm Size, or Managerial Ownership and Firm Value

This study aims to analyze the effect of financial performance, auditor reputation, and firm size on firm value with managerial ownership as moderating. This research is associative and descriptive with a quantitative approach, which uses secondary data. The population in this study are raw goods sector companies listed on the Indonesia Stock Exchange (IDX) in 2017-2020. The sampling technique used purposive sampling so that the selected sample obtained as many as 17 companies. The analysis technique in this study uses panel data regression analysis using E-views version 10 software. The results of this study indicate that financial performance, auditor reputation, firm size simultaneously have a significant effect on firm value, financial performance has no significant effect on firm value, auditor reputation has no significant effect on firm value, firm size has a significant effect on firm value, managerial ownership cannot moderate the effect of financial performance on firm value, managerial ownership cannot moderate the effect of auditor reputation on firm value, managerial ownership can moderate the effect firm size on firm value, managerial ownership can moderate the effect of financial performance, auditor reputation, firm size on firm value simultaneously.

The study aims to explore the significant influence of leverage, managerial ownership, liquidity, and firm size on financial performance, as assessed through DAR (Debt to Asset Ratio), managerial ownership levels, CR (Current Ratio), LN (natural logarithm), and ROA (Return on Asset). The research sample comprises 89 companies that were listed on the Indonesia Stock Exchange between 2020 and 2022, including those submitting annual financial reports for the same period. Purposive sampling was employed in selecting the sample. Data analysis relied on secondary data obtained through documentation methods. The audited financial reports sourced from the Indonesia Stock Exchange's official website served as the research data. The concurrent findings of the study indicate that the effects of business size, liquidity, managerial ownership, and leverage are negligible. Partial results suggest that, collectively, the independent variables do not significantly impact the dependent variable.

The purpose of this study was to examine the influence of Corporate Social Responsibility and Managerial Ownership on Firm’s Value, analysis profitability as moderating variable in the relationship between Corporate Social Responsibility with firm's value and Managerial Ownership with Firm's Value. And also to examine Firm Size as a moderating variable in the relationship between Corporate Social Responsibility with firm's value and Managerial Ownership with Firm’s Value. Data for this research were obtained from the firm's annual report and financial statement on the Indonesia Stock Exchange (IDX) site. A sample used in this research are 120 manufacturing companies that listed on the Indonesia Stock Exchange from 2013-2015. The sampling technique used is purposive sampling method. This research uses a regression analysis. Based on the analysis it can be concluded that the significant positive effect of Corporate Social Responsibility on firm’s value. Managerial Ownership has no effect on a firm's value. Profitability can be a moderating variable between Corporate Social Responsibilities with Firm's Value, but cannot be a moderate variable between Managerial Ownership with Firm’s Value. Firm Size cannot be a moderating variable between Corporate Social Responsibilities with Firm's Value and cannot be a moderating variable between Managerial Ownership with Firm's Value.

This research aims to analyse and obtain empirical evidence about the influence of independent variables on Firm value. The independent variables tested in this research were Managerial Ownership, Institutional Ownership, Company Growth, Return on Asset (ROA), Debt to Asset Ratio, Liquidity and Firm Size. The sample of this research consisted 103 non-financial company that had been listing in Indonesia Stock Exchange from 2018 to 2020. The sample chosen is by using purposive sampling method and the hypothesis is tested by using multiple regression analysis. The result showed that ROA and Debt to Asset Ratio had influence on Firm value. Meanwhile, the other five variables namely Managerial Ownership, Institutional Ownership, Company Growth, Liquidity and Firm Size had no influence on Firm value.

