The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable
<p>The research related to the association between structure ownership and the firm value is a discussion about corporate governance which is still has contradictory conclusion and mixed result. It indicates open question that needs empirical evidence. The influence of concentrated ownership o...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Universitas Muhammadiyah Yogyakarta
2017-12-01
|
| Series: | Journal of Accounting and Investment |
| Subjects: | |
| Online Access: | https://journal.umy.ac.id/index.php/ai/article/view/2941 |
| _version_ | 1818303983018573824 |
|---|---|
| author | Desi Susilawati Fuad Rakhman |
| author_facet | Desi Susilawati Fuad Rakhman |
| author_sort | Desi Susilawati |
| collection | DOAJ |
| description | <p>The research related to the association between structure ownership and the firm value is a discussion about corporate governance which is still has contradictory conclusion and mixed result. It indicates open question that needs empirical evidence. The influence of concentrated ownership on firm value still brought conflict of interest so the role of analyst following can be stated as an alternative of corporate governance mechanism (Lang <em>et al</em>., 2004). The objectives of this research are to examine the interaction effect between concentrated ownership and analyst following, and the effect of investor protection toward firm 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 period 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 value. However, there is no empirical evidence that the interaction of concentrated ownership and analyst following positively affect the firm value. As hypothesized, this research also shows that investor protection has negative impact on firm’s value.</p> |
| first_indexed | 2024-12-13T06:03:28Z |
| format | Article |
| id | doaj.art-ad87c193c4f2403787c07444c63d86a5 |
| institution | Directory Open Access Journal |
| issn | 2622-3899 2622-6413 |
| language | English |
| last_indexed | 2024-12-13T06:03:28Z |
| publishDate | 2017-12-01 |
| publisher | Universitas Muhammadiyah Yogyakarta |
| record_format | Article |
| series | Journal of Accounting and Investment |
| spelling | doaj.art-ad87c193c4f2403787c07444c63d86a52022-12-21T23:57:17ZengUniversitas Muhammadiyah YogyakartaJournal of Accounting and Investment2622-38992622-64132017-12-0112647510.18196/jai.1901922406The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating VariableDesi Susilawati0Fuad Rakhman1Vocational Program Universitas Muhammadiyah YogyakartaFaculty of Economics and Business Universitas Gadjah Mada, Yogyakarta<p>The research related to the association between structure ownership and the firm value is a discussion about corporate governance which is still has contradictory conclusion and mixed result. It indicates open question that needs empirical evidence. The influence of concentrated ownership on firm value still brought conflict of interest so the role of analyst following can be stated as an alternative of corporate governance mechanism (Lang <em>et al</em>., 2004). The objectives of this research are to examine the interaction effect between concentrated ownership and analyst following, and the effect of investor protection toward firm 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 period 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 value. However, there is no empirical evidence that the interaction of concentrated ownership and analyst following positively affect the firm value. As hypothesized, this research also shows that investor protection has negative impact on firm’s value.</p>https://journal.umy.ac.id/index.php/ai/article/view/2941concentrated ownershipanalyst followinginvestor protectionfirm value |
| spellingShingle | Desi Susilawati Fuad Rakhman The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable Journal of Accounting and Investment concentrated ownership analyst following investor protection firm value |
| title | The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable |
| title_full | The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable |
| title_fullStr | The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable |
| title_full_unstemmed | The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable |
| title_short | The Effect of Ownership Structure and Investor Protection on Firm Value: Analyst Following as Moderating Variable |
| title_sort | effect of ownership structure and investor protection on firm value analyst following as moderating variable |
| topic | concentrated ownership analyst following investor protection firm value |
| url | https://journal.umy.ac.id/index.php/ai/article/view/2941 |
| work_keys_str_mv | AT desisusilawati theeffectofownershipstructureandinvestorprotectiononfirmvalueanalystfollowingasmoderatingvariable AT fuadrakhman theeffectofownershipstructureandinvestorprotectiononfirmvalueanalystfollowingasmoderatingvariable AT desisusilawati effectofownershipstructureandinvestorprotectiononfirmvalueanalystfollowingasmoderatingvariable AT fuadrakhman effectofownershipstructureandinvestorprotectiononfirmvalueanalystfollowingasmoderatingvariable |