The Impact of Investment Performance as a Moderator on Institutional Ownership, CSR, Investment Opportunity Set, and Firm Value
DOI:
https://doi.org/10.61194/ijjm.v6i2.1540Keywords:
Institutional Ownership, Corporate Social Responsibility (CSR), Investment Opportunity Set (IOS), Investment Performance, Firm Value, Energy and Mineral Resources.Abstract
Using investment performance as a moderator, this study seeks to ascertain how Institutional Ownership, Corporate Social Responsibility (CSR), and Investment Opportunity Set (IOS) influence the value of a firm. One significant factor that can explain whether a firm's state is favorable or unfavorable in the eyes of investors is its firm value. The percentage of institutional ownership, CSR disclosure, IOS, and investment performance are some elements that determine firm value. A quantitative strategy was used as the research methodology in this study. Secondary data from business sustainability and financial reports is used in the data collection. Purposive sampling was employed to collect research data from companies in the energy and mineral sector listed on the Indonesia Stock Exchange during 2019–2023. SPSS 25 and Eviews 12 software were utilized for data processing, while multiple regression model analysis and the traditional assumption test were used for testing. The study's results suggest that IOS significantly increases business value, while institutional ownership and corporate social responsibility (CSR) have a positive but minimal impact. When Investment Performance moderates CSR, it has a negative and insignificant effect on Firm Value. Conversely, Institutional Ownership and IOS, which Investment Performance regulates, exhibit a substantial positive impact.
Downloads
References
Aminda, R. S., Timur, B., Purnahayu, I., Yulia, E., & Maftukha, M. (2022). Determinants of Firm Value with Financial Performance as Moderating Variable. Jurnal Minds: Manajemen Ide Dan Inspirasi, 9(1), 35–52. https://doi.org/10.24252/minds.v9i1.26037
Anggraini, R., & Yan Nyale, M. H. (2022). Pengaruh Profitabilitas, Solvabilitas dan Investment Opportunity Set terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 130–137. https://doi.org/10.47065/ekuitas.v4i1.2051
Arti, L. P. S., Kharisma, A. S., & Dumadi, D. (2023). Pengaruh Profitabilitas, Likuiditas, dan Pengungkapan CSR Terhadap Nilai Perusahaan Subsektor Makanan dan Minuman. JLEB: Journal of Law Education and Business, 1(2), 538–550. https://doi.org/10.57235/jleb.v1i2.1114
Dewi, A. S., & Machdar, N. M. (2023). Pengaruh Kebijakan Dividen, Keputusan Investasi, dan Risiko Pasar terhadap Nilai Perusahaan yang Dimoderasi Return Saham. Jurnal Rimba : Riset Ilmu Manajemen Bisnis Dan Akuntansi, 2(1), 64–76. https://doi.org/10.61132/rimba.v2i1.541
Erawati, T., & Ghafuur, F. Al. (2024). Pengaruh Profitabilitas, Kepemilikan Manajerial, dan Karakter Eksekutif terhadap Nilai Perusahaan: Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(1), 380–394. https://doi.org/10.47467/alkharaj.v6i1.2889
Hariyanti, S. A., & Ubaidillah, M. (2022). Pengaruh Investment Opportunity Set dan Corporate Social Responsibility Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi (Studi Empiris pada Perusahaan Sektor Properti dan Real Estate yang Terdaftar di BEI Tahun 2017-2020). Seminar Inovasi Manajemen Bisnis Dan Akuntansi (SIMBA) 4. https://prosiding.unipma.ac.id/index.php/SIMBA/article/view/3474
Holly, A., Jao, R., Mardiana, A., & Tangke, P. (2023). Pengaruh Kepemilikan Institusional, Ukuran Perusahaan, Dan Manajemen Aset Terhadap Nilai Perusahaan. Journal of Accounting and Finance, 7(1), 12–26. https://doi.org/10.25124/jaf.v7i1.5642
Ichwan, S. G., Dirvi, S. A., & Triana, Z. A. (2023). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Mutiara Ilmu Akuntansi, 2(1), 39–55. https://doi.org/10.55606/jumia.v2i1.2275
Khoeriyah, A. (2020). Pengaruh Size, Leverage, Sales Growth Dan IOS Terhadap Nilai Perusahaan. Profita: Jurnal Komunikasi Ilmiah Akuntansi Dan Perpajakan, 13(1), 96–111. http://dx.doi.org/10.22441/profita.2020.v13i1.005
Lauren, N., Daud, I., Malini, H., Giriati, G., & Jaya, A. (2023). Does Corporate Social Responsibility Moderate Financial Performance and Firm Size on Firm Value? International Journal of Applied Finance and Business Studies (IJAFIBS), 11(3), 535–544. www.ijafibs.pelnus.ac.id
Nasution, N., Faruqi, F., & Rahayu, S. (2019). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Struktur Modal, Pertumbuhan Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Di Indonesia Tahun 2015-2018. Jurnal STEI Ekonomi, 28(01), 153–171. https://doi.org/10.36406/jemi.v28i01.273
Nopiyani, P. E., Sanjaya, N. M. W. S., & Rianita, N. M. (2018). Pengaruh Ios Pada Nilai Perusahaan Dengan Kualitas Laba Sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi, 3(1), 33–48. https://doi.org/10.23887/jia.v3i1.16627
Nugroho, B. A., & Suwitho, S. (2021). Pengaruh Kepemilikan Institusional, Pertumbuhan, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Manajemen Esa Unggul (JAME), 9(1), 39–48.
