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This study examines the moderating role of business environmental uncertainty in the relationship between the ownership structure and firm performance of companies listed on the Indonesia Stock Exchange. This study analyzes 2027 annual reports of companies listed on the Indonesia Stock Exchange for the years 2014-2021. The effects of ownership structure on firm performance are tested using STATA 17. Managerial ownership does not significantly affect the company's performance. Meanwhile, institutional ownership positively influences company. Regarding the moderation effect, the findings suggest that business environmental uncertainty can not serve as a moderating variable in the relationship between managerial ownership and company performance. However, business environmental uncertainty weakens the relationship between institutional ownership and company performance. This study focuses on Indonesian companies, and its results may not be easily generalized to different business contexts outside Indonesia. This study contributes to the literature by focusing on the impact of managerial and institutional ownership on firm performance, with business environmental uncertainty as a moderating variable, offering valuable insights for both researchers and practitioners in corporate governance and strategic management.
Maryanti et al. (Tue,) studied this question.