PENGARUH FAMILY OWNERSHIP TERHADAP FINANCIAL PERFORMANCE PADA BADAN USAHA YANG TERDAFTAR DI BEI PERIODE 2010-2012

  • Jessica Jessica Jurusan Akuntansi Fakultas Bisnis dan Ekonomika Universitas Surabaya
Abstract Views: 215 times
PDF - FULL TEXT Downloads: 281 times
Keywords: Family ownership, family business, financial performance, proxy

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).

Downloads

Download data is not yet available.

References

Anderson, R.C. and Reeb, D.M. 2003. Founding-family ownership and firm performance: evidence from the S&P 500. Journal of Finance, Vol. 58 No. 3, 1301-1328.

Anderson, R.C., Mansi, S.A., Reeb, D.M., 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics, Vol. 68, 263–285.

Andres, C. 2008. Large shareholders and firm performance-An empirical examination of founding-family ownership. Journal of Corporate Finance, Vol. 14, 431-445.

Arosa, Blanca., Iturralde, T., Maseda, A. 2010. Ownership structure and firm performance in non-listed firms: Evidence from Spain. Journal of Family Business Strategy, Vol. 1. 88-96.

Chen, C.R., Guo, W. and Mande, V. 2003. Managerial ownership and firm valuation: evidence from Japanese firms. Pacific-Basic Finance.

Demsetz, H. and Villalonga, B. 2001. Ownership structure and corporate performance. Journal of Corporate Finance. Vol. 7, 209-233.

Djatmiko, H, E., 2011. Majalah SWA edisi No.05/XXVII/3.

Fama, E., Jensen, M., 1983. Separation of ownership and control. Journal of Law and Economics, Vol. 26 No. 2, 301–325

González, M., Guzmán, A., Pombo, C. and Trujillo, M.-A. 2012. Family firms and financial performance: The cost of growing. Emerging Markets Review, Vol. 13, 626-649.

Hogan, C.E. 1997. Cost and Benefits of Audit Quality in The IPO Market: A Self Selection Analysis. The Accounting Review, Vol. 72 No. 1, 67-86

Jensen, M., Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs and capital structure. Journal of Financial Economics, Vol. 3, 305–360.

King, Michael R., Santor, Eric. 2008. Family value: Ownership structure, performance, and capital structure of Canadian firms. Journal of Banking and Finance, Vol. 32, 2423-2432.

Lun, Y.H.V., Quaddus. M.A. 2011. Firm size and performance: A study on the use of electronic commerce by container transport operators in Hong Kong. Expert Systems with Application. Vol. 38, 7227-7234.

La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance. Vol. 54 No. 2, 471-517.

Martin-Reyna, J.M, San., Duran-Encalada, Jorge A., 2012. The relationship among family business, corporate governance and firm performance: Evidence from the Mexican Stock Exchange. Journal of Family Business Strategy, Vol.3, 106-117.

Maury, Benjamin. 2006. Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, Vol.12, 321-341.

Maury, B., Pajuste, A., 2005. Multiple large shareholders and firm value. Journal of Banking & Finance, Vol. 29 No.7, 1813–1834.

Morck, R., Stangeland, D., Yeung, B., 2000. Inherited wealth, corporate control, and economic growth: the canadian disease. In: Morck, R. (Ed.), Concentrated Corporate Ownership. University of Chicago Press, Chicago, pp. 319–369.

Shyu, Jonchi, 2011. Family ownership and firm performance: evidence from Taiwanese firms. International Journal of Managerial Finance, Vol. 7 No. 4, 397-441.

Singh, M. and Davidson, W.N. III. 2003. Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking and Finance, Vol. 27, 793-816.
Published
2014-03-01