Kapitalisme Berbagi atau Keserakahan Terselubung? Dampak Kepemilikan Saham oleh Institusi terhadap Nilai Perusahaan
DOI:
https://doi.org/10.58812/jmws.v4i04.2175Kata Kunci:
Kepemilikan Saham Institusional, Nilai Perusahaan, Tata Kelola Perusahaan, Integrasi LST, Konsentrasi KepemilikanAbstrak
Penelitian ini secara sistematis menganalisis 65 dokumen yang terindeks Scopus untuk menyelidiki dampak kepemilikan saham institusional terhadap nilai perusahaan. Kepemilikan institusional memainkan peran ganda dalam tata kelola perusahaan, yang menawarkan manfaat dan tantangan. Temuan menunjukkan bahwa investor institusional meningkatkan nilai perusahaan melalui peningkatan tata kelola, transparansi, dan panduan strategis. Namun, risiko seperti jangka pendek, pengaruh yang berlebihan, dan konflik tata kelola juga terlihat jelas. Faktor-faktor kontekstual, termasuk lingkungan peraturan, karakteristik industri, dan konsentrasi kepemilikan, secara signifikan membentuk hasil. Tren yang muncul, seperti integrasi LST dan penggunaan analitik tingkat lanjut, semakin mempengaruhi dampak kepemilikan institusional. Studi ini memberikan pemahaman yang komprehensif tentang kompleksitas yang terlibat, menawarkan wawasan yang berharga bagi para pembuat kebijakan, investor, dan manajer perusahaan yang ingin mengoptimalkan hubungan antara kepemilikan institusional dan nilai perusahaan.
Referensi
Aggarwal, S., Dsouza, S., Joshi, M., Antoun, R., & Phan, D. H. T. (2025). Environmental, social and governance investing: systematic literature review using ADO model. Journal of Accounting Literature.
Al-Qadasi, A. A. (2024). The power of institutional investors: empirical evidence on their role in investment in internal audit function. Managerial Auditing Journal, 39(2), 166–190.
Ali, S., Zhang, R., Talha, M., & Ali, Z. (2024). Does institutional quality complement the relationship between ownership structure and corporate social responsibility? Heliyon, 10(11).
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/https://doi.org/10.1016/j.bir.2022.11.006
BOUDERMINE, S., & KEDDAM, D. (n.d.). Institutional Investors Ownership and Financial Performance: An Empirical Study of CAC40 Companies.
Castañer, X., Goranova, M., Hermes, N., Kavadis, N., & Zattoni, A. (2022). Ownership and corporate governance across institutional contexts. Corporate Governance: An International Review, 30(6), 638–655.
Drobetz, W., El Ghoul, S., & Guedhami, O. (2024). Beyond ownership: The role of institutional investors in international corporate governance.
Giordino, D., Jabeen, F., Nirino, N., & Bresciani, S. (2024). Institutional investors ownership concentration and its effect on disclosure and transparency of United Nations sustainable development goals. Technological Forecasting and Social Change, 200, 123132.
Haxhi, I. (2023). An institutional perspective on corporate governance. In Oxford Research Encyclopedia of Business and Management.
He, W., & Mi, L. (2022). Institutional investors’ horizon and equity-financed payouts. Journal of Banking & Finance, 134, 106324.
Jha, R. K., & Tiwari, R. K. (2025). Institutional Ownership and Corporate Risk-taking: Indian Evidence. Global Business Review, 09721509241310035.
Li, Y., Zhu, L., Ke, Y., & Wu, X. (2024). Does common institutional ownership restrain corporate financialization? International Review of Economics & Finance, 95, 103394.
Mangla, N. (2024). “Exploring Sustainable Investment Frontiers: A Bibliometric Analysis on current trends and hurdles in incorporating ESG into Investment decision-making.” Journal of Informatics Education and Research, 4. https://doi.org/10.52783/jier.v4i3.1650
Mishra, C. S. (2024). Institutional Shareholders, Board Gender Diversity, and Firm Performance. International Journal of Finance & Economics.
Obagbuwa, O. (2020). Institutional Shareholders’ Monitoring and Control Over Corporate Decisions: Evidence from JSE Listed Companies. University of KwaZulu-Natal, Westville.
Rahayu, N., & Wahyudi, A. (2024). Analisis pengaruh kepemilikan institusional terhadap kinerja keuangan perusahaan. Jurnal Rimba: Riset Ilmu Manajemen Bisnis Dan Akuntansi, 2(3), 94–108.
Setyabudi, T. (2021). The effect of institutional ownership, leverage, and profitability on firm value with dividend policy as an intervening variable. Journal of Business and Management Review, 2(7), 457–469.
Song, D., Tran, Q.-N., Nguyen, H.-N., & Truong, Q.-T. (2024). ESG Performance and Institutional Investment Behaviors. Emerging Markets Finance and Trade, 1–17.
Vetrivel, S. C., Arun, V. P., Saravanan, T. P., & Maheswari, R. (2025). Corporate Governance and Firm Performance. In Intersecting Corporate Governance, Financial Performance, and Long-Term Value Creation (pp. 1–34). IGI Global.
Weiwei, F., Hui, W., & Nair, S. (2023). The Roles that Institutional Investor Playing in Corporate Governance: An International Literature Review. International Journal of Academic Research in Business and Social Sciences, 13(11), 2506–2512. https://doi.org/10.6007/ijarbss/v13-i11/19683
Wiersema, M., Koo, H., Chen, W., & Zhang, Y. (2025). Corporate Short-Termism: A Review and Research Agenda. Journal of Management, 01492063241303392.
Wulandari, F. A., & Suwarno, S. (2024). HOW INSTITUTIONAL OWNERSHIP DRIVES FINANCIAL PERFORMANCE WHILE LARGER FIRMS STRUGGLE. Journal of Economic and Economic Policy. https://api.semanticscholar.org/CorpusID:274405648
Zhang, J. (2023). Institutional investors site visits, CSR performance, and large shareholder’s expropriation. Cogent Business & Management, 10(3), 2267223.
Unduhan
Dimensions
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2025 Frangky Yongky Turang, Muhamad Ammar Muhtadi, Salwa Aulia Novitasari

Artikel ini berlisensiCreative Commons Attribution-ShareAlike 4.0 International License.