{"id":"https://openalex.org/W4387922932","doi":"https://doi.org/10.1108/s1571-03862023000033b005","title":"Financial Performance and Ownership Structure: Influence on Firm Value Through Leverage","display_name":"Financial Performance and Ownership Structure: Influence on Firm Value Through Leverage","publication_year":2023,"publication_date":"2023-10-24","ids":{"openalex":"https://openalex.org/W4387922932","doi":"https://doi.org/10.1108/s1571-03862023000033b005"},"language":"en","primary_location":{"id":"doi:10.1108/s1571-03862023000033b005","doi":"https://doi.org/10.1108/s1571-03862023000033b005","is_oa":false,"landing_page_url":"https://doi.org/10.1108/s1571-03862023000033b005","pdf_url":null,"source":{"id":"https://openalex.org/S4306463236","display_name":"Emerald Group Publishing Limited eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from SEA","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W4387923447","display_name":"Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from SEA"},"type":"book-chapter","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5000152179","display_name":"Harmono Harmono","orcid":"https://orcid.org/0000-0002-1933-5017","observed_orcids":["https://orcid.org/0000-0002-1933-5017"]},"institutions":[{"id":"https://openalex.org/I4210108175","display_name":"Universitas Merdeka Malang","ror":"https://ror.org/01rtkeb16","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210108175"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Harmono Harmono","raw_affiliation_strings":["Universitas Merdeka Malang, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Merdeka Malang, Indonesia","institution_ids":["https://openalex.org/I4210108175"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5007705634","display_name":"Sugeng Haryanto","orcid":"https://orcid.org/0000-0002-6345-5577","observed_orcids":["https://orcid.org/0000-0002-6345-5577"]},"institutions":[{"id":"https://openalex.org/I4210108175","display_name":"Universitas Merdeka Malang","ror":"https://ror.org/01rtkeb16","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210108175"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Sugeng Haryanto","raw_affiliation_strings":["Universitas Merdeka Malang, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Merdeka Malang, Indonesia","institution_ids":["https://openalex.org/I4210108175"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5064078545","display_name":"Grahita Chandrarin","orcid":"https://orcid.org/0000-0002-7024-1315","observed_orcids":["https://orcid.org/0000-0002-7024-1315"]},"institutions":[{"id":"https://openalex.org/I4210108175","display_name":"Universitas Merdeka Malang","ror":"https://ror.org/01rtkeb16","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210108175"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Grahita Chandrarin","raw_affiliation_strings":["Universitas Merdeka Malang, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Merdeka Malang, Indonesia","institution_ids":["https://openalex.org/I4210108175"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5023365784","display_name":"Prihat Assih","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210108175","display_name":"Universitas Merdeka Malang","ror":"https://ror.org/01rtkeb16","country_code":"ID","type":"education","lineage":["https://openalex.org/I4210108175"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Prihat Assih","raw_affiliation_strings":["Universitas Merdeka Malang, Indonesia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Merdeka Malang, Indonesia","institution_ids":["https://openalex.org/I4210108175"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4210108175"],"apc_list":null,"apc_paid":null,"fwci":38.7987,"has_fulltext":false,"cited_by_count":29,"citation_normalized_percentile":{"value":0.9982699,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":98,"max":99},"biblio":{"volume":null,"issue":null,"first_page":"63","last_page":"85"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9398999810218811,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9398999810218811,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.05290000140666962,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13957","display_name":"Corporate Governance and Financial Management","score":0.00430000014603138,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/optimal-capital-structure","display_name":"optimal capital structure","score":0.9269999861717224},{"id":"https://openalex.org/keywords/debt-equity-ratio","display_name":"debt to equity ratio","score":0.8370000123977661},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.859000027179718},{"id":"https://openalex.org/keywords/financial-performance","display_name":"financial performance","score":0.9300000071525574},{"id":"https://openalex.org/keywords/ownership-structure","display_name":"ownership structure","score":0.8730000257492065},{"id":"https://openalex.org/keywords/independent-commissioners","display_name":"independent commissioners","score":0.9229999780654907},{"id":"https://openalex.org/keywords/audit-committee","display_name":"audit committee","score":0.9909999966621399},{"id":"https://openalex.org/keywords/institutional-ownership","display_name":"institutional ownership","score":0.9980000257492065},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.9819999933242798},{"id":"https://openalex.org/keywords/return-on-equity","display_name":"return on equity","score":0.996999979019165},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.6470000147819519},{"id":"https://openalex.org/keywords/manufacturing-firms","display_name":"manufacturing