STRUKTUR MODAL SEBAGAI VARIABEL MODERATING PADA HUBUNGAN GROWTH OPPORTUNITY, INVESTMENT OPPORTUNITY SET , MANAGERIAL OWNERSHIP TERHADAP NILAI PERUSAHAAN
SUB-SEKTOR PENGEMBANGAN DAN PENGOPERASIAN PROPERTI PERIODE (2020-2024)
DOI:
https://doi.org/10.32493/jiim.v4i1.54710Keywords:
Growth Opportunity; Investment Opportunity Set; Managerial Ownership; Firm Value and Capital Structure.Abstract
This study seeks to provide empirical evidence on the influence of growth opportunity, investment opportunity set, and managerial ownership on firm value, with capital structure serving as a moderating variable. A quantitative approach employing panel data regression analysis was applied. The study utilized secondary data derived from company annual reports. The research sample comprised firms within the property development and operation subsector over the period 2020–2024. A purposive sampling technique was employed, yielding 12 companies with a total of 60 annual observations. Following logarithmic data transformation, the final sample consisted of 51 observations. The findings indicate that, simultaneously, growth opportunity, investment opportunity set, and managerial ownership exert a significant influence on firm value. However, partial testing reveals that growth opportunity and investment opportunity set have no significant effect, whereas managerial ownership demonstrates a significant positive impact on firm value. Furthermore, capital structure is found to significantly moderate the relationship between managerial ownership and firm value, but it does not moderate the relationships between growth opportunity or investment opportunity set and firm value.
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