Pengaruh Struktur Kepemilikan pada Profitabilitas Perusahaan Asuransi di Indonesia
PDF downloads: 296
Abstract
Abstract
This study aims to determine the effect of ownership structure on the profitability of insurance companies listed on the Indonesia Stock Exchange (IDX). Ownership structure variables consist of public ownership, foreign ownership, managerial ownership, family ownership and institutional ownership. The profitability variable is measured by using return on assets (ROA). The control variables used in this study are firm size and leverage. This study takes a sample of 68 insurance companies listed on the IDX between 2015 and 2019. The analytical technique used to test the hypothesis is multiple regression using SPSS 20. The results of the test show that management and family ownership have a positive effect on company profitability, while ownership of the company foreign ownership, public ownership, and organizational size has a negative influence on company profitability.
Abstrak
Penelitian ini bertujuan untuk mengetahui pengaruh struktur kepemilikan terhadap profitabilitas perusahaan asuransi yang terdaftar di Bursa Efek Indonesia (BEI). Variabel struktur kepemilikan terdiri dari Kepemilikan publik, kepemilikan asing, kepemilikan manajerial, kepemilikan keluarga dan kepemilikan Institusi. Variabel profitabilitas diukur dengan menggunakan return on assets (ROA). Variabel kontrol yang digunakan dalam penelitian ini adalah ukuran perusahaan dan leverage. Penelitian ini mengambil sampel 68 perusahaan asuransi yang terdaftar di BEI antara tahun 2015 dan 2019. Teknik analisis yang digunakan untuk menguji hipotesis adalah regresi berganda dengan menggunakan SPSS 20. Hasil dari pengujian menunjukkan bahwa kepemilikan manajemen dan keluarga mempunyai pengaruh positif pada profitabilitas perusahaan, sedangkan kepemilikan asing, kepemilikan publik, dan ukuran organisasi mempunyai pengaruh negative pada profitabilitas perusahaan.
References
Anderson, R. C., Mansi, S. A., and Reeb, D. M. (2002). Founding Family Ownership and the Agency Cost of Debt. Journal of Financial Economics, 68, 263-285.
Chhibber, P. K. and Majumdar, S. K. (1999). Foreign ownership and profitability: property rights, control and the performance of firms in Indian Industry. Journal of Law and Economics, 46(3), 209–238. ISSN: 00222186.
Claessens, S., Djankov, S., Fan, J.P.H., and Lang, L.H.P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58, 81-112.
Claessens, S., Djankov, S., Fan, J.P.H., and Lang, L.H.P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance, 57(6), 2741-2771.
Destya, Ramia, & Abriani. (2012). the Effect of Good Corporate Governance and Financial Performance on the Corporate Social Responsibility Disclosure of Telecommunication. The indonesian journal of business administration, 1(5), 296–300.
Douma S., George, R. and Kabir, R. (2006). Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market, Strategic Mana-gement Journal, 27(7), 637-657.
Fauziah. (2011). Pengaruh Kepemilikan Peme-rintah Terhadap Kinerja Keuangan BUMN yang Diprivatisasi. Skripsi Fakultas Ekonomi UIN Malang, tidak dipublikasikan.
Farooque, Omar Al, Tony van Zijl, Keitha D., and AKM Waresul K. (2007). Corporate Gover-nance in Bangladesh: Link between Owner-shipand Financial Performance, Blackwell Publishing Ltd, Journal Compilation, 15(6), 1453-1468.
Ghozali, I. (2006). Aplikasi Analisis Multivariat dengan Program SPSS. Badan Penerbit.
Giovannini, R. (2010). Corporate governance, family ownership and performance”. Jour-nal of Management and Governance, 14(2), 145-166.
Hanafi, Mamduh dan Halim, Abdul, 2009. Analisis Laporan Keuangan. Yogyakarta: STIE YKPN.
Hermalin, B. and Weisbach, M. S. (1991). The Effects of Board Composition and Direct Incentives on Firm Performance. Financial Management, 20(4), 101-112.
