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All Journal Jurnal Ilmu Akuntansi dan Bisnis Syariah (AKSY) Apssai Accounting Review (ApAR)
Junianto, Prima Ayu Novita
Unknown Affiliation
Economics, Econometrics & Finance Education Environmental Science Social Sciences

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Strategic Ownership Dynamics: Unveiling the Impact of Business Strategy and Performance on LQ 45 Manufacturing Stock Prices Junianto, Prima Ayu Novita; Utama, Anak Agung Gde Satia
APSSAI ACCOUNTING REVIEW Vol 4 No 2 (2024): Oktober
Publisher : APSSAI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/apssai.v4i2.118

Abstract

Research aims: This study delves into the intricate dynamics between business strategy, corporate performance, and managerial ownership structure, and their collective impact on stock prices within the manufacturing sector of the LQ 45 index from 2019 to 2023. By juxtaposing State-Owned Enterprises (SOEs) with non-SOEs, this research uncover nuanced insights into how strategic decisions and ownership configurations influence market valuation. Design/Methodology/Approach: This research presents comprehensive analysis employs robust quantitative methods, incorporating financial metrics, performance indicators, and stock price movements to draw correlations and infer causations. Research findings:  The findings highlight distinct patterns and discrepancies between SOEs and Non-SOEs, emphasizing the pivotal role of ownership structure in shaping strategic effectiveness and market perception. Theoretical contribution/Originality: The theoretical contribution of this study lies in its exploration of the interplay between business strategy, corporate performance, and managerial ownership structure within the context of the manufacturing sector in Indonesia, specifically focusing on the LQ 45 index from 2019 to 2023. Practitioner/Policy implication: This study not only contributes to the existing body of knowledge but also provides actionable insights for investors, policymakers, and corporate leaders aiming to optimize strategic frameworks and enhance shareholder value in the competitive landscape of the Indonesian manufacturing industry.
UNPACKING VALUE: HOW BUSINESS STRATEGY, OWNERSHIP, AND PERFORMANCE SHAPE STOCK PRICES OF LQ45 MANUFACTURING FIRMS (2019–2023) Junianto, Prima Ayu Novita; Agung Gde Satia Utama , Anak
Jurnal Ilmu Akuntansi dan Bisnis Syariah (AKSY) Vol. 7 No. 2 (2025): Jurnal Ilmu Akuntansi dan Bisnis Syariah
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/aksy.v7i2.45825

Abstract

This study examines the interplay between business strategy, corporate performance, and managerial ownership in shaping the stock prices of LQ45listed manufacturing firms in Indonesia from 2019 to 2023. Despite analogous financial metrics, it addresses persistent valuation asymmetries between StateOwned Enterprises (SOEs) and nonSOEs. An integrativecomparative analytical framework is developed, positioning ownership structure as a moderating variable within the dynamics of an emerging market. Employing a quantitative methodology, the study applies panel data regression to test directional causality across key indicators, including Asset Utilisation Efficiency (AUE), Return on Equity (ROE), Return on Assets (ROA), Earnings per Share (EPS), and the proportion of managerial ownership. The empirical workflow comprises five sequential stages: (1) computation of financial ratios, (2) strategic categorisation via quintile scoring, (3) regressionbased model estimation, (4) diagnostic testing for normality (Kolmogorov–Smirnov) and heteroskedasticity, and (5) comparative testing moderated by ownership classification. Findings reveal AUE as a statistically significant determinant of stock price behaviour, while corporate performance and managerial ownership exhibit relatively weaker isolated effects. The study offers strategic insights for capital market actors and public sector stakeholders navigating valuation complexities in the postpandemic era.
Co-Authors Agung Gde Satia Utama , Anak Satia Utama, Anak Agung Gde