PENGARUH OWNERSHIP STRUCTURE DAN CORPORATE PERFORMANCE TERHADAP FIRM VALUE
DOI:
https://doi.org/10.24034/j25485024.y2016.v20.i3.71Keywords:
ownership structure, foreign ownership, government ownership, public ownership, corporate performance, firm value.Abstract
Penelitian mengenai ownership structure (foreign ownership, government ownership dan public ownership), corporate performance dan firm value telah banyak dilakukan oleh peneliti, tetapi hasilnya belum konsisten, yaitu ada yang berpengaruh positif dan ada pula yang berpengaruh negatif. Dengan demikian peneliti tertarik untuk meneliti ulang mengenai ownership structure (foreign ownership, government ownership dan public ownershihp) dan corporate performance serta pengaruhnya terhadap firm value. Tujuan dari penelitian ini adalah untuk menguji dan menganalisis pengaruh ownership structure (foreign ownership, government ownership dan public ownershihp) dan corporate performance terhadap firm value. Populasi dari penelitian ini adalah perusahaan yang listing di Bursa Efek Indonesia yang memiliki data yang lengkap tentang foreign ownership, government ownership, public ownership dan corporate performance serta firm value untuk enam tahun berturut-turut (2008-2013). Jenis data dari variabel penelitian ini adalah data sekunder yang diperoleh dengan teknik dokumentasi yang bersumber dari ICMD. Metode analisis data menggunakan regresi. Hasil penelitian menunjukkan bahwa foreign ownership, government ownership dan public ownership tidak berpengaruh terhadap firm value dan corporate performance berpengaruh positif terhadap firm value.
References
Agrawal, A dan C. R. Knoeber. 1996. Firm Performance and Mechanism to Control Agency Problem Between Managers and Shareholders. Journal of Financial and Quantitative Analysis 34(3): 377-397.
Ang. J. S, Ding. D. K 2006. Government ownership and the performance of government-linked companies: The case of Singapore. Journal of Multinational Financial Management 16(1): 64-88.
Bashir. T, R. A, Butt. S, Parveen. A 2013. Firm Performance: A Comparative Analysis of Ownership Structure. European Scientific Journal 9(31): 413-430.
Belkaoui, A. 2004. Accounting Theory. Five edition Harcouit and Brace.
Berle, JR, A. A dan G. C. Means 1932. The Modern Corporation and Private Property. Macmillan, New York.
Chowdhury. A, S. Dan P. Chowdhury 2010. Impact of capital structure on firm,s value: Evidence from Bangladesh. BEH-Business and Economic Horizons 3(3): 111-122.
Duc N. Phung dan Thi P. T. Hoang. 2013. Corporate Ownership and Firm Performance in Emerging Market: A study of Vietnamese Listed Firms. Proceeding of Word Business and Social Science Research Conference 24-25 October, 2013. Novotel Bangkok on Siam Squre, Bangkok, Thailand, ISBN: 978-1-922069-33-7.
Dwivedi, N. dan A. K. Jain. 2005. Corporate Governance and Performance of Indian Firms: The Effect of Board Size and Ownership. Employee Responsibilities and Rights Journal 17(3): 161-172.
Fallatah Y. dan D. Dickins. 2012. Corporate Governance and Firm Performance and Value in Saudi Arabia. African Journal of Business Management 6(36): 10025-10034.
Gago. R. F., L. C. Garcia dan M. Nieto. 2016. Corporate social responsibility, board of directors and firm performance: an analysis of their relationships. Review of Managerial Science 10(1): 85-104.
Gunasekarage. A, K. Hess, A. (Jie), Hu 2007. The Influence of The Degree of State Ownership And The Ownership Concentration On The Performance of Listed Chinese Companies. Research in International Business and Finance 21(3): 379-395.
Jensen, M and W. Meckling 1976. “Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure”, Journal of Finance Economic 3: 305-360.
Karima. T 2016. The Influence of Internal Factor on Financial Performance and Firm Value: Evidence from Property and Real Estate Companies Listed in Indonesia Stock Exchange. OIDA International Journal of Sustainable Development 09(03): 89-107.
Lihui, T dan S. Estrin. 2008. Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value? Journal of Comparative Economics 36: 74-89.
Mak. Y. T., Y. Kusnadi. 2005. Size really matter: Further evidence on the negative relationship between board size and firm value. Pasific-Basin Finance Journal 13(3): 301-318.
Mei Yu. 2013. State ownership and firm performance: Empirical evidence from Chinese listed companies. China Journal of Accounting Research 6(2): 75-87.
Mian. R, K. Dan Nagata 2015. Foreign Institutional Ownership and the Valua- tion Effect of Investment and Payout Decisions. Journal of Finance and Econo- mics 3(5): 97-104.
Mishra, A.V. 2014. Foreign Ownership and Firm Value: Evidence from Australian Firms. Asia-Pacific Financial Markets 21(1): 67-96.
Ghazali, NAM. 2010. Ownership structure, corporate government and corporate performance in Malaysia. International Journal of Commerce and Management 20(2): 109-119.
Pant. M dan M. Pattanayak. 2007. Insider Ownership and Firm Value: Evidence from Indian Corporate Sector. Economic and Political Weekly 42(16) : 1459-1467.
Sami, H., J. Wong, dan H. Zhou. 2011. Corporate governance and operating performance of Chinese listed firms. Journal of International Accounting, Auditing and Taxation 20(92): 106-114.
Talebnia. G, M. Salehi., H. Valipour dan S. Shafiee. 2010. Empirical Study of the Relationship between Ownership Struc- ture and Firm Performance Some Evidence of Listed Companies in Tehran Stock Exchange. Journal of Sustainable Develop- ment 3(20): 264-270.
Y. W. Lau dan C. Q. Tong. 2008. Are Malaysian Government-Linked Companies (GLCs) Creating Value?. International Applied Economics and Management Letters 1(1): 9-12.
Wang. K, X. Xiao. 2009. Ultimate Government Control Structures and Firm Value: Evidence from Chinese Listed Companies. China Journal of Accounting Research 2(1): 101-122.
Wei. Z, F. Xie dan S. Zhang. 2005. Ownership Structure and Firm Value in China’s Privatized Firms: 1991-2001. Journal of Financial and Quantitative Analysis 40(1): 87-108.
Winarto. J. 2015. The Determinants of Manufacture Firm Value in Indonesia Stock Exchange. International Journal of Information, Business and Management 7(4).
