The Effect of Ownership and Financial Performance on Firm Value of Oil and Gas Mining Companies in Indonesia

Hasanudin Hasanudin, Andini Nurwulandari, I. Made Adnyana and Novi Loviana
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Hasanudin Hasanudin: Nasional University, Jakarta, Indonesia
Andini Nurwulandari: Nasional University, Jakarta, Indonesia
I. Made Adnyana: Nasional University, Jakarta, Indonesia
Novi Loviana: Nasional University, Jakarta, Indonesia

International Journal of Energy Economics and Policy, 2020, vol. 10, issue 5, 103-109

Abstract: This study aims to analyze the effect of institutional ownership, operating leverage, liquidity on firm value with company performance as an intervening in oil and gas mining companies listed in Indonesia stock exchange (IDX) between 2014 and 2018. A total of 10 companies classified in on the Indonesia Stock Exchange in the oil and natural gas mining sub-sector were used as sample, making the number of assessments to be 50 observations within a span of 5 years of 2014-2018. Data analysis using partial least squares/PLS analysis with structural equation modeling/SEM analysis model. The results of the study revealed that institutional ownership, operating leverage and liquidity have a positive influence on firm value. The mediating test by using the Sobel test showed that the firm s performance is able to mediate the effect of institutional ownership, operating leverage, liquidity on the the value of oil and gas companies in Indonesia.

Keywords: energy companies; institutional ownership; operating leverage; liquidity; firm value; firm performance (search for similar items in EconPapers)
JEL-codes: L25 Q43 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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