Implementasi Manajemen & Kewirausahaan
Vol 6 No 1 (2026): IMKA JOURNAL

The moderation effect of capital structure on the influence of family ownership on firm value

Muhammad Bayu Aji Sumantri (Universitas Pendidikan Indonesia)
Ikaputera Waspada (Universitas Pendidikan Indonesia)
Maya Sari (Universitas Pendidikan Indonesia)
Toni Heryana (Universitas Pendidikan Indonesia)



Article Info

Publish Date
05 May 2026

Abstract

This study aims to analyse the influence of family ownership on firm value and to examine the role of leverage as a moderating variable in this relationship. Family ownership is considered to play a crucial role in corporate control and strategic decision-making, which in turn can affect the creation of firm value. On the other hand, leverage reflects the company's funding policy, which has the potential to strengthen or weaken the influence of family ownership on firm value. This study employs a quantitative approach using secondary data obtained from corporate financial reports. The research sample was selected using the purposive sampling method and analysed using multiple linear regression techniques with Model Hayes number 1. The results indicate that family ownership has a significant effect on firm value, and leverage is able to moderate the relationship between family ownership and firm value. The findings of this study are expected to provide a theoretical contribution to the development of corporate governance literature, as well as practical implications for management and investors in making financing and investment decisions

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Journal Info

Abbrev

manajemen

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

The IMKA provides a forum for academics and professionals to share the latest developments and advances in knowledge and practice of management business both theory and practices. It aims to foster the exchange of ideas on a range of important management subjects and to provide stimulus for ...