Octavia, S., & Nita, R. (2023). Pengaruh kepemilikan manajerial, dan kepemilikan institusional terhadap nilai perusahaan. Jurnal Ilmiah Riset Akuntansi, 08(01), 1–18.
Partiwi, R., & Herawati, H. (2022). Pengaruh Kepemilikan Institusional, Leverage Dan Ukuran Perusahaan Terhadap Kinerja Perusahaan. Jurnal Kajian Akuntansi Dan Auditing, 17(1), 29–38. https://doi.org/10.37301/jkaa.v17i1.76
Raharjo, A. A., & Muhyarsyah. (2021). The impacts of Institutional Ownership, Leverage, and Firm Size on firm Value With Profitability As a Moderation Variable. International Journal of Business, Economics and Law, 24(5), 184–194. https://web.idx.com
Rinofah, R., Kusumawardhani, R., & Pangesti, R. D. (2022). Pengaruh Kepemilikan Manajerial, Investment Opportunity Set (IOS), Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Intervening (Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia 2015-2019). Jurnal Ilmiah Universitas Batanghari Jambi, 22(2), 948–956. https://doi.org/10.33087/jiubj.v22i2.2145
Ryangga, R., Chomsatu, Y., & Suhendro. (2020). Faktor – Faktor Yang Mempengaruhi Nilai Perusahaan Dan Return Saham Pada Perusahaan Otomotif Yang Terdaftar Di Bursa Efek Indonesia Periode 2009-2018. Jurnal Akuntansi, 9(2), 150–159.
Sabatamia, M., & Hutabarat, F. M. (2020). Investment Opportunity Set and Capital Structure on Stock Return with Profitability as The Control Variable: an Evidence of Bank Companies in Infobank15. Jurnal Akuntansi, 10(1), 105–114. https://doi.org/10.33369/j.akuntansi.10.1.105-114
Sakawa, H., & Watanabel, N. (2020). Institutional ownership and firm performance under stakeholder-oriented corporate governance. Sustainability, 12(3), 1–21. https://doi.org/10.3390/su12031021
Santoso, B. T. (2021). Pengaruh Corporate Social Responsibility (CSR), Kepemilikan Institusional, Kepemilikan Manajerial, Profitabilitas Dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Arastirma, 1(2), 226–238. https://doi.org/10.32493/arastirma.v1i2.12361
Sari, D. M., & Wulandari, P. P. (2021). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Tera Ilmu Akuntansi (TERA), 22(1), 1–18.
Sholikhah, Z., & Baroroh, N. (2021). The Roles of Capital Intensity in Moderating Managerial Ownership and Investment Opportunity Set (IOS) on Accounting Conservatism. Accounting Analysis Journal, 10(1), 25–31. https://doi.org/10.15294/aaj.v10i1.40114
Susanto, D., Pancawardani, N. L., & Mohklas. (2022). Analisis Pengaruh Profitability dan Investment Opportunity Set terhadap Kebijakan Deviden dengan Likuiditas sebagai Variabel Moderasi (Studi Empiris pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia periode 2015 – 2019). Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis & Akuntansi (EMBA), 1(1), 10–18. https://doi.org/10.34152/emba.v1i1.439
Suzan, L., & Kania, T. (2023). The Effect of Firm Size, Intellectual Capital, and Institutional Ownership on Company Value (Study on the Energy Sector Listed on the Indonesia Stock Exchange in 2018-2021). JHSS (Journal of Humanities and Social Studies), 07(02), 430–435.
Wahasusmiah, R., & Arshinta, F. A. B. (2022). Pengaruh Ukuran Perusahaan, Investment Opportunity Set, dan Corporate Governance terhadap Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Intervening pada Perusahaan LQ45. Journal Management, Bussines, and Accounting (MBIA), 21(1), 1–17. https://doi.org/10.33557/mbia.v21i1.1681
Wahyudi, S. M. (2022). The Effect of Investment Opportunity Set and Corporate Social Responsibility on Company Value with the Growth of Companies as Variables. International Journal of Multidisciplinary Research and Analysis, 05(06), 1502–1513. https://doi.org/10.47191/ijmra/v5-i6-37
Wijayanto, W., Mustaruddin, M., & Afifah, N. (2024). Determinants of Firm Value: Perspectives of Free Cash Flow, Investment Opportunities, Managerial Ownership, and Opportunistic Behavior. Asian Journal of Applied Research for Community Development and Empowerment (AJARCDE), 8(2), 53–58. https://doi.org/10.29165/ajarcde.v8i2.389
Wulandari, R., Wibowo, S., & Yunanto, A. (2020). Analisis Pengaruh Corporate Social Responsibility Dan Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Pemoderasi Studi Pada Industri Perbankan. Jurnal Ekonomi, Bisnis, Dan Akuntansi (JEBA), 22(2), 144–157. https://doi.org/10.32424/jeba.v22i2.1591
Yunita, K., Saleh, M., & Wendy. (2023). Corporate Social Responsibilities and Firm Values: Evidence from Indonesia. International Journal of Medical Science and Health Research, 07(08), 212–219. https://doi.org/10.51505/ijebmr.2023.7816
Yusna, & Sulistiono, S. (2021). Investment Opportunity Set Analysis as a Mediation of the Influence of Capital Structure on Company Value with Economic Growth as a Moderating Variable. Proceedings of 2nd Annual Management, Business and Economic Conference (AMBEC 2020), 183, 65–69. https://doi.org/10.2991/aebmr.k.210717.014
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
