The study empirically examines the influence of a firm's ownership structure and concentration on multiple dimensions of its financial performance. Recent studies stated that different ownership structures and ownership concentration would lead to different firm strategies and corporate governance, which are proven to directly and indirectly affect organizational performance based on the agency theory and resource dependency theory. Little attention has been paid to potential mediating factors affecting these relationships, especially for construction-related firms in transitional economies. To address the gap, this study uses Structural Equation Modeling (SEM) to test the mediating effect of board diversity, capital structure, and product diversification on the relationships between ownership and firm performance. Using data collected from 71 listed construction, developer, and real estate firms at the Indonesian Stock Exchange from 2015 to 2019. The result shows that the partial government ownership and concentrated ownership have a better financial performance compared to their counterparts. Board diversity, capital structure, and product diversification play a mediating role, but the effect varies depending on ownership structure and ownership concentration. Implications are discussed, and future research directions are provided.

The study empirically examines the influence of a firm's ownership structure and concentration on multiple dimensions of its financial performance. Recent studies stated that different ownership structures and ownership concentration would lead to different firm strategies and corporate governance, which are proven to directly and indirectly affect organizational performance based on the agency theory and resource dependency theory. Little attention has been paid to potential mediating factors affecting these relationships, especially for construction-related firms in transitional economies. To address the gap, this study uses Structural Equation Modeling (SEM) to test the mediating effect of board diversity, capital structure, and product diversification on the relationships between ownership and firm performance. Using data collected from 71 listed construction, developer, and real estate firms at the Indonesian Stock Exchange from 2015 to 2019. The result shows that the partial government ownership and concentrated ownership have a better financial performance compared to their counterparts. Board diversity, capital structure, and product diversification play a mediating role, but the effect varies depending on ownership structure and ownership concentration. Implications are discussed, and future research directions are provided.

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