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All Journal Journal of Accounting and Auditing Journal of Applied Accounting and Sustainable Finance
Gita Christy
Sekolah Tinggi Ilmu Ekonomi Tri Bhakti, Bekasi, Indonesia
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Beyond the Numbers: How Institutional Ownership and Capital Structure Shape Firm Value Gita Christy; Bryan Wilson Hamonangan Hutabarat
Journal of Accounting and Auditing Vol. 2 No. 3 (2026): April 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/jaa.v2i3.180

Abstract

Purpose – This study aims to analyze the relationship between capital structure, institutional ownership, and profitability on firm value in financial sector companies in Indonesia. Design/methodology/approach – This study uses secondary data from the annual reports of financial sector companies listed on the Indonesian Stock Exchanged (IDX) for the period 2022-2024. Through purposive sampling technique, a sample of 70 companies was obtained with a total of 210 observations. Data analysis was carried out using a panel data regression model using EViews9 software, where the Random Effect Model (REM) was selected as the best model based on the results of the Chow, Hausman, and Lagrange Multiplier tests. Findings – These results of the study shows that Capital Structure has a positive and significant effect on Firm Value. In contrast, Institutional Ownership and Profitability do not have a significant influence on Firm Value in the financial sector during the observation period. This indicates that investors in the financial sector place more value on the management of funding structures compared to the proportion of institutional ownership or short-term profit levels. Research limitations/implications – Companies in the financial swctor are advised to optimize the composition of debt and equity to increase investor confidence. For investors, these results provide insight that the value of companies in the financial sector is influenced by funding stability, so investment strategies need to consider fundamental aspects of capital structure in addition to other macroeconomic factors. JEL : G21, G30, G32, M41
The Effect of Capital Structure and Institutional Ownership on Firm Value withProfitability as a Moderating Variable: Evidence from the Indonesia Financial Sector Gita Christy; Renata Anastasya Simamora
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 2 (2026): Agust 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i2.230

Abstract

Purpose – This study aims to analyze the relationship between capital structure and institutional ownership on firm value withprofitability as a moderating variable. Design/methodology/approach – This study uses secondary data. The data collected are from companies engaged in the financial sector listed on the Indonesian Stock Exchange (IDX) with 70 research samples during 2022 – 2024. The author tested the hypothesis using a panel data regression model with some application namely EViews9. The research design is non-probability sampling. Findings – This study shows that capital structure has a significant effect on firm value (p = 0.0064 < 0.05), institutional ownership (p= 0.2758 > 0.05) and profitability (p = 0.32125 > 0.05) have no effect. Profitability was found to weaken the relationship between capital structure and firm value; profitability weakens the relationship between institutional ownership and firm value. These findings imply that managers in the financial sector should prioritize capital structure management to enhance firm value, as profitability and institutional ownership did not show significant impact during this period. Investors are advised to be more selective by focusing on debt ratios as a primary indicator for firm valuation in the Indonesia capital market. Research limitations/implications – The limitation of this study that all variables were measured using samples, making it difficultto obtain data. Another limitation was found in the meta-analysis section, where the required data (journals, books, etc.) are difficultto find. Another limitation was the difficulty in determining the criteria for samples to be used in this study. It is difficult to find annual reports for the specified years, namely 2022 – 2024. It is difficult to carry out the sample selection procedure in the population. JEL : G30, G32, M21, C23
Co-Authors Bryan Wilson Hamonangan Hutabarat Renata Anastasya Simamora