PENGARUH OWNERSHIP STRUCTURE TERHADAP FIRM FINANCIAL PERFORMANCE PADA PERUSAHAAN SEKTOR NON-KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016
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Keywords:
ownership structure, firm financial performance, tobin’s Q
Abstract
Abstrak – Penelitian ini bertujuan untuk menganalisis pengaruh ownership structure terhadap firm financial performance dengan menggunakan Tobin’s Q sebagai proxy. Variabel yang digunakan adalah government ownership, individual ownership, institutional ownership, firm size dan leverage. Penelitian ini menggunakan pendekatan kuantitatif dengan model analisis linier berganda. Penelitian ini menggunakan sampel berupa badan usaha non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2012-2016. Jumlah sampel yang digunakan dalam penelitian ini adalah 310 observasi.
Kata kunci: ownership structure, firm financial performance, tobin’s Q
Abstract - This research aims to analyze the influence of ownership structure on firm financial performance by Tobin’s Q as a proxy. The variables used are government ownership, individual ownership, institutional ownership, firm size and leverage. This research uses quantitative approach with multiple linear analysis model. This study uses a sample of non-financial entities listed on the Indonesia Stock Exchange (BEI) in the period 2012-2016. The number of samples used in this study was 316 observations.
Key words: ownership structure, firm financial performance, tobin’s Q
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References
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Al-Saidi, M., Al-Shammari, B., 2015, Ownership Concentration, Ownership Composition and the Performance of the Kuwaiti Listed NonFinancial Firms, International Journal of Commerce and Management, Vol. 25(1): 108-132.
Alipour, M., 2013, An investigation of the Association Between Ownership Structure and Corporate Performance: Empirical Evidence from Tehran Stock Exchange (TSE), Management Research Review, Vol. 36(11): 1137-1166.
Aluchna, M., Kaminski, B., 2017, Ownership Structure and Company Performance: a Panel Study from Poland, Baltic Journal of Management, Vol. 12(4): 485-502.
Analisa, Y., 2011, Pengaruh Ukuran Perusahaan, Leverage, Profitabilitas, dan Kebijakan Deviden terhadap Nilai Perusahaan, Skripsi, Universitas Diponegoro
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Babaola, Abiodun, Y., 2013, The Effect of Firm Size on Firms Profitability in Nigeria, Journal of Economics and Sustainable Development, Vol. 4(5).
Bae, J., Kim, Sang-Joon, Hannah Oh, 2016, Taming Polysemous Signals: The Role of Marketing Intensity on the Relationship Between Financial Leverage and Firm Performance, Review of Financial Economics, Vol. 33: 29-40.
Bhatt, P.R., Bhatt, R.R., 2017, Corporate Governance and Firm Performance in Malaysia, Corporate Governance: The International Journal of Business in Society, Vol. 17(5):896-912.
Borisova, G., Brockman, P., Salas, J.M., Zagorchev, A., 2012, Government Ownership and Corporate Governance: Evidence from the EU, Journal of Banking and Finance, Vol. 36: 2917-2934.
Boubakri, N., El Ghoul, S., Guedhami, O., Megginson, W.L., 2017, The Market Value of Government Ownership, Journal of Corporate Finance, Vol. 50: 44-65.
Desoky, A.M., Mousa, G.A., 2013, An Empirical Investigation of the Influence of Ownership Concentration and Identity on Firm Performance of Egyptian Listed Companies, Journal of Accounting in Emerging Economies, Vol. 3(2):164-188.
Detthamrong, U., Chancharat, N., Vithessonthi, C., 2017, Corporate Governance, Capital Structure and Firm Performance: Evidence from Thailand, Research in International Business and Finance, Vol. 42: 689-709.
FCGI. 2001. Peranan Dewan Komisaris dan Komite Audit dalam Pelaksanaan Tata Kelola Perusahaan. Seri Tata Kelola Perusahaan Jilid II. Jakarta
Gordini, N., Rancati, E., 2017, Gender Diversity in The Italian Boardroom and Firm Financial Performance, Management Research Review, Vol. 40(1):75-94.