General Background: The role of Good Corporate Governance (GCG), financial performance, and profitability is increasingly recognized in determining firm value, particularly in sectors with substantial consumer impact, such as food and beverage. Specific Background: This study evaluates managerial ownership, financial performance using DAR, profitability using ROA, and firm value using PBV. Knowledge Gap: Despite existing literature linking these variables, there remains a limited understanding of their combined effects on firm value within the Indonesian food and beverage sector. Aims: This research aims to analyze the influence of GCG, financial performance, and profitability on the firm value of food and beverage companies listed on the Indonesia Stock Exchange (BEI) from 2020 to 2023. Results: Utilizing a purposive sampling technique, 64 companies were analyzed using multiple linear regression. The findings indicate that GCG, financial performance, and profitability all positively and significantly influence firm value, underscoring the interconnectedness of these factors. Novelty: This study contributes to the literature by providing empirical evidence within the specific context of Indonesian food and beverage firms, filling a notable gap regarding the relationships between GCG, financial performance, profitability, and firm value. Implications: The results suggest that improving GCG practices, enhancing financial performance, and maximizing profitability are critical for increasing firm value. This study offers valuable insights for investors and company management, emphasizing the importance of robust corporate governance and effective financial management to foster long-term firm value growth. Further research is recommended to explore additional variables and broader contexts.

This research was conducted by a banking company listed on the Indonesia Stock Exchange. The purpose of the study is to find out and analyze the influence of Good Corporate Governance on financial performance in banking companies listed on the Indonesia Stock Exchange. Good Corporate Governance in this study is measured by the Independent Board of Directors, Independent Board of Commissioners, Managerial Ownership and Audit Committee. Meanwhile, Financial Performance is measured by return on assets (ROA). The number of samples in this study is 120 financial statements. The research was conducted from 2021 to 2023. This study uses quantitative data processed with the Eviews application with a linear regression model of panel data. The data source used is secondary data taken from the Indonesia Stock Exchange website. The results of the study show that the Independent Board of Directors partially has a positive but not significant effect on ROA. The Independent Board of Commissioners has a significant positive effect on ROA. Managerial ownership has a significant positive effect on ROA. The Audit Committee has a significant positive effect on ROA. Meanwhile, simultaneously the Independent Board of Directors, the Independent Board of Commissioners, Managerial Ownership and the Audit Committee simultaneously had a significant positive effect on the ROA variable. The amount of influence contribution is 84.82%.

This study aims to examine the effect of financial performance proxied by Return On Assets (ROA) and Return On Equity (ROE) on firm value by disclosing managerial ownership as a moderating variable in Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX). The population in this study was obtained using the purposive sampling method for property and real estate companies listed on the Indonesia Stock Exchange during 2019 – 2021. Based on predetermined criteria, a sample of 100 was obtained. The analytical method used is Moderating Regression Analysis (MRA). This study’s results indicate that return on assets and return on equity do not affect firm value. The results also show that managerial ownership strengthens the relationship between return on assets and firm value. Managerial ownership weakens the relationship between return on equity and firm value.

This study aims to analyze the effect of the board of commissioners, audit committee, and managerial ownership simultaneously and partially on the company's financial performance. The board of commissioners, audit committee, and managerial ownership are used as independent variables. The company's financial performance used in this study uses ROA (Return On Assets) as the dependent variable. The population in this study are pharmaceutical companies listed on the Indonesia Stock Exchange in 2012-2020. The sample amounted to 7 companies listed on the Indonesia Stock Exchange. The analysis method used to test the hypothesis is to use multiple linear regression analysis using the SPSS program. The results of this study indicate that partially the board of commissioners has no effect on the company's Return On Assets (ROA) financial performance; The audit committee affects the company's Return On Assets (ROA) financial performance; and Managerial ownership affects the company's Return On Assets (ROA) financial performance. Furthermore, simultaneously the board of commissioners, audit committee, and managerial ownership affect the financial performance of the company's Return On Assets (ROA).

The aim of this study is to determine the effect of Financial Performance toward Firm Value with Ownership Structure as Moderating Variable on Manufacturing Companies Listed in Indonesia Stock Exchange in The Period of 2012-2016. Independent variable of this study is Financial Performance with Return on Assets as a proxy. Dependent variable of this study is Firm Value with Tobin's Q as a proxy. While moderating variable used in this study is a mechanism of Corporate Governance in the form of Ownership Structure with Managerial Ownership and Institutional Ownership as the proxy. Then control variable in this study are Firm Size and Leverage. The research model of this study employs panel data analysis with Fixed Effect Model approach. The empirical result shows that Financial Performance has positive significant effect on Firm Value. Managerial Ownership and Institutional Ownership can't moderate the relation between Financial Performance on Firm Value. Firm Size has negative significant effect on Firm Value. And Leverage has insignificant effect on Firm Value.

