PENGARUH FAMILY OWNERSHIP TERHADAP FINANCIAL PERFORMANCE PADA BADAN USAHA YANG TERDAFTAR DI BEI PERIODE 2010-2012
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Abstract
Penelitian ini bertujuan untuk menguji pengaruh family ownership terhadap kinerja keuangan badan usaha yang diukur dari sisi profitabilitas dan pasar dengan pendekatan kuantitatif. Populasi yang digunakan adalah perusahaan yang ada di Bursa Efek Indonesia (BEI) dari berbagai sektor industri kecuali sektor keuangan tahun 2010-2012. Variabel independen yang digunakan adalah family ownership, adjusted-long term leverage, firm size, firm age, dividend ratio, growth opportunities, auditing firm, dan jenis industri. Variabel dependen yang digunakan adalah Return on Asset 1 (EBITDA), Return on Asset 2 (EBIT), dan Return on Asset 3 (NI) sebagai proxy dari kinerja keuangan perusahaan dengan menggunakan dasar profitabilitas dan Tobin’s Q sebagai proxy dari kinerja keuangan perusahaan dengan menggunakan dasar pasar. Temuan penelitian menunjukkan bahwa terdapat pengaruh positif yang signifikan antara kepemilikan oleh keluarga dengan kinerja keuangan perusahaan bila diukur dengan Return on Asset 1 (EBITDA). Hasil berbeda terjadi ketika hubungan antara kepemilikan oleh keluarga dengan kinerja keuangan perusahaan diukur dengan Return on Asset 2 (EBIT) dan Tobin’s Q, dimana ditemukan pengaruh yang tidak signifikan. Hasil penelitian akan menunjukkan pengaruh negatif yang signifikan bila hubungan kepemilikan oleh keluarga dengan kinerja keuangan perusahaan diukur dengan Return on Asset 3 (NI).
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