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Top manager through the role of financial manager as the agent hired by the principal made three major decisions, which are: investment decision, financing decision, and dividend policy. Those decisions are interconnected and will create a value of the firm. Agency theory argued that in practice there will be conflict of interest between manager and the principal which is called as agency conflict. Ownership structure plays an important role to minimize the problem result from agency conflict in a company through the increase of managerial ownership and institutional ownership. The objective of this research is to investigate the effect of ownership structure to the financial decisions and the value of the firm. The population of this research is manufacturing companies listed in BEI. Pooling data method is used to collect the data and two stage least squares (2 SLS) is the analysis method. Based on the hypothesis test it can be summarized that simultaneously ownership structure has effect on financial decisions and firm value.
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