companies","score":0.6830000281333923}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.8113130927085876},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6044203639030457},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.6040152907371521},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.5296000838279724},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.5210760831832886},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.47388142347335815},{"id":"https://openalex.org/C9778290","wikidata":"https://www.wikidata.org/wiki/Q1900659","display_name":"Market value added","level":3,"score":0.4718337655067444},{"id":"https://openalex.org/C2779709291","wikidata":"https://www.wikidata.org/wiki/Q15699608","display_name":"Intervening variable","level":3,"score":0.45976465940475464},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.4461885690689087},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.438424289226532},{"id":"https://openalex.org/C82793941","wikidata":"https://www.wikidata.org/wiki/Q1046024","display_name":"Path analysis (statistics)","level":2,"score":0.43250200152397156},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.41859641671180725},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.40996572375297546},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.40596771240234375},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.32383662462234497},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3016717731952667},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.29678741097450256},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.15177273750305176},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C149923435","wikidata":"https://www.wikidata.org/wiki/Q37732","display_name":"Demography","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1108/s1571-03862023000033b005","doi":"https://doi.org/10.1108/s1571-03862023000033b005","is_oa":false,"landing_page_url":"https://doi.org/10.1108/s1571-03862023000033b005","pdf_url":null,"source":{"id":"https://openalex.org/S4306463236","display_name":"Emerald Group Publishing Limited eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from SEA","raw_type":"book-chapter"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":46,"referenced_works":["https://openalex.org/W1516559901","https://openalex.org/W1523976029","https://openalex.org/W1966119267","https://openalex.org/W1969897463","https://openalex.org/W1978282661","https://openalex.org/W1978900012","https://openalex.org/W1989052414","https://openalex.org/W2029056003","https://openalex.org/W2034285328","https://openalex.org/W2047536307","https://openalex.org/W2060795823","https://openalex.org/W2102111744","https://openalex.org/W2122496578","https://openalex.org/W2125757600","https://openalex.org/W2129570543","https://openalex.org/W2131773668","https://openalex.org/W2146479463","https://openalex.org/W2317087630","https://openalex.org/W2323304533","https://openalex.org/W2347105405","https://openalex.org/W2558507902","https://openalex.org/W2593151889","https://openalex.org/W2624050123","https://openalex.org/W2714079532","https://openalex.org/W2752617332","https://openalex.org/W2768740555","https://openalex.org/W2883920594","https://openalex.org/W2896001402","https://openalex.org/W2905233556","https://openalex.org/W2906820974","https://openalex.org/W2922037310","https://openalex.org/W2941626576","https://openalex.org/W2947523095","https://openalex.org/W2963220461","https://openalex.org/W2971779007","https://openalex.org/W3000612267","https://openalex.org/W3003426655","https://openalex.org/W3042519627","https://openalex.org/W3048931516","https://openalex.org/W3112422710","https://openalex.org/W3122638935","https://openalex.org/W4212841724","https://openalex.org/W4234459061","https://openalex.org/W4237239309","https://openalex.org/W4253175219","https://openalex.org/W4296781852"],"related_works":["https://openalex.org/W4285457188","https://openalex.org/W2888546069","https://openalex.org/W4389514687","https://openalex.org/W7066543803","https://openalex.org/W4414783528","https://openalex.org/W4397038313","https://openalex.org/W3035565661","https://openalex.org/W2727756367","https://openalex.org/W4320509856","https://openalex.org/W2955699645"],"abstract_inverted_index":{"Abstract":[0],"This":[1,135],"chapter":[2],"focuses":[3],"on":[4,20,41,81,86,89,117,124],"testing":[5],"optimal":[6,110],"capital":[7,111],"structure":[8],"theory:":[9],"The":[10,44,69,113],"role":[11,76,114],"of":[12,23,29,32,77,84,108,115,120,141,148],"intervening":[13,78],"variable":[14,79],"debt":[15,154],"to":[16,63,97,153],"equity":[17],"ratio":[18],"(DER)":[19],"the":[21,24,75,82,94,98,106,118,132,139,146],"influence":[22],"financial":[25],"performance,":[26],"Ownership":[27,40],"Structure":[28],"Independent":[30],"Board":[31],"Commissioners":[33],"(IBCO),":[34],"Audit":[35],"Committee":[36],"(ACO),":[37],"and":[38,92,122,150],"Institutional":[39],"Firm":[42],"Value.":[43],"research":[45,49,70],"design":[46],"was":[47],"explanatory":[48],"using":[50],"path":[51],"analysis.":[52],"Using":[53],"purposive":[54],"sampling,":[55],"61":[56],"manufacturing":[57],"companies,":[58],"observation":[59],"period":[60],"from":[61],"2014":[62],"2018":[64],"with":[65,131],"286":[66],"N":[67],"samples.":[68],"novelty":[71],"empirically":[72],"can":[73],"prove":[74],"DER":[80,116],"effect":[83,119],"return":[85],"assets":[87],"(ROA)":[88],"firm":[90,125],"value":[91,126],"shows":[93,137],"market":[95],"response":[96],"ROA":[99],"is":[100,127],"fully":[101],"reflected":[102],"by":[103],"DER,":[104],"indicating":[105],"existence":[107],"an":[109],"structure.":[112],"ROE":[121],"IBCO":[123],"a":[128,143],"partial":[129],"mediation":[130],"inverse":[133],"direction.":[134],"phenomenon":[136],"that":[138],"mechanism":[140],"forming":[142],"balance":[144],"between":[145],"responses":[147],"investors":[149],"creditors":[151],"relates":[152],"financing.":[155]},"counts_by_year":[{"year":2026,"cited_by_count":11},{"year":2025,"cited_by_count":9},{"year":2024,"cited_by_count":9}],"updated_date":"2026-11-12T12:28:57.059296","created_date":"2023-10-25T00:00:00"}