Struktur Kepemilikan, Kinerja Perusahaan, dan Dewan Independen sebagai Moderasi
Abstract
This research aims to examine the influence of ownership structure consisting of ownership concentration, managerial ownership, institutional ownership and foreign ownership on company performance. The research objects include all companies that publish annual reports and are listed on the Indonesia Stock Exchange for the period 2018 to 2022. The purposive sampling method was used to determine the sample and obtained 1,926 data as objects of observation. Data analysis uses the panel regression analysis method. The research results show that ownership concentration and managerial ownership have a significant positive correlation with company performance, foreign ownership has a significant negative correlation with performance, institutional ownership is not significant with performance, and an independent board is unable to moderate ownership structure on company performance.
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References
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Adamu, A., & Haruna, J. (2020). Ownership structures and firm performance in Nigeria: a canonical correlation analysis. Journal of Research in Emerging Markets, 2(4), 21–32. https://doi.org/10.30585/jrems.v2i4.537
Al-Gamrh, B., Al-Dhamari, R., Jalan, A., & Jahanshahi, A. A. (2020). The impact of board independence and foreign ownership on financial and social performance of firms: evidence from the UAE. Journal of Applied Accounting Research, 21(2), 201–229. https://doi.org/10.1108/JAAR-09-2018-0147
Al-Janadi, Y. (2021). Ownership structure and firm performance in the middle east: a meta-analysis. Journal of Risk and Financial Management, 14(12). https://doi.org/10.3390/jrfm14120577
Al-Matari, E. M., Al-Matari, Y. A., & Saif, S. A. (2017). Ownership structure, audit quality and firm performance moderating and direct-effect models: an empirical study. Corporate Board Role Duties and Composition, 13(1), 28–35. https://doi.org/10.22495/cbv13i1p3
Al-Thuneibat, A. (2018). The relationship between the ownership structure, capital structure and performance. Journal of Accounting -Business and Management, 25(April), 1–20.
Al Farooque, O., Buachoom, W., & Sun, L. (2020). Board, audit committee, ownership and financial performance – emerging trends from Thailand. Pacific Accounting Review, 32(1), 54–81. https://doi.org/10.1108/PAR-10-2018-0079
Alabdullah, T. T. Y. (2018). The relationship between ownership structure and firm financial performance evidence from Jordan. The Eletronic Library, 25(1), 319–333. https://doi.org/10.1108/BIJ-04-2016-0051
Ali, J., Tahira, Y., Amir, M., Ullah, F., Tahir, M., Shah, W., Khan, I., & Tariq, S. (2022). Leverage, ownership structure and firm performance. Journal of Financial Risk Management, 11(01), 41–65. https://doi.org/10.4236/jfrm.2022.111002
Allam, B. S. (2018). The impact of board characteristics and ownership identity on agency costs and firm performance: UK evidence. Corporate Governance (Bingley), 18(6), 1147–1176. https://doi.org/10.1108/CG-09-2016-0184
Amin, A. A., & Hamdan, A. M. (2018). Evaluating the effect of ownership structure on firm performance: evidence from Saudi Arabian listed companies. Journal of Economic Cooperation and Development, 39(3), 65–92.