Ibhagui, O.W., Olokoyo, F.O., 2018, Leverage and Firm Performace: New Evidence on the Role of Firm Size, North American Journal of Economics and Finance.
Jensen, M.C., Meckling, W.H., 1976, Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Journal of Financial Economics, Vol. 3(4): 305-360.
Katah, B., 2009, The Impact on Conflict Between Controlling and Minority Shareholders, The Case of Kakuzi Limited, University of Nairobi School of Business.
Le, Vy, T.P., Nguyet, T.B., 2017, Capital Structure and Firm Performance: Empirical Evidence from a Small Transition Country, Research in International Business and Finance, Vol. 4: 710-726.
Lin, Yongjia R., Xiaoqing Maggie Fu, 2017, Does Institutional Ownership Influence Firm Performance? Evidence from China, International Review of Economic and Finance, Vol. 49:17-57.
Mashayekhi, B., Bazaz, M.S., 2008, Corporate Governance and Firm Performance in Iran, Research Note, University of Tehran & Oakland University.
Mei Yu, 2013, State Ownership and Firm Performance: Empirical Evidence from Chinese Listed Companies, China Journal of Accounting Research, Vol. 6: 75-87.
Mishra, S., Mohanty, P., 2014, Corporate Governance as a Value Driver for Firm Performance: Evidence from India, Corporate Governance, Vol. 14(2): 265-280.
Mollah, S., Al Farooque, O., Karim, W., 2012, Ownership Structure, Corporate Governance and Firm Performance: Evidence from an African Emerging Market", Studies in Economics and Finance, Vol. 29(4):301-319.
Pervan, M., Visic, J., 2012, Influence of Firm Size on Its Business Success, Croation Operational Research View, Vol.3.
Shleifer, A., Vishny, R.W., 1997, A Survey of Corporate Governance, Journal of Finance, Vol. 52 (2): 737-783.
Shyu, J., 2013, Ownership Structure, Capital Structure and Performance of Group Affiliation: Evidence from Taiwanese Group-affiliated Firms, Managerial Finance, Vol. 39(4): 404-420.
Yasser, Q.R., Al Mamun, A., Rodrigs, M., 2017, Impact of Board Structure on Firm Performance: Evidence from an Emerging Economy", Journal of Asia Business Studies, Vol. 11 Issue 2: 210-228.
Zeitun, R., Tian, G.G., 2007, Does Ownership Affect a Firm's Performance and Default Risk in Jordan?, Corporate Governance: The International Journal of Business in Society, Vol. 7(1): 66-82.
Al-Qadasi, A., Abidin, S., 2018, The Effectiveness of Internal Corporate Governance and Audit Quality: the Role of Ownership Concentration – Malaysian Evidence, Corporate Governance: The International Journal of Business in Society, Vol. 18(2):233-253.
Al-Saidi, M., Al-Shammari, B., 2015, Ownership Concentration, Ownership Composition and the Performance of the Kuwaiti Listed NonFinancial Firms, International Journal of Commerce and Management, Vol. 25(1): 108-132.
Alipour, M., 2013, An investigation of the Association Between Ownership Structure and Corporate Performance: Empirical Evidence from Tehran Stock Exchange (TSE), Management Research Review, Vol. 36(11): 1137-1166.
Aluchna, M., Kaminski, B., 2017, Ownership Structure and Company Performance: a Panel Study from Poland, Baltic Journal of Management, Vol. 12(4): 485-502.
Analisa, Y., 2011, Pengaruh Ukuran Perusahaan, Leverage, Profitabilitas, dan Kebijakan Deviden terhadap Nilai Perusahaan, Skripsi, Universitas Diponegoro
Astami, E.W., Tower, G., Rusmin, R., Neilson, J., 2010, The Effect of Privatisation on Performance of State-owned-enterprises in Indonesia, Asian Review of Accounting, Vol. 18(1): 5-19.
Babaola, Abiodun, Y., 2013, The Effect of Firm Size on Firms Profitability in Nigeria, Journal of Economics and Sustainable Development, Vol. 4(5).
Bae, J., Kim, Sang-Joon, Hannah Oh, 2016, Taming Polysemous Signals: The Role of Marketing Intensity on the Relationship Between Financial Leverage and Firm Performance, Review of Financial Economics, Vol. 33: 29-40.
