Asia-Pacific Development Journal

The Asia-Pacific Development Journal (APDJ) is published twice a year by the United Nations Economic and Social Commission for Asia and the Pacific. The primary objective of the APDJ is to provide a platform for the exchange of knowledge, experience, ideas, information and data on all aspects of economic and social development issues and concerns facing the region and aims to stimulate policy debate and assist policy formulation. The APDJ provides a scholarly means for bringing together research work by eminent social scientists and development practitioners from the region and beyond for use by a variety of stakeholders. The Journal aims to stimulate policy debate and assist policy formulation in the region.


Do ownership structures really matter? A study of companies listed on the Indonesia stock exchange

Examining the ownership structure of Indonesian corporations and its contribution towards developing appropriate corporate governance is an interesting endeavour, as the country is putting a lot of effort in improving trusts and attracting more foreign investors. A concentrated ownership structure is a common feature in the Asia-Pacific region. For the present paper, an analysis was conducted centred on ownership structures and their impact on governance and firm value in Indonesia. Measurements for ownership structure were based on the percentages of institutional and managerial ownership, while independent commissioners, board of directors and audit committees were used to measure corporate governance and Tobin’s Q was used to measure firm value. The results of the study, which is based on secondary data gathered from all the companies listed on the Indonesia Stock Exchange from 2009 to 2016, reveals that ownership structure affects two measures used for corporate governance and firm value. As expected, ownership structure shows a statistically significant relationship with corporate governance.


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