Anggreni, M. K. D., & Robiyanto. (2021). Pengaruh struktur modal dan struktur kepemilikan terhadap kinerja perusahaan dengan corporate governance sebagai variabel moderasi. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 100. https://doi.org/10.26418/jebik.v10i2.45162
Anita, A., & Amalia, D. P. (2021). Pengaruh tanggung jawab sosial terhadap kinerja keuangan: Struktur kepemilikan sebagai variabel moderasi. Jurnal Ekonomi Modernisasi, 17(1), 54–68. https://doi.org/10.21067/jem.v17i1.5283
Arora, A., & Bodhanwala, S. (2018). Relationship between corporate governance index and firm Performance: Indian evidence. Global Business Review, 19(3), 675–689. https://doi.org/10.1177/0972150917713812
Bazhair, A. H., & Alshareef, M. N. (2022). Dynamic relationship between ownership structure and financial performance: a Saudi experience. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2098636
Buallay, A., Hamdan, A., & Zureigat, Q. (2017). Corporate governance and firm performance: evidence from Saudi Arabia. Australasian Accounting, Business and Finance Journal, 11(1), 78–98. https://doi.org/10.14453/aabfj.v11i1.6
Chabachib, M., Irawan, B. P., Hersugondo, H., Hidayat, R., & Pamnngkas, I. D. (2020). Corporate governance, firm performance and capital structure: evidence from Indonesia. Research in World Economy, 11(1), 48–55. https://doi.org/10.5430/rwe.v11n1p48
Chancharat, S., & Chancharat, N. (2019). Board structure, ownership structure, and performance of Thai listed companies. Australasian Accounting, Business and Finance Journal, 13(3), 53–70. https://doi.org/10.14453/aabfj.v13i3.4
Ciftci, I., Tatoglu, E., Wood, G., Demirbag, M., & Zaim, S. (2019). Corporate governance and firm performance in emerging markets: evidence from Turkey. International Business Review, 28(1), 90–103. https://doi.org/10.1016/j.ibusrev.2018.08.004
Dakhlallh, M. M., Rashid, N., Amalina, W., Abdullah, W., & Dakhlallh, A. M. (2021). Ownership structure and firm performance: evidence from Jordan. Journal of Contemporary Issues in Business and Government, 27(02). https://doi.org/10.47750/cibg.2021.27.02.011
Dakhlallh, M. M., Rashid, N. M. N. M., Abdullah, W. A. W., & Dakhlallh, A. M. (2019). The effect of ownership structure on firm performance among Jordanian public shareholders companies: board independence as a moderating variable. International Journal of Academic Research in Progressive Education and Development, 8(3). https://doi.org/10.6007/ijarped/v8-i3/6212
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: evidence from Thailand. Research in International Business and Finance, 42(September 2016), 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011
Duong, Q. N., Vu, T. B., Vo, T.-P., Nguyen-Le, N. H., & Nguyen, V. D. (2021). The impact of foreign ownership and management on firm performance in Vietnam. Journal of Asian Finance, Economics and Business, 7(9), 409–418. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.409
Hossain, S. M. K., Sultan, M. I., & Ahmed, M. M. (2021). Ownership structure and firm performance: evidence manufacturing companies listed in Dhaka Stock Exchange. International Journal of Financial, Accounting, and Management, 3(3), 227–243. https://doi.org/10.35912/ijfam.v3i3.621
Jebran, K., & Chen, S. (2023). Can we learn lessons from the past? COVID-19 crisis and corporate governance responses. International Journal of Finance and Economics, 28(1), 421–429. https://doi.org/10.1002/ijfe.2428
Jurnali, T., & Septiany, S. (2022). Role of political connections, family ownership, founders on board and firm performance. Jurnal Ipteks Terapan, 16(4), 688–700. https://doi.org/10.22216/jit.v16i4
Juwita, A., & Jurnali, T. (2020). Analisis pengaruh corporate governance dan ukuran perusahaan terhadap manajemen risiko pada perusahaan di bursa efek Indonesia. Global Financial Accounting Journal, 4(1), 38–51.
