Do Ownership, Financing and Dividend Decisions, and COVID-19 Matter for Firm Value? Evidence from Indonesia

This article examines the impact of ownership structure, type of ownership structure namely market investor, financing decision, dividend decision, and COVID-19 on the value of 158 selected firms over the 2010-2022 period. Using a Panel Least Square Technique (EGLS), the study documented that the ownership structure (the first largest shareholder, the second largest shareholder, the type of ownership structure or market investor), and dividend decision affect positively the firm value, while the financing decision and COVID-19 pandemic affect negatively the corporate value. Our result findings stress the significance of the ownership structure, type of ownership structure by the market investor, financing decision, and dividend decision to be taken into consideration by the manager of the firms to improve the firm value and for investors when designing the investment decision in the Indonesian stock market.