PENGARUH TIPE KEPEMILIKAN TERHADAP PROFITABILITAS PERUSAHAAN: STUDI EMPIRIS DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.24034/j25485024.y2010.v14.i2.277Keywords:
Type of Ownership, Privatization, Financial Performance, ProfitabilityAbstract
This research is aimed to test the difference in financial performance between firms with various types of ownership (foreign, state, and private) on a sample of 206 firms listed in BEI between 1999-2006 period resulting 795 firm-year observations. ANCOVA model and multiple comparisons are used to test the hypothesis that private-owned firms have better financial performance than state-owned firms and foreign-owned firms have better financial performance than private-owned firms. Contrary with the hypothesis, the result shows that state-owned firms have a better financial performance than private-owned firms. The result also shows that foreign-owned firms have better financial performance than private-owned firms which support the hypothesis. There are some implications of these results. First, different type of ownership give different effect to firm’s financial performance. Second, government can consider foreign ownership in its privatization policy.References
Ariyoto, Kresnohadi. 2000. Good Corporate Governance dan Konsep Penegakannya di BUMN dan Lingkungan Usahanya. Jurnal Usahawan. No. 10, th. XXIX, pp. 3-17.
Barclay, M. J., dan Holderness, C. G. 1991. Negotiated block trades and corporate control. Journal of Finance. Vol. 46, pp 861-878.
Berger, A.N., Clarke, G.R.G., Cull, R., Klapper, L.,dan Udell, G.F. 2005. Corporate Governance and Bank Performance: A Joint Analysis of The Static, Selection, and Dynamic Effects of Domestic, Foreign, and State Ownership. Journal of Banking and Finance. Vol. 29, pp. 2179-2221.
Berger, A.N., L.F. Klapper, M.S.M. Peria, and R. Zaidi, Juli 2006. Bank Ownership Type and Banking Relationship”. Available at http://www.ifk-cfs.de/fileadmin/downloads/ events/conferences/2006-Public_Martinez-Peria.pdf. Retrieved on March 22, 2007.
Boubakri, N., dan Cosset, J. 1998. The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries. Journal of Finance. Vol. 53, pp. 1081-1110.
Boubakri, N., Cosset, J., dan Guedhami, O. 2005a. Postprivatization Corporate Governance: The Role of Ownership Structure and Investor Protection. Journal of Financial Economics. Vol. 76, pp. 369-399.
Boubakri, N., Cosset, J., Fischer, K., dan Guedhami, O. 2005b. Privatization and Bank Performance In Developing Countries. Journal of Banking and Finance. Vol. 29, pp. 2015-2041.
Berle, A.A., dan Means, C.G. 1932. The Modern Corporation and Private Property. New York: Commerce Clearing House.
Boeker, W. 1992. Power and Managerial Dismissal: Scapegoating at The Top. Administrative Science Quaterly. Vol.37, pp. 400-421.
Bonin, J. P., Hasan, I. and Wachtel, P. 2005a. Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance. Vol. 29, pp. 31–53.
________________. 2005b. Privatization matters: Bank efficiency in transition countries. Journal of Banking and Finance. Vol. 29, pp. 2155–2178.
Cull, Robert, dan Xu, Lixin Colin. 2005. Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms. Journal of Financial Economics. Vol. 77, pp. 117–146.
Dharwadkar, Ravi. 2000. Privatization In emerging Economies: An Agency Theory Perspective. Academy of Management Review. Vol. 25, No. 3, pp. 650-669.
Demsetz, H. 1983. The Structure of Ownership and The Theory of The Firm. Journal of Law and Economics. Vol. 26, pp. 375-390.
Demsetz, H. dan Lehn, Kenneth. 1985 .The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy. Vol. 93, pp. 1155-1177.
Demsetz, H. dan Villalonga, B. 2001. Ownership Structure and Corporate Performance. Journal of Corporate Finance. Vol. 7, pp. 209-233.
D’Souza, J. dan Megginson W. 1999. The Financial and Operating Performance of Privatized Firms During The 1990s. Journal of Finance. Vol. 54, pp. 1397-1438.
Fries, S. and Taci, A. 2005. Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-Communist countries, Journal of Banking and Finance. Vol. 29, pp. 55–81.
Frydman, R., C. Gray, M. Hessel, and A. Rapaczynski, June 1997. “Private Ownership and Corporate Performance: Some Lessons From Transition Economies”. Policy Research Working Paper Series, 1830.
Ghozali, H.I. 2006. Analisis Multivariate Lanjutan dengan Program SPSS. Edisi 1. Universitas Diponegoro. Semarang.