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2018). Ownership structure, board of directors and firm performance: evidence from Taiwan. Corporate Governance: The International Journal of Business in Society, 19(1), 189–216. https://doi.org/10.1108/CG-04-2018-0144
Karina, R. (2021). Corporate governance and earnings management: Does gender matter? Jurnal Akuntansi & Auditing Indonesia, 25(2), 125–135. https://doi.org/10.20885/jaai.vol25.iss2.art3
Khamis, R., Hamdan, A., & Elali, W. (2015). The relationship between ownership structure dimensions and corporate performance: evidence from Bahrain. Australasian Accounting, Business and Finance Journal, 9(4), 38–56. https://doi.org/10.14453/aabfj.v9i4.4
Lestari, N. P., & Juliarto, A. (2017). Pengaruh dimensi struktur kepemilikan terhadap kinerja perusahaan manufaktur. Diponegoro Journal of Accounting, 6(3), 1–10. http://ejournal-s1.undip.ac.id/index.php/accounting
Mardnly, Z., Mouseli, S., & Abdulraouf, R. (2018). Corporate governance and firm performance: an empirical evidence from Syria. International Journal of Islamic and Middle Eastern Finance and Managemen, 11(4), 591–607. https://doi.org/10.1108/mf.2008.00934jaa.001
Mishra, R., & Kapil, S. (2017). Effect of ownership structure and board structure on firm value: evidence from India. Corporate Governance: The International Journal of Business in Society, 17(4), 700–726. https://doi.org/10.1108/CG-03-2016-0059
Puni, A., & Anlesinya, A. (2020). Corporate governance mechanisms and firm performance in a developing country. International Journal of Law and Management, 62(2), 147–169. https://doi.org/10.1108/IJLMA-03-2019-0076
Rashid, A. (2016). Managerial ownership and agency cost: evidence from Bangladesh. Journal of Business Ethics, 137(3), 609–621. https://doi.org/10.1007/s10551-015-2570-z
Rashid, M. M. (2020). Ownership structure and firm performance: the mediating role of board vharacteristics. Corporate Governance (Bingley), 20(4), 719–737. https://doi.org/10.1108/CG-02-2019-0056
Saini, N., & Singhania, M. (2018). Corporate governance, globalization and firm performance in emerging economies: evidence from India. International Journal of Productivity and Performance Management, 67(8), 1310–1333. https://doi.org/10.1108/IJPPM-04-2017-0091
Setiawan, I. (2020). Bedah kasus gagal bayar dan kerugian PT. Asuransi Jiwasraya (Persero). Jurnal Akuntansi Dan Bisnis Indonesia (JABISI), 1(1), 34–41. https://doi.org/10.55122/jabisi.v1i1.38
Shan, Y. G. (2019). Managerial ownership, board independence and firm performance. Accounting Research Journal, 32(2), 203–220. https://doi.org/10.1108/ARJ-09-2017-0149
Siddique, M., Rasheed, A., & Rehman, K. U. (2022). Role of research and development innovation between ownership structure and firm performance. Human Nature Journal of Social Sciences, 3(3), 57–70.
Singh, A., & Kansil, R. (2018). Institutional ownership and firm performance: evidence from Indian panel data. International Journal of Business and Emerging Markets, 10(3), 250. https://doi.org/10.1504/ijbem.2018.10013055
Tang, S., & Fiorentina, F. (2021). Pengaruh Karakteristik Perusahaan, Kinerja Perusahaan, Dan Management Entrenchment Terhadap Manajemen Laba. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 121. https://doi.org/10.26418/jebik.v10i2.47461
Vu, M. C., Phan, T. T., & Le, N. T. (2018). Relationship between board ownership structure and firm financial performance in transitional economy: the case of Vietnam. Research in International Business and Finance, 45, 512–528. https://doi.org/10.1016/j.ribaf.2017.09.002
