Menakar Nilai Perusahaan: Uji Kausalitas pada Kepemilikan Institusional dan Kebijakan Hutang

Item Type:	Article
Title:	Menakar Nilai Perusahaan: Uji Kausalitas pada Kepemilikan Institusional dan Kebijakan Hutang
Abstract:	Abstract. The value of companies in various large companies in Indonesia is still not optimal. This causal study aims to examine the effect of institutional ownership and debt policy on firm value in cosmetics and household sub-sector manufacturing companies on the Indonesia Stock Exchange for the 2015-2021 period. A total of 5 sample companies were identified from a total of 10 companies, so that 35 observational data were collected based on purposive sampling technique. The company's financial statement data is collected through the www.idx.co.id page using documentation techniques. The data that has been collected was analyzed using multiple linear regression. The data was processed using SPSS version 23 program. The results showed that, partially institutional ownership had a negative and significant effect on firm value, while debt policy had a positive and significant effect on firm value. Meanwhile, simultaneously, institutional ownership and debt policy have a significant effect on firm value. Following up on the results of this study, the initial identification of firm value on the Indonesia Stock Exchange should be optimized through the assessment of institutional ownership and debt policy, so as to encourage an increase in firm value. Keywords: Company Value, Debt Policy, Institutional Ownership Abstrak. Nilai perusahaan di berbagai perusahaan besar di Indonesia masih belum optimal. Penelitian kausal ini bertujuan untuk menguji pengaruh kepemilikan institusional dan kebijakan hutang terhadap nilai perusahaan pada perusahaan manufaktur sub sektor kosmetik dan rumah tangga di Bursa Efek Indonesia periode 2015-2021. Sebanyak 5 perusahaan sampel yang berhasil diidentifikasi dari total 10 perusahaan, sehingga diperoleh 35 data pengamatan yang berhasil dikumpulkan berdasarkan teknik purposive sampling. Data laporan keuangan perusahaan dikumpulkan melalui laman www.idx.co.id dengan menggunakan teknik dokumentasi. Data yang telah terkumpul dianalisis menggunakan regresi linear berganda. Data tersebut diolah menggunakan program SPSS versi 23. Hasil penelitian menunjukkan bahwa, secara parsial kepemilikan institusional berpengaruh negatif dan signifikan terhadap nilai perusahaan, sedangkan kebijakan hutang berpengaruh positif dan signifikan terhadap nilai perusahaan. Sementara itu, secara simultan, kepemilikan institusional dan kebijakan hutang berpengaruh signifikan terhadap nilai perusahaan. Menindaklanjuti hasil penelitian ini, maka identifikasi awal nilai perusahaan di Bursa Efek Indonesia harus lebih dioptimalkan melalui penilaian kepemilikan institusional dan kebijakan hutang, sehingga dapat mendorong peningkatan nilai perusahaan. Kata kunci: Nilai Perusahaan, Kebijakan Hutang, Kepemilikan Institusional
Creators:	Mulyadi, Yose Ega and Akadiati, Victoria Ari Palma and Yulianti, Maria Lusiana and Purwati, Agnes Susana Merry and Abdurohim and Suwandi and Luju, Elisabet and Melinda
Depositing User:	Mr. Billy Salim Sudiro, S.T.
Date Deposited:	17 Oct 2025 09:13
Last Modified:	17 Oct 2025 09:15
URI:	https://repo.unwim.ac.id/id/eprint/1269

Abstract.

The value of companies in various large companies in Indonesia is still not
optimal. This causal study aims to examine the effect of institutional ownership and debt
policy on firm value in cosmetics and household sub-sector manufacturing companies on
the Indonesia Stock Exchange for the 2015-2021 period. A total of 5 sample companies
were identified from a total of 10 companies, so that 35 observational data were collected
based on purposive sampling technique. The company's financial statement data is
collected through the www.idx.co.id page using documentation techniques. The data that
has been collected was analyzed using multiple linear regression. The data was processed
using SPSS version 23 program. The results showed that, partially institutional
ownership had a negative and significant effect on firm value, while debt policy had a
positive and significant effect on firm value. Meanwhile, simultaneously, institutional
ownership and debt policy have a significant effect on firm value. Following up on the
results of this study, the initial identification of firm value on the Indonesia Stock
Exchange should be optimized through the assessment of institutional ownership and debt
policy, so as to encourage an increase in firm value.

Keywords: Company Value, Debt Policy, Institutional Ownership

Abstrak.

Nilai perusahaan di berbagai perusahaan besar di Indonesia masih belum
optimal. Penelitian kausal ini bertujuan untuk menguji pengaruh kepemilikan
institusional dan kebijakan hutang terhadap nilai perusahaan pada perusahaan manufaktur
sub sektor kosmetik dan rumah tangga di Bursa Efek Indonesia periode 2015-2021.
Sebanyak 5 perusahaan sampel yang berhasil diidentifikasi dari total 10 perusahaan,
sehingga diperoleh 35 data pengamatan yang berhasil dikumpulkan berdasarkan teknik
purposive sampling. Data laporan keuangan perusahaan dikumpulkan melalui laman
www.idx.co.id dengan menggunakan teknik dokumentasi. Data yang telah terkumpul
dianalisis menggunakan regresi linear berganda. Data tersebut diolah menggunakan
program SPSS versi 23. Hasil penelitian menunjukkan bahwa, secara parsial kepemilikan
institusional berpengaruh negatif dan signifikan terhadap nilai perusahaan, sedangkan
kebijakan hutang berpengaruh positif dan signifikan terhadap nilai perusahaan.
Sementara itu, secara simultan, kepemilikan institusional dan kebijakan hutang
berpengaruh signifikan terhadap nilai perusahaan. Menindaklanjuti hasil penelitian ini,
maka identifikasi awal nilai perusahaan di Bursa Efek Indonesia harus lebih dioptimalkan
melalui penilaian kepemilikan institusional dan kebijakan hutang, sehingga dapat
mendorong peningkatan nilai perusahaan.

Kata kunci: Nilai Perusahaan, Kebijakan Hutang, Kepemilikan Institusional