Ownership structure and corporate performance: evidence from property and real estate public companies in Indonesia

This paper has proposed a specific case in the property and real estate sector regarding the impact of ownership structure and corporate performance, since this sector is one of those with booming investment in Indonesia. The ownership structure was represented by the institutional investor and managerial ownership, and the Economic Value Added (EVA) and Tobin's Q were used as a proxy for firm performance. This study utilized the purposive sampling of 240 observations over the period 2010-2015. The fixed and random effect panel data model was employed to determine the relationship among the variables. Findings show that the institutional investor and company's size, as well as debt ratio, are important in explaining firm performance, while managerial ownership has a partially significant effect on the performance of companies in this industry.