Pengaruh Struktur Kepemilikan dan Ukuran Perusahaan terhadap Kinerja Perusahaan dengan Struktur Modal sebagai Variabel Intervening

Budiman Sutrisno

Abstract


This study aims to examine the impact of ownership structure and firm size on firm performance through the capital structure as an intervening variable. This study uses a path analysis model. Samples in this study were 36 infrastructure, utilities, and transportation sector companies on the Indonesia Stock Exchange. The main finding in this study is that there is an indirect relationship between company size and performance through capital structure. Ownership structure and size were found to have a negative effect on capital structure. Ownership structure has no effect on performance, size has a negative effect on performance and capital structure has a positive effect on company performance.

Full Text:

PDF 71-84

References


Abdullah, H. H., Herrera, dan Warokka, A. J. 2003. East Asian Corporate Governance: A test of the relation between capital structure and firm performance. Int. J. Econ. Finance. Studies , 3 (2), 1-10.

Abor, J. and Biekpe, N. 2005. What determines the capital structure of listed firms in Ghana. African Finance Journal, Vol. 7 No. 1, pp. 37-48.

Alipour Mehrdad dan Hossein Amjadi. 2011. The Effect of Ownership Structure on Corporate Performance of Listed Companies in Theran Stock Exchange: An Emphirical Evidence of Iran, International Journal of Business and Social Science, 2(13): 49-55.

Al-Najjar, Basil dan Peter Taylor. 2008. The relationship between capital structure and ownership structure: New evidence from Jordanian panel data, Managerial Finance, Vol. 34 Issue: 12, pp.919-933.

Awais, Mustabsar, Wateen Iqbal, Tehrim Iqbal dan Aisha Khursheed. 2016. Impact of Capital Structure on the Firm Performance: Comprehensive Study of Karachi Stock Exchange. Sci Int (Lahore), 28 (1), 501-507.

Bajaj, M., Chan, Y. dan Dasgupta, S. 1998. The relationship between ownership, financing decisions and firm performance: a signalling model, International Economic Review, Vol. 39 No. 3, pp. 723-44.

Bathala C T, Moon K P dan Rao R P. 1994. Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective, Financial Management, Vol. 23, No. 3, pp. 38-50.

Bhaduri, Saumitra N. 2012. Determinants of Capital Structure choise: a study of the Indian Corporate sector, Applied Financial Economics, 12(9): 655-665.

Boediono, Gideon. 2005. Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governance dan Dampak Manajemen Laba dengan Menggunakan Analisis Jalur. Simposium Nasional Akuntansi (SNA) VIII Solo.

Calisir, Fethi, Cigdem Altin Gumussoy, A. Elvan Bayraktaroglu, dan Ece Deniz. 2010. “Intellectual Capital in the Quoted Turkish ITC Sector”, Journal of Intellectual Capital, Vol. II(4), page 537-553.

Chaganti Rajeswaroroa dan Fariborz Damanpour. 1991. Institutional Ownership, Capital Structure and Firm Performance, Strategic Management Journal, 12: 479-491.

Charfeddine, Lanouar dan Abdelaziz Elmarzougui. 2010. Institutional Ownership and Firm Performance: Evidence from France, The IUP Journal of Behavioral Finance, 7(4)

Crutchley, C.E. dan Jensen, M.R.H. 1996. Changes in corporate debt policy: information asymmetry and agency factors, Managerial Finance, Vol. 22, pp. 1-16.

Demsetz H dan Villalonga B. 2001. Ownership Structure and Corporate Performance, Journal of Corporate Finance, Vol. 7, No. 3, pp. 209-233.

Donaldson, G. 1961. Corporate debt capacity: a study of corporate debt policy and the determination of corporate debt capacity, Harvard Graduate School of Business Administration, Division of Research, Harvard University, Boston, MA.

Driffield, N., Vidya, M. dan Sarmistha, P. 2005. How ownership structure affects capital structure and firm performance? Recent evidence from East Asia, Finance Economics Working Paper Archive EconWPA.

Ebaid, I E. 2009. The impact of capital structure choice on firm performance: empirical evidence from Egypt, The Journal of Risk Finance, 10(5): 477 -487.

Fahmi, Irham. 2014. Manajemen Keuangan Perusahaan dan Pasar Modal. Jakarta: Mitra Wacana Media.

Ghozali, Imam. 2016. Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Semarang: BPFE Universitas Diponegoro.

Harjito, Agus dan Martono. 2011. Manajemen Keuangan. Edisi Kedua, Cetakan Pertama, Penerbit EKONISIA, Yogyakarta.

Holz, C. A. 2002. The impact of the liability-asset ratio on profitability in China's industrial state-owned enterprises. China Econ. Rev, 1 (26).

Huang, Lan-Ying. 2002. FDI Scale and Firm Performance of Taiwanese Firms in China. Dissertation. H. Wayne Huizenga School of Business and Enterpreneurship. Nova Southeastern University.

