Determinant Factors of Leverage – Based Firm Value, with Management Ownership Role as a Moderation


  • Aprih Santoso Universitas Semarang
  • Muslim Universitas Muslim Indonesia
  • Ardiani Ika Sulistyawati Universitas Semarang
  • Dede Hertina Universitas Widyatama
  • Alfiana Universitas Muhammadiyah Bandung



Leverage, Firm Value, Ownership, Manufacturing


This study aims to analyze leverage on firm value and the moderating role of management ownership variables in the influence of leverage on the value of manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2020. The population of this research is all manufacturing companies on the Indonesia Stock Exchange for the 2015-2020 period. . The sampling technique in this study uses purposive sampling with the criteria of manufacturing companies listed on the Indonesia Stock Exchange for the 2015-2020 period, with the total number of shares owned by the company's management above 1% of all outstanding shares so that the sample is 162. To see the type of moderation then used two equation models, so that the regression model equation. The data was processed with SPSS'26 software. The result of the research is that leverage has a positive and significant effect on firm value. Management ownership is proven to moderate the effect of leverage on firm value. The existence of management ownership in its interaction with leverage and firm value is a pure moderator


Download data is not yet available.


Aggarwal, D. & Padhan, P. C. (2017), Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters. 7(4). 982-1000. DOI:10.4236/tel.2017.74067

Ghalandari, K. (2013). The moderating effects of growth opportunities on the relationship between capital structure and dividend policy and ownership structure with firm value in Iran: case study of Tehran securities exchange. Research journal of applied sciences, engineering and technology. 5(4): 1424-1431..

Hamidy, R.R., Wiksuana, I.G.B. & Artini, L.G.S. (2015). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Properti Dan Real Estate Di Bursa Efek Indonesia. E-Jurnal Ekonomi dan Bisnis Universitas Udayana. 4(10). 665-682

Hoque, J., Hossain, A., & Hossain K. 2014. Impact of capital structure policy on value of the firm – a study on some selected corporate manufacturing firms under dhaka stock exchange. Ecoforum. 3(2). 77-84

Marchyta, N.K. & Astuti, D. (2015). Pengaruh Struktur Modal dan Karakteristik Perusahaan Terhadap Profitabilitas dan Nilai Perusahaan. Jurnal FINESTA. 3(1). 13-18

Nafisah, N.I., Halim, A., & Sari, A.R. (2018). Pengaruh return on assets (ROA), debt to equity ratio (DER), current ratio (CR), return on equity (ROE), price earning ratio (PER), total assets turnover (TATO), dan earning per share (EPS) terhadap nilai perusahaan manufaktur yang terdaftar di BEI tahun 2014-2015. Jurnal Riset Mahasiswa Akuntansi, JRMA. 6(2). 1-17

Nazariah, Maisur & Masytari, A. (2019). Pengaruh rasio keuangan terhadap nilai perusahaan (Perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di BEI tahun 2013-2017). Jurnal Real Riset. 1(2). 61-69

Pratama, I.G.G.W & Wirawati, N.G.P. (2016). Pengaruh struktur modal dan profitabilitas terhadap nilai perusahaan dengan kepemilikan manajerial sebagai pemoderasi. E-Jurnal Akuntansi 15(3). 1817-1825

Rizqia, D. A, Aisjah, S. & Sumiati. 2013. Effect of managerial ownership, financial leverage, profitability, firm size, and investment opportunity on dividend policy and firm value. Research Journal of Finance and Accounting. 4(11). 120-130

Robinhot, G., Agustina, & Wijaya, S.W. (2013). Analisis faktor-faktor yang mempengaruhi nilai perusahaan pada perusahaan farmasi di bursa efek indonesia. Jurnal Wira Ekonomi Mikroskil., 3(01). 51-60

Sadalia, I. Simanjuntak, S. & Butar-Butar,N.A. (2017). An analysis of the determinants of capital structure and their influence on firm value (a case study on manufacturing companies investors in Southeast Asia). International Journal of Applied Business and Economic Research. 15 (19), 165-177

Samisi, K. & Ardiana, P.A. (2013). Pengaruh struktur pendanaan terhadap nilai perusahaan dengan kepemilikan manajerial sebagai variabel moderasi. E-Jurnal Akuntansi. 5(3). 451-469.

Thaib, I. & Dewantoro, A. (2017). Pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening (Studi pada perusahaan transportasi laut di Bursa Efek Indonesia. Jurnal Riset Perbankan Manajemen dan Akuntansi. 1(1). 25-44




How to Cite

Santoso, A., Muslim, Sulistyawati, A. I., Hertina, D., & Alfiana. (2023). Determinant Factors of Leverage – Based Firm Value, with Management Ownership Role as a Moderation. Jurnal Manajemen Bisnis, 10(2), 434–443.