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Journal : Action Research Literate (ARL)

Ownership Structure and Financial Performance of the Technology Sector on the Indonesia Stock Exchange (2020–2024) Apriani, Tari; Mukhzarudfa; Kusumastuti, Ratih; Tiswiyanti, Wiwik
Action Research Literate Vol. 10 No. 4 (2026): Action Research Literate
Publisher : Ridwan Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/arl.v10i4.3090

Abstract

This research aims to examine the effect of ownership structure on the financial performance of technology sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Ownership structure is proxied by institutional ownership, managerial ownership, and foreign ownership, while financial performance is measured using Tobin's Q as a market-based indicator of firm value. This study uses a causal-associative quantitative approach with panel data. The sample consists of 20 technology sector companies listed on the Indonesia Stock Exchange, selected through purposive sampling, resulting in 100 firm-year observations. Data drawn from annual reports, audited financial statements, and stock price records were analyzed using panel data regression with EViews 13. The results show that, simultaneously, institutional ownership, managerial ownership, and foreign ownership have a significant effect on the financial performance of technology sector companies. Partially, institutional ownership and managerial ownership have a positive and significant effect on Tobin's Q, indicating that stronger institutional monitoring and greater alignment of managerial interests contribute to higher firm value. In contrast, foreign ownership has a positive but statistically insignificant effect on financial performance. These findings indicate that domestic governance mechanisms, particularly institutional and managerial ownership, play a more important role in enhancing market valuation in the Indonesian technology sector during the post-pandemic and technology sector correction period. This study contributes to the corporate governance literature by providing evidence on the role of ownership structure in explaining firm value in a knowledge-based industry within an emerging market context.
Co-Authors Achmad Hizazi Achmad, Muhardi Addawiyah, Maulidiani Afrizal Akbar, Awal Apriani, Tari Apriyanti, Nur Ulyana Arif Firmansyah B, Sylvia Kartika Wulan Berlin Dhamos Syahputra Silalahi Dahmiri Dewi Firdaus, Taufiq Akbar Dewi Fitriyani Diah Restu P Diana Safutri Disya Yuke Farhana Dwi Annisa A Eko Prasetyo Elisa Rama Yanti Enggar Diah PA Enggar Diah PA Enggar Diah Puspa Arum Febro, Zahra Rasyanda Fithri Salsabila Fitrini Mansur Fredy Olimsar FRIYANI, RITA Gowon, Muhammad Hamdani, Ahmad Hamzah Hamzah Hamzah, Hamzah Haryadi Haryadi Heni Pujiastuti Hernando, Riski Ihwana, Sandy Ikhsan M., Muhammad Ilham Wahyudi Indah Aurelia Iskandar Sam Istiqomah Melinda Jayawarsa, A.A. Ketut Juantara, Billy Akbar KARTIKA WULAN BHAYANGKARI, SYLVIA Kartini, Puti Tri Khairunnisa Khairunnisa Khaldun, Muhammad Hafidz Ibnu Khoirany Kurnia, Reni Indah Kurniawan, Rafmil M Sholihin M. Furqon Mila Novriani Misni Erwati, Misni Monica Zuanur Safitri Muhammad Raghib Ardianto Muhlis, Fatkur Mukhzarudfa Mukhzarudfa Mukhzarudfa, Mukhzarudfa Mukti, Mukti Mulyani, Suci Nababan, Carmelita Namira Putri Aninda Natalia Fitria Revini Pranata Nela Safelia Netty Herawaty Nur Puspita, Lovia Oki Permata Osman, Rani Nur Az-zahra Puspita, Dita Candra Putra, Dios Nugraha Putri, Kartika Malika Putri, Vigga Alifah Rachmawati, Devy Rahayu Rahayu Rahmat Da’i Rainiyati Rainiyati ramadhan, Muhammad Gema Ratih Kusumastuti Reka Maiyarni Reni Indah Kurnia Reni Yustien Reni Yustien Rico Wijaya Z Riski Hernando Rizaldi, Sendy Rizki B, Anisa Salman Jumaili Salsa Vonni Indrayani Sam, Iskandar Senusi, Novita Sintia Marselina Siregar, Ermina Siswahyudianto Sri Rahayu SRI RAHAYU Sri Wahyuni Sri Widiyati, Sri Susfa Yetti, Susfa Susfayetti Suswita Roza Thamrin, Wisnami Syakhira Tuti, Srimastuti Velindi Simarmata, Yana Wahyu Hidayat Warislan, Putri Wendry, Widyasari Widya Sari Wendry Wiralestari Wiralestari, Wiralestari Wiralestari, Wiralestari Wirmie Eka Putra Yudi Yudi Yudi Yulianti, Melly Maragretha Zulma, Gandy Wahyu Maulana