Hermuningsih, S. (2014b). Pengaruh Profitabilitas, Growth Opportunity, StrukturModal Terhadap Nilai Perusahaan Pada Perusahaan Publik Di Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 16(2), 127–148.
Huang, S. and Song, F. (2002). The Determinants of Capital Structure: Evidence from China, Working paper, The University of Hong Kong, 2-7.
Jensen, M. C. and William H. M. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360. Journal Management Governance, 14, 145–166. Jour-nal of Business Research, 61, 609–614.
Kennelly, James J. 2000. Institutional Ownership And Multinational Firms. New York: Garland Publishing Inc.
Kusumawati, D.N. (2007). Profitability and corpo-rate governance disclosure: An Indonesian study, Indonesian Journal of Accounting Research, 10(2), 131-146.
La Porta, R., Lopez-De-Silanes, F., and Shleifer, A. (1999). Corporate Ownership Around the World. The Journal of Finance, LIV(2), 471-516. Literature, 25(1), 121-132.
McConnell, J., and Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27, 595–612.
Palestin, Halima Sathila. 2008. Analisis Pengaruh Struktur Kepemilikan, Praktik Corporate Governance dan Kompensasi Bonus terhadap Manajemen Laba. Melalui <http://eprints.undip.ac.id/8045/1/Halima_Sathila_Palestin.pdf> [4/3/2011]
Patibandla, M. (2002). Equity Pattern, Corporate Governance and Performance: A Study of Indian corporate Sector, Copenhagen Business School, Working Paper.
Pound, J. (1988). Proxy Contests and the Efficiency of Shareholder Oversight. Journal of Finan-cial Economics, 20, 237-65.
Prabowo, M. and Simpson, J. (2011). Independent directors and firm performance in family controlled firms: evidence from Indonesia. Asian Pacific Economic Literature, 25(1), 121-132 Rustendi, T. dan Farid J. (2008). Pengaruh Hutang dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur (Survey Pada Perusahaan Manufaktur yang Tercatat di Bursa Efek Jakarta). Jurnal Akuntansi FE Universitas Siliwangi, 3(1), 2008.
Sari, I. (2010). Pengaruh Mekanisme Corporate Governance Terhadap Kinerja Perbankan Nasional, Skripsi Fakultas Ekonomi Univer-sitas Diponegoro Semarang.
Setiawan, M. (2006). Pengaruh Struktur Kepe-milikan, Karakteristik Perusahaan, dan Karakteristik Tata Kelola Korporasi Terhadap Kinerja Perusahaan Studi Kasus Pada Perusahaan yang Terdaftar di Bursa Efek Jakarta. Laporan Penelitian Sumber Dana DIPA Fakultas Ekonomi Studi Pembangunan Universitas Padjadjaran, tidak dipublikasi-kan
Silva, F. and Majluf, N. (Agustus 2008). Does family ownership shape performance outcomes?. Simposium Nasional Akuntansi IX. Padang. 23-26
Sudarma, M. (2004). Pengaruh Struktur Kepemilikan Saham, Faktor Intern dan Faktor Ekstern terhadap Struktur Modal dan Nilai Perusahaan. Ringkasan Disertasi. Program Pascasarjana. Universitas Brawijaya: Malang.
Wahyudi, U. dan Prawesti, H. P. (Agustus 2006). Implikasi Kepemilikan Terhadap Nilai Per-usahaan Dengan Keputusan Keuangan Sebagai Variabel Intervening. SNA Padang. 23-26. Universitas Widyagama. Malang.
Wardhani, R. (Agustus 2006). Mekanisme Cor-porate Governance dalam perusahaan yang Mengalami Masalah Keuangan (Financially Distressed firms). Simposium Nasional Akun-tansi IX. Padang. hal. 23-26.
Authors who publish in Portfolio: Jurnal Ekonomi, Bisnis, Manajemen, dan Akuntansi agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Attribution-ShareAlike 4.0 International (CC BY-SA 4.0) License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).