Peran Kepemilikan Terkonsentrasi Terhadap Nilai Perusahaan Dengan Efisiensi Operasional Sebagai Variabel Mediasi

Mohamad Nur Utomo, Kaujan Kaujan, Sulistya Rini Pratiwi


Abstract. In this study, the relationships between ownership concentration and operational efficiency and firm value are examined.  Companies are ranked following the Environmental Performance (PROPER) and listed in Indonesia Stock Exchange as the sample in this study.  Data analysis techniques in this study using PLS-SEM with WarpPLS application version 6.0. The findings indicate that ownership concentration has a positive effect on operational efficiency and firm value.  The main findings indicate that operational efficiency mediates the effect of concentrated ownership on firm value.  The overall findings support agency theory and RBV theory.  Monitoring ownership concentration that directs managers to maximize operational efficiency can be a competitive advantage and value the higher value of the company.

 Agency Theory; Firm Value; Operational Efficiency; Ownership Concentration; PLS-SEM.

Abstrak. Dalam penelitian ini, hubungan antara kepemilikan terkonsentrasi, efisiensi operasional dan nilai perusahaan diuji.  Perusahaan-perusahaan yang mengikuti program peringkat Kinerja Lingkungan (PROPER) dan terdaftar di Bursa Efek Indonesia sebagai sampel dalam penelitian ini. Teknik analisis data dalam penelitian ini menggunakan PLS-SEM dengan aplikasi WarpPLS versi 6.0. Temuan menunjukkan bahwa kepemilikan terkonsentrasi memiliki efek positif pada efisiensi operasional dan nilai perusahaan. Temuan utama menunjukkan bahwa efisiensi operasional memediasi pengaruh kepemilikan terkonsentrasi pada nilai perusahaan. Temuan keseluruhan mendukung teori agensi dan teori RBV.  Monitoring kepemilikan terkonsentrasi yang mengarahkan manajer untuk memaksimalkan efisiensi operasional dapat menjadi keunggulan kompetitif dan memberikan valuasi nilai perusahaan yang lebih tinggi.


Efisiensi Operasional; Kepemilikan Terkonsentrasi; Nilai Perusahaan; PLS-SEM; Teori Agensi.

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