FAMILY OWNERSHIP AS MODERATING VARIABLE ON THE EFFECT OF AGENCY COST ON FINANCIAL PERFORMANCE : A STUDY IN INDONESIA MANUFACTURING COMPANY

Authors

  • Yolandafitri Zulvia Universitas Negeri Padang

Abstract

Family Ownership As Moderating Variable On The Effect Of Agency Cost On Financial Performance: A Study In Indonesia Manufacturing Company. Perusahaan manufaktur merupakan sektor terbesar yang terdapat di Bursa Efek Indonesia (BEI). Penelitian ini bertuajuan untuk mengetahui seberapa besar pengaruh agency cost terhadap kinerja keuangan perusahaan manufaktur dengan perusahaan keluarga sebagai variabel moderasi. Agency cost dalam penelitian ini diproksikan dengan expense ratio dan asset utilization ratio, sementara itu kinerja keuangan perusahaan diproksikan dengan Return on Equity (ROE). Populasi penelitian ini adalah seluruh perusahaan manufaktur yang terdaftar di Bursa Efek Indoneia (BEI) periode 2013-2017 dan sampel dipilih berdasarkan metode purposive sampling sehingga diperoleh sampel sebanyak 310 perusahaan-tahun pengamatan. Data penelitian merupakan data sekunder yang diambil dari situs resmi Bursa Efek Indonesia (BEI). Penelitian ini menggunakan regresi panel sebagai alat analisisnya. Hasil penelitian menunjukkan bahwa expense ratio memiliki pengaruh negatif signifikan terhadap kinerja keuangan perusahaan. Kemudian untuk asset utilization ratio memiliki pengaruh positif signifikan terhadap kinerja keuangan perusahaan. Sementara itu,

Kepemilikan keluarga sebagai variabel moderasi tidak memperkuat ataupun memperlemah hubungan antara expense ratio dan asset utilization ratio terhadap kinerja keuangan perusahaan.

   

 


Kata Kunci : Biaya Keagenan, Kepemilikan Keluarga, ROE

Downloads

Download data is not yet available.

References

Ajija, Shochrul R., Sari, Diah W., dan Setianto, Rahmat H. 2011. Cara Cerdas Menguasai Eviews. Salemba Empat: Jakarta. American Economic Review LXII (May): 134-139.

Anderson, Ronald C., and David M. Reeb. 2003. “Founding-Family Ownership and Firm Performance: Evidence from the S&P 500.” Journal of Finance. https://doi.org/10.1111/1540-6261.00567.

Andres, Christian. 2008. “Large Shareholders and Firm Performance-An Empirical Examination of Founding-Family Ownership.” Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2008.05.003.

Ang, James S., Rebel A. Cole, and James Wuh Lin. 2000. “Agency Costs and Ownership Structure.” Journal of Finance. https://doi.org/10.1111/0022-1082.00201.

Ang, James S., Rebel Cole, and James Wuh Lin. 2007. “Agency Costs and Ownership Structure.” In Corporate Governance and Corporate Finance: A European Perspective. https://doi.org/10.4324/9780203940136.

Chrisman, James J., Jess H. Chua, and Reginald A. Litz. 2004. “Comparing the Agency Costs of Family and Non-Family Firms: Conceptual Issues and Exploratory Evidence.” Entrepreneurship: Theory and Practice. https://doi.org/10.1111/j.1540-6520.2004.00049.x.

Fachrudin, Khaira Amalia. 2011. “Analisis Pengaruh Struktur Modal, Ukuran Perusahaan, Dan Agency Cost Terhadap Kinerja Perusahaan.” Jurnal Akuntansi Dan Keuangan. https://doi.org/10.9744/jak.13.1.37-46.

Fama, Eugene. 2012. “Agency Problems and the Theory of the Firm.” In The Economic Nature of the Firm: A Reader, Third Edition. https://doi.org/10.1017/CBO9780511817410.022.

Gray, Rob, Reza Kouhy, and Simon Lavers. 1995. “Corporate Social and Environmental Reporting A Review of the Literature and a Longitudinal Study of UK Disclosure.” Accounting, Auditing & Accountability Journal. https://doi.org/10.1108/09513579510146996.

Jensen, Michael C, and William H Meckling. 1976. “Theory of The Firm Manajerial Behaviour, Ageny Cost and Ownership. Structure Journal of Financial Economics 3, October 1976, Vol.3, No. 4, Pp. 305-360.” Journal of Financial Economics.