This study aims to analyze tehe effect of profitability and firm size on firm value with capital structure as a mediating variable. The study was conducted on food and beverage sub-sector companies listed on the Indonesia Stock Exchange during 2020-2023. The variables used in this study include Return on Assets (ROA), frim size (SIZE), Dept to Equity Ratio (DER), and Price to Earnings Ratio (PER). Path analysis was applied to test the relationsips. The results show that booth profitability and firm size significantly influence capital structure. Pprofitability and firm size also directly affect firm value. Furthemore, capital structure ppartially mediates the relationship between profitabilitiy, firm size, and firm value. These findings highlight the importance of strategic capital structur management to enhance corporate financial performance and long-term value, especially in the food and beverage sector.

Rapid economic development requires companies to improve their performance to generate maximum profits and maintain survival. A company's main goal is to increase its value, which is attractive to investors, Managerial mistakes can lead to a decline in public trust, decreasing share values and company value. Good corporate governance (GCG) increases company value by encouraging clean, transparent, professional, and responsible management. The aims of this study are to examine the effect of good corporate governance represented by management ownership, independent board of commissioners, and profitability represented by return on asset (ROA) on firm value in the transportation and logistics company listed on the Indonesia Stock Exchange from 20212022. The analysis technique used in this research is multiple linear regression analysis. The population used in this study were all companies in the transportation and logistics company listed on the Indonesia Stock Exchange. The sample in this study were all companies that survived during the 2021 to 2022 consisting of 16 companies (that met the criteria. The sampling technique used in this study is the purposive sampling method. The results of this study indicate that (1) management ownership has a significant effect on firm value, (2) the independent board of commissioners has a significant effect on firm value. (3) return on assets has a significant effect on firm value. Keywords: firm value, good corporate governance, independent board of commissioners, management ownership, return on assets.

This study examines the determinants of profitability within Indonesia's food and beverage industry, specifically analyzing the role of firm size, liquidity, efficiency, leverage, and market power. Utilizing data from 24 companies listed on the Indonesia Stock Exchange from 2018-2022, the research employs multiple linear regression analysis to investigate these factors' impact on profitability, as indicated by Return On Assets (ROA). Results reveal that firm size, liquidity, efficiency, leverage, and market power collectively influence profitability, with market power emerging as the most significant determinant. While firm size and efficiency are positively associated with profitability, leverage negatively impacts it, and liquidity does not significantly affect it. The study's findings highlight the importance of strategic market positioning, operational efficiency, and prudent financial management in enhancing profitability.

This study examines how firm size, managerial ownership, and conflict of interest influence the application of accounting conservatism, with leverage as a moderating variable. The population studied comprised 125 manufacturing companies in the non-cyclical consumer sector, listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. Using purposive sampling, 41 companies were selected, yielding 2025 units of analysis. The food and beverage sector was chosen for its stable demand, despite challenges such as strict regulations, fluctuations in raw material prices, and growing health and sustainability awareness. The analytical tools used to test the hypotheses were multiple regression and moderating-variable regression analyses in IBM SPSS 26. The results of the study indicate that firm size, managerial ownership, and conflict of interest do not affect accounting conservatism. Leverage is unable to moderate the relationship between firm size and managerial ownership on accounting conservatism. However, leverage moderated the effect of conflict of interest on accounting conservatism, weakening it. The results of the study indicate that firm size, managerial ownership, and conflict of interest do not affect accounting conservatism. Leverage is unable to moderate the relationship between firm size and managerial ownership on accounting conservatism. However, leverage can moderate the effect of conflict of interest on accounting conservatism, thereby weakening it. The results of this study indicate that a larger size does not guarantee that a company will apply the principle of conservatism. Managerial decisions and internal company policies often have a greater influence than size. Managerial ownership also cannot explain how accounting conservatism is applied, because low managerial ownership makes managers less conservative in preparing financial statements. Company managers currently receive bonuses because of their sense of ownership of the company, not only because of increased profits. A conflict of interest within the company does not always affect accounting conservatism, depending on specific conditions. When a company has low debt, management may feel freer to make more optimistic decisions because they do not face financial pressure from creditors, thereby reducing conflicts of interest.