Jensen, Michael C dan William H. Meckling. 1976. Theory of the firm: Managerial behaviour, agency costs and ownership strcture. Journal of Finance Economics, 3 (4), 305-360.

Kapopoulos, Panayotis dan Sophia Lazaretou. 2007. Corporate Ownership Structure and Firm Performance: evidence from Greek firms, Corporate Governance, 15(2) : 144-158.

Lin, Kun Lin. 2006. Study on Related Party Transaction with Mainland China in Taiwan Enterprises, Dissertation, Departemen Mana-jemen, Universitas Guo Li Cheng Gong, China.

Lowenstein, L. 1991. Why Managers Should (and Should Not) Have Respect for Their Shareholders, Journal of Corporation Law, Vol. 17, pp. 1-27.

McConnell, J J. dan Servaes H (1990), “Additional Evidence on Equity Ownership and Corporate Value”, Journal of Financial Economics, Vol. 27, No. 2, pp. 595-612.

Namazi. M, Kermani. A. 2008. The effect of ownership structure on the performance of accepted companies in Tehran stock Exchange, Auditing Review Journal, Vol,8 Iran.

Olokoyo, F.O. 2013. Capital structure and corporate performance of Nigerian quoted firms: A panel data approach. African Development Review, 25(3), 358–369.

Opler, Tim C. dan Sheridan Titman, 1994. Financial Distress and Corporate Performance, Journal of Finance, 49 (3), 1015-1040.

Pindado, J. dan de la Torre, C. 2005. A complementary approach to the financial and strategy views of capital structure: theory and evidence from the ownership structure, Working Paper No. 666167, Social Science Research Network.

Pouraghajan, A., dan Malekian, E. 2012. The relationship between capital structure and firm performance evaluation measures: Evidence from the Tehran stock exchange. International Journal of Business and Commerce, 1(9), 166–181.

Ramaswamy, K. 2001. Organizational ownership, competitive intensity, and firm performance: an empirical study of Indian manufacturing sectors, Strategic Management Journal, 22: 989-998.

Riyanto, Bambang. 1999. Dasar-dasar Pembelanjaan. BPFE.Yogyakarta.

Saedi, A. dan I. Mahmoodi. 2011. Capital Structure and firm performance: evidence from Iranian companies, Int Res J. Finance Econ., 70: 20-30.

Salim, Mahfuzah dan Dr. Raj Yadav. 2012. Capital Structure and Firm Performance: Evidence From Malaysian Listed Companies, Social and Behavioral Sciences, 65: 156-166.

Sarkaria, M., dan Shergill, J. 1999. Impact of Industry Type and Firm Characteristics on Firm- Financial Performance--Evidence from Indian Industry level. Journal of Entrepreneurship, 8 (1).

Sawir, Agnes. 2004. Analisis Kinerja Keuangan dan Perencanaan Keuangan. Perusahaan, Jakarta : PT. Gramedia Pustaka Utama.

Seifert B, Gonenc H and Wright J. 2005. The International Evidence on Performance and Equity Ownership by Insiders, Blockholders, and Institutions, Journal of Multinational Financial Management, Vol. 15, No. 2, pp. 171-191.

Sutrisno. 2013. Manajemen Keuangan: Teori Konsep dan Aplikasi, edisi revisi. Yogyakarta: EKONESIA.

Talebria, G., Mahdi, S., Hashem V., dan Shahram S. 2010. Empirical Study of the Relationship between Ownership Structure and Firm Performance: Some Evidence of Listed Companies in Tehran Stock Exchange, Journal of Sustainable Development, 3(2), 264-270.

Tarjo. 2008. Pengaruh Konsentrasi Kepemilikan Institusional dan Leverage terhadap Manajemen Laba, Nilai Pemegang Saham serta Cost of Equity Capital. Simposium Nasional Akuntansi XI Pontianak.

Taylor W. 1990. Can Big Owners Make a Big Difference?, Harvard Business Review, Vol. 68, No. 5, pp. 70-82.

Voulgaris, F., D. Asteriou dan G. Agiomirgianakis. 2004. Size And Determinants of Capital Structure in the Greek Manufacturing Sector, International Review of Applied Economics, 18(2): 247-262.

Wang, W. 2003. Ownership structure and firm performance: Evidence from Taiwan. Asia Pacific Management Review, 8(2), 135–160.

Wright, Peter, Mark Kroll, Ananda Mukherji dan Michael Pettus, 2009. Do the contingencies of external monitoring, ownership incentives, or free cash flow explain opposing firm performance expectations?, Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 13(3), pages 215-243.

www.kemenkeu.go.id

www.worldbank.org


Refbacks

  • There are currently no refbacks.


Lembaga Penelitian dan Pengabdian pada Masyarakat (LPPM) Universitas Widya Dharma Pontianak