THE MARKET VALUE OF NON-FAMILY FIRMS: A STUDY ON OWNERSHIP CONCENTRATIONS, FINANCIAL POLICY AND PROFITABILITY

This study investigates the market valuation effect of ownership concentration, financial policy and profitability in a sample 109 non-family over period 2012 to 2019. Hence, we used balance panel data investigate value possible variables identified using General Method Moment (GMM) estimator. The results is dynamic nature, implying that last year's significantly affects current value. Although major shareholders are not family members, concentration still has significant negative effects on However, decision shows leverage gives positive while investment dividend seems have value, although insignificant. Lastly, effects. concluded important factors affect contributes firm’s literature provides new empirical findings implications regulators enhance value.JEL: G11, G30, G32.