Bhatt, P.R., Bhatt, R.R., 2017, Corporate Governance and Firm Performance in Malaysia, Corporate Governance: The International Journal of Business in Society, Vol. 17(5):896-912.
Borisova, G., Brockman, P., Salas, J.M., Zagorchev, A., 2012, Government Ownership and Corporate Governance: Evidence from the EU, Journal of Banking and Finance, Vol. 36: 2917-2934.
Boubakri, N., El Ghoul, S., Guedhami, O., Megginson, W.L., 2017, The Market Value of Government Ownership, Journal of Corporate Finance, Vol. 50: 44-65.
Desoky, A.M., Mousa, G.A., 2013, An Empirical Investigation of the Influence of Ownership Concentration and Identity on Firm Performance of Egyptian Listed Companies, Journal of Accounting in Emerging Economies, Vol. 3(2):164-188.
Detthamrong, U., Chancharat, N., Vithessonthi, C., 2017, Corporate Governance, Capital Structure and Firm Performance: Evidence from Thailand, Research in International Business and Finance, Vol. 42: 689-709.
FCGI. 2001. Peranan Dewan Komisaris dan Komite Audit dalam Pelaksanaan Tata Kelola Perusahaan. Seri Tata Kelola Perusahaan Jilid II. Jakarta
Gordini, N., Rancati, E., 2017, Gender Diversity in The Italian Boardroom and Firm Financial Performance, Management Research Review, Vol. 40(1):75-94.
Ibhagui, O.W., Olokoyo, F.O., 2018, Leverage and Firm Performace: New Evidence on the Role of Firm Size, North American Journal of Economics and Finance.
Jensen, M.C., Meckling, W.H., 1976, Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure, Journal of Financial Economics, Vol. 3(4): 305-360.
Katah, B., 2009, The Impact on Conflict Between Controlling and Minority Shareholders, The Case of Kakuzi Limited, University of Nairobi School of Business.
Le, Vy, T.P., Nguyet, T.B., 2017, Capital Structure and Firm Performance: Empirical Evidence from a Small Transition Country, Research in International Business and Finance, Vol. 4: 710-726.
Lin, Yongjia R., Xiaoqing Maggie Fu, 2017, Does Institutional Ownership Influence Firm Performance? Evidence from China, International Review of Economic and Finance, Vol. 49:17-57.
Mashayekhi, B., Bazaz, M.S., 2008, Corporate Governance and Firm Performance in Iran, Research Note, University of Tehran & Oakland University.
Mei Yu, 2013, State Ownership and Firm Performance: Empirical Evidence from Chinese Listed Companies, China Journal of Accounting Research, Vol. 6: 75-87.
Mishra, S., Mohanty, P., 2014, Corporate Governance as a Value Driver for Firm Performance: Evidence from India, Corporate Governance, Vol. 14(2): 265-280.
Mollah, S., Al Farooque, O., Karim, W., 2012, Ownership Structure, Corporate Governance and Firm Performance: Evidence from an African Emerging Market", Studies in Economics and Finance, Vol. 29(4):301-319.
Pervan, M., Visic, J., 2012, Influence of Firm Size on Its Business Success, Croation Operational Research View, Vol.3.
Shleifer, A., Vishny, R.W., 1997, A Survey of Corporate Governance, Journal of Finance, Vol. 52 (2): 737-783.
Shyu, J., 2013, Ownership Structure, Capital Structure and Performance of Group Affiliation: Evidence from Taiwanese Group-affiliated Firms, Managerial Finance, Vol. 39(4): 404-420.
Yasser, Q.R., Al Mamun, A., Rodrigs, M., 2017, Impact of Board Structure on Firm Performance: Evidence from an Emerging Economy", Journal of Asia Business Studies, Vol. 11 Issue 2: 210-228.
Zeitun, R., Tian, G.G., 2007, Does Ownership Affect a Firm's Performance and Default Risk in Jordan?, Corporate Governance: The International Journal of Business in Society, Vol. 7(1): 66-82.
Published
2019-09-01
Section
Bidang Manajemen (M)
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