Hadad, M.D., A. Sugiarto, W. Purwanti, M.J. Hermanto, dan B. Arianto, 2003. “Kajian Mengenai Struktur Kepemilikan Bank Di Indonesia (Study related to Ownership Structure of Bank in Indonesia)”. Available at http://www.bi.go.id/NR/rdonlyres/ 0A5EA2D0-5D87-488E-A263-44988C6EE1A0/ 7825/. Retrieved on March 22, 2007.
Hanafi, M.M. 2004. Manajemen Keuangan. Edisi 2004/2005. BPFE. Yogyakarta.
Hanousek, Jan, Kocenda, Evzen, dan Svejnar, Jan. 2007. Origin and Concentration. Corporate Ownership, Control and Performance in Firms After Privatization. Economics of Transition. Vol. 15, No. 1, pp. 1-31.
Hill, C.W.L. dan Snell, S.A. 1989. Effects of Ownership Structure and Control On Corporate Productivity. Academy of Management Journal. Vol. 32, pp 25-46.
Holderness, C. G., dan Sheehan, D. P. 1988. The role of majority shareholders in publicly held corporations: An exploratory analysis. Journal of Financial Economic. Vol. 20, pp. 317-346.
Husnan, Suad. 2001. Corporate Governance dan Keputusan Pendanaan: Perbandingan Kinerja Perusahaan dengan Pemegang Saham Pengendali Perusahaan Multinasional dan Bukan Multinasional. Jurnal Riset Akuntansi, Manajemen, Ekonomi. Vol. 1, No. 1, pp. 1-12.
Irwanto, Ferry. 2006. State Owned Enterprises Performance after Privatization: Evidence of Republic of Indonesia. Tesis di University of Groningen Belanda. Dipublikasikan dalam bentuk artikel di Kompas tanggal 1 Februari 2006, pp. 33-34.
Jensen, M.C. dan Meckling, W.H. 1976. Theory of The Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics, vol. 3, pp. 305-360.
Joh, S. W. 2003. Corporate governance and firm profitability: Evidence from Korea before the economic crisis. Journal of Financial Economics. Vol. 68, pp. 287–322.
Marciano, Deddy. 2008. Pengaruh Asimetri Informasi, Moral Hazard dan Struktur Pendanaan dalam Penentuan Harga Pinjaman Korporasi dalam Bentuk US Dollar: Studi Empiris di Indonesia Periode 1990-1997. Disertasi Program Doktoral UGM, tidak dipublikasikan.
McDonald, K. R. 1993. Why privatization is not enough. Harvard Business Review. Vol. 71, No. 3, pp. 49-59.
Meitisari, P., 10 Desember 2007. Ke Mana Arah Privatisasi BUMN Tahun 2008? (Where are the privatizations of Government’s Firm towards in 2008)”. Available at http://pusri.wordpress.com/2007/12/10/ke-mana-arah-privatisasi-bumn-tahun 2008/. Accesed December 10, 2007.
Mikkelson, W. H., & Ruback, R. S. 1991. Targeted repurchases and common stock returns. Rand Journal of Economics. Vol. 22, pp. 544-561.
Morck, R., Shleifer, A. dan Vishny, R. 1986. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics. Vol. 5, pp. 293-315.
Ngoc, Phan Minh, dan Ramstetter, Eric D., 2004. Foreign Multinationals and Local Firms in Vietnam’s Economic Transition. Asian Economic Journal. Vol. 18, No. 4, pp. 371-404.
Patriadi, Pandu. 2003. Studi Banding Kebijakan Privatisasi BUMN di Beberapa Negara. Kajian Ekonomi dan Keuangan. Vol. 7, No. 4, pp. 55-102.
Purwoko.2002. Model Privatisasi BUMN yang Mendatangkan Manfaat Bagi Pemerintah dan Masyarakat Indonesia. Kajian Ekonomi dan Keuangan. Vol. 6, No. 1, pp. 1-21.
Ramezani, Cyrus A., Soenen, Luc, dan Jung, Alan. 2002. Growth, Corporate Profitability, and Value Creation. Financial Analyst Journal. Vol. 58. No. 6, pp. 56-67
Shleifer, A. dan Vishny, R.W. 1997. A Survey of Corporate Governance. The Journal of Finance. Vol. LII, No. 2, pp. 737-783.
Sunarsip. 30 Agustus 2007. Mencari Format Privatisasi BUMN Yang Tepat Bagi Indonesia. Republika. http://www.iei.or.id/publicationfiles/. Accesed December 10, 2007.
Villalonga, Belen, dan Amit, Raphael. 2006. How Do Family Ownership, Control and Management Affect Firm Value. Journal of Financial Economics. Vol. 80, pp. 385-417.
Welch, E. 2003. The Relationship Between Ownership Structure and Corporate Performance in Listed Australian Companies. Australian Journal of Management. Vol.28, pp. 287-305.