Waheed, A., & Malik, Q. A. (2019). Board characteristics, ownership concentration and firms’ performance: a contingent theoretical based approach. South Asian Journal of Business Studies, 8(2), 146–165. https://doi.org/10.1108/SAJBS-03-2018-0031
Wu, C. H. (2021). On the moderating effects of country governance on the relationships between corporate governance and firm performance. Journal of Risk and Financial Management, 14(3). https://doi.org/10.3390/jrfm14030140
Zafar, F., Munir, S., & Khan, M. S. (2021). Impact of corporate governance onfirm performance: evidence from Pakistan. Journal of Social Research Development, 2(1). https://doi.org/10.1108/CG-07-2020-0286
Zraiq, M. A. A., & Fadzil, F. H. B. (2018). The impact of ownership structure on firm performance: evidence from Jordan. International Journal of Accounting, Finance, and Risk Management, 3(1). https://doi.org/10.11648/j.ijafrm.20180301.12
Adamu, A., & Haruna, J. (2020). Ownership structures and firm performance in Nigeria: a canonical correlation analysis. Journal of Research in Emerging Markets, 2(4), 21–32. https://doi.org/10.30585/jrems.v2i4.537
Al-Gamrh, B., Al-Dhamari, R., Jalan, A., & Jahanshahi, A. A. (2020). The impact of board independence and foreign ownership on financial and social performance of firms: evidence from the UAE. Journal of Applied Accounting Research, 21(2), 201–229. https://doi.org/10.1108/JAAR-09-2018-0147
Al-Janadi, Y. (2021). Ownership structure and firm performance in the middle east: a meta-analysis. Journal of Risk and Financial Management, 14(12). https://doi.org/10.3390/jrfm14120577
Al-Matari, E. M., Al-Matari, Y. A., & Saif, S. A. (2017). Ownership structure, audit quality and firm performance moderating and direct-effect models: an empirical study. Corporate Board Role Duties and Composition, 13(1), 28–35. https://doi.org/10.22495/cbv13i1p3
Al-Thuneibat, A. (2018). The relationship between the ownership structure, capital structure and performance. Journal of Accounting -Business and Management, 25(April), 1–20.
Al Farooque, O., Buachoom, W., & Sun, L. (2020). Board, audit committee, ownership and financial performance – emerging trends from Thailand. Pacific Accounting Review, 32(1), 54–81. https://doi.org/10.1108/PAR-10-2018-0079
Alabdullah, T. T. Y. (2018). The relationship between ownership structure and firm financial performance evidence from Jordan. The Eletronic Library, 25(1), 319–333. https://doi.org/10.1108/BIJ-04-2016-0051
Ali, J., Tahira, Y., Amir, M., Ullah, F., Tahir, M., Shah, W., Khan, I., & Tariq, S. (2022). Leverage, ownership structure and firm performance. Journal of Financial Risk Management, 11(01), 41–65. https://doi.org/10.4236/jfrm.2022.111002
Allam, B. S. (2018). The impact of board characteristics and ownership identity on agency costs and firm performance: UK evidence. Corporate Governance (Bingley), 18(6), 1147–1176. https://doi.org/10.1108/CG-09-2016-0184
Amin, A. A., & Hamdan, A. M. (2018). Evaluating the effect of ownership structure on firm performance: evidence from Saudi Arabian listed companies. Journal of Economic Cooperation and Development, 39(3), 65–92.
Anggreni, M. K. D., & Robiyanto. (2021). Pengaruh struktur modal dan struktur kepemilikan terhadap kinerja perusahaan dengan corporate governance sebagai variabel moderasi. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 100. https://doi.org/10.26418/jebik.v10i2.45162
