Managerial Ownership and Firm Value: The Mediation Role of Investment Efficiency and moderating role of Intangible Assets

This research study focuses on the role of investment efficiency in mediating the effect of ownership structure on firm value and intangible assets in moderating the impact of investment efficiency on firm value.The research object is non-financial public companies in Indonesia for the 2016-2020 period; empirical research data use panel data of 2.531 observational data in estimating the research model using Process Macro for SPSS V3.4.The results of this study indicate that the managerial ownership structure has a negative and significant effect on firm value.Along with an increase in managerial ownership, it will impact decreasing firm value.Thus, this study's results align with and strengthen the entrenchment hypothesis.Investment efficiency plays a full role in mediating the effect of managerial ownership structure on corporate value when intangible assets are moderated in moderate and high conditions.Companies must pay attention to the intangible asset investment group in implementing investment policies.It is in line with responding to the needs and developments of information technology so that companies will have competitiveness and growth sustainably.