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Journal > Jurnal Akuntansi & Investasi > The Effect of Ownership Structure and Investor Protection to Firm Value: Analyst Following and as Moderating Variable

 

Jurnal Akuntansi & Investasi
Vol 19, No 1: January-June 2018
The Effect of Ownership Structure and Investor Protection to Firm Value: Analyst Following and as Moderating Variable
Susilawati, Desi ( D3 Akuntansi Universitas Muhammadiyah Yogyakarta)
Rakhman, Fuad ( Prodi Akuntansi, Fakultas Ekonomika dan Bisnis, Universitas Gadjah Mada, Yogyakarta)
Article Info   ABSTRACT
Published date:
20 Dec 2017
 
The research related to the association between structure ownership and the firm’s value is a discussion about corporate governance which is still has contradictory conclusion and mixed result. It’s indicates open question that need emperical evidence. The influence of concentrated ownersjp on firm’s value still brought conflict of interest so the role of analyst following can be stated as an alternative of corporate governance mechanism (Lang et al. 2004). The objective of this research are to examine interaction effect between concentrated ownership and analyst following, and the effect investor protection toward firm’s value in five Asian companies. Asia is chosen because it has unique characteristic, in term of corporates ownership structure which is more concentrated on families and board of governance is weak (Choi, 2003). The data is consisting of 7.100 firm year observations obtained from Bloomberg and OSIRIS database for the periode 2011-2013 in five Asian Countries, i.e. China, South Korea,  Malaysia, Taiwan and Thailand. Multiple Regression analysis is used to test hypotheses. The results show that concentrated ownership is positively affects the firm’s value, but there is no empirical evidence that the interaction of concentrated ownership and analyst following positively affect the firm’s value. As hypotesized, this research also shows that investor protection has negative impact on firm’s value.
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