Anita, A., & Amalia, D. P. (2021). Pengaruh tanggung jawab sosial terhadap kinerja keuangan: Struktur kepemilikan sebagai variabel moderasi. Jurnal Ekonomi Modernisasi, 17(1), 54–68. https://doi.org/10.21067/jem.v17i1.5283
Arora, A., & Bodhanwala, S. (2018). Relationship between corporate governance index and firm Performance: Indian evidence. Global Business Review, 19(3), 675–689. https://doi.org/10.1177/0972150917713812
Bazhair, A. H., & Alshareef, M. N. (2022). Dynamic relationship between ownership structure and financial performance: a Saudi experience. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2098636
Buallay, A., Hamdan, A., & Zureigat, Q. (2017). Corporate governance and firm performance: evidence from Saudi Arabia. Australasian Accounting, Business and Finance Journal, 11(1), 78–98. https://doi.org/10.14453/aabfj.v11i1.6
Chabachib, M., Irawan, B. P., Hersugondo, H., Hidayat, R., & Pamnngkas, I. D. (2020). Corporate governance, firm performance and capital structure: evidence from Indonesia. Research in World Economy, 11(1), 48–55. https://doi.org/10.5430/rwe.v11n1p48
Chancharat, S., & Chancharat, N. (2019). Board structure, ownership structure, and performance of Thai listed companies. Australasian Accounting, Business and Finance Journal, 13(3), 53–70. https://doi.org/10.14453/aabfj.v13i3.4
Ciftci, I., Tatoglu, E., Wood, G., Demirbag, M., & Zaim, S. (2019). Corporate governance and firm performance in emerging markets: evidence from Turkey. International Business Review, 28(1), 90–103. https://doi.org/10.1016/j.ibusrev.2018.08.004
Dakhlallh, M. M., Rashid, N., Amalina, W., Abdullah, W., & Dakhlallh, A. M. (2021). Ownership structure and firm performance: evidence from Jordan. Journal of Contemporary Issues in Business and Government, 27(02). https://doi.org/10.47750/cibg.2021.27.02.011
Dakhlallh, M. M., Rashid, N. M. N. M., Abdullah, W. A. W., & Dakhlallh, A. M. (2019). The effect of ownership structure on firm performance among Jordanian public shareholders companies: board independence as a moderating variable. International Journal of Academic Research in Progressive Education and Development, 8(3). https://doi.org/10.6007/ijarped/v8-i3/6212
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: evidence from Thailand. Research in International Business and Finance, 42(September 2016), 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011
Duong, Q. N., Vu, T. B., Vo, T.-P., Nguyen-Le, N. H., & Nguyen, V. D. (2021). The impact of foreign ownership and management on firm performance in Vietnam. Journal of Asian Finance, Economics and Business, 7(9), 409–418. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.409
Hossain, S. M. K., Sultan, M. I., & Ahmed, M. M. (2021). Ownership structure and firm performance: evidence manufacturing companies listed in Dhaka Stock Exchange. International Journal of Financial, Accounting, and Management, 3(3), 227–243. https://doi.org/10.35912/ijfam.v3i3.621
Jebran, K., & Chen, S. (2023). Can we learn lessons from the past? COVID-19 crisis and corporate governance responses. International Journal of Finance and Economics, 28(1), 421–429. https://doi.org/10.1002/ijfe.2428
Jurnali, T., & Septiany, S. (2022). Role of political connections, family ownership, founders on board and firm performance. Jurnal Ipteks Terapan, 16(4), 688–700. https://doi.org/10.22216/jit.v16i4
Juwita, A., & Jurnali, T. (2020). Analisis pengaruh corporate governance dan ukuran perusahaan terhadap manajemen risiko pada perusahaan di bursa efek Indonesia. Global Financial Accounting Journal, 4(1), 38–51.
