KEPEMILIKAN BLOCKHOLDER, INVESTMENT OPPORTUNITY SET, RASIO LIKUIDITAS, DAN NILAI PERUSAHAAN
Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya
Jl. Raya Prabumulih, Inderalaya, Ogan Ilir, Indonesia, 30662.
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This research aimed to measure and to find empirical evidence, blockholder ownership toward firm value, the role of Investment Opportunity Set (IOS) as mediating effect of blockholder ownership on firm value and role of liquidity ratio as moderating effect of IOS on firm value. The research was conducted at manufacturing companies listed in Indonesia Stock Exchange in 2008-2012 period. This research used purposive sampling, and the units of analysis were 120 observations. Data analysis used was Structural Equation Modeling (SEM). The result showed that blockholder ownership did not have significant effect to firm value. IOS as full mediation had an effect on blokcholder ownership toward firm value and liquidity ratio as quite moderation in strengthening the effect of IOS to firm value.
Key words: blockholder ownership, firm value, investment opportunity set, liquidity ratio