Kao, M. F., Hodgkinson, L., & Jaafar, A. (2018). Ownership structure, board of directors and firm performance: evidence from Taiwan. Corporate Governance: The International Journal of Business in Society, 19(1), 189–216. https://doi.org/10.1108/CG-04-2018-0144
Karina, R. (2021). Corporate governance and earnings management: Does gender matter? Jurnal Akuntansi & Auditing Indonesia, 25(2), 125–135. https://doi.org/10.20885/jaai.vol25.iss2.art3
Khamis, R., Hamdan, A., & Elali, W. (2015). The relationship between ownership structure dimensions and corporate performance: evidence from Bahrain. Australasian Accounting, Business and Finance Journal, 9(4), 38–56. https://doi.org/10.14453/aabfj.v9i4.4
Lestari, N. P., & Juliarto, A. (2017). Pengaruh dimensi struktur kepemilikan terhadap kinerja perusahaan manufaktur. Diponegoro Journal of Accounting, 6(3), 1–10. http://ejournal-s1.undip.ac.id/index.php/accounting
Mardnly, Z., Mouseli, S., & Abdulraouf, R. (2018). Corporate governance and firm performance: an empirical evidence from Syria. International Journal of Islamic and Middle Eastern Finance and Managemen, 11(4), 591–607. https://doi.org/10.1108/mf.2008.00934jaa.001
Mishra, R., & Kapil, S. (2017). Effect of ownership structure and board structure on firm value: evidence from India. Corporate Governance: The International Journal of Business in Society, 17(4), 700–726. https://doi.org/10.1108/CG-03-2016-0059
Puni, A., & Anlesinya, A. (2020). Corporate governance mechanisms and firm performance in a developing country. International Journal of Law and Management, 62(2), 147–169. https://doi.org/10.1108/IJLMA-03-2019-0076
Rashid, A. (2016). Managerial ownership and agency cost: evidence from Bangladesh. Journal of Business Ethics, 137(3), 609–621. https://doi.org/10.1007/s10551-015-2570-z
Rashid, M. M. (2020). Ownership structure and firm performance: the mediating role of board vharacteristics. Corporate Governance (Bingley), 20(4), 719–737. https://doi.org/10.1108/CG-02-2019-0056
Saini, N., & Singhania, M. (2018). Corporate governance, globalization and firm performance in emerging economies: evidence from India. International Journal of Productivity and Performance Management, 67(8), 1310–1333. https://doi.org/10.1108/IJPPM-04-2017-0091
Setiawan, I. (2020). Bedah kasus gagal bayar dan kerugian PT. Asuransi Jiwasraya (Persero). Jurnal Akuntansi Dan Bisnis Indonesia (JABISI), 1(1), 34–41. https://doi.org/10.55122/jabisi.v1i1.38
Shan, Y. G. (2019). Managerial ownership, board independence and firm performance. Accounting Research Journal, 32(2), 203–220. https://doi.org/10.1108/ARJ-09-2017-0149
Siddique, M., Rasheed, A., & Rehman, K. U. (2022). Role of research and development innovation between ownership structure and firm performance. Human Nature Journal of Social Sciences, 3(3), 57–70.
Singh, A., & Kansil, R. (2018). Institutional ownership and firm performance: evidence from Indian panel data. International Journal of Business and Emerging Markets, 10(3), 250. https://doi.org/10.1504/ijbem.2018.10013055
Tang, S., & Fiorentina, F. (2021). Pengaruh Karakteristik Perusahaan, Kinerja Perusahaan, Dan Management Entrenchment Terhadap Manajemen Laba. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 121. https://doi.org/10.26418/jebik.v10i2.47461
Vu, M. C., Phan, T. T., & Le, N. T. (2018). Relationship between board ownership structure and firm financial performance in transitional economy: the case of Vietnam. Research in International Business and Finance, 45, 512–528. https://doi.org/10.1016/j.ribaf.2017.09.002
Waheed, A., & Malik, Q. A. (2019). Board characteristics, ownership concentration and firms’ performance: a contingent theoretical based approach. South Asian Journal of Business Studies, 8(2), 146–165. https://doi.org/10.1108/SAJBS-03-2018-0031
Wu, C. H. (2021). On the moderating effects of country governance on the relationships between corporate governance and firm performance. Journal of Risk and Financial Management, 14(3). https://doi.org/10.3390/jrfm14030140
Zafar, F., Munir, S., & Khan, M. S. (2021). Impact of corporate governance onfirm performance: evidence from Pakistan. Journal of Social Research Development, 2(1). https://doi.org/10.1108/CG-07-2020-0286
Zraiq, M. A. A., & Fadzil, F. H. B. (2018). The impact of ownership structure on firm performance: evidence from Jordan. International Journal of Accounting, Finance, and Risk Management, 3(1). https://doi.org/10.11648/j.ijafrm.20180301.12
Published
2024-03-31
How to Cite
JURNALI, Teddy et al.
Struktur Kepemilikan, Kinerja Perusahaan, dan Dewan Independen sebagai Moderasi.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 3, p. 556-571, mar. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/110874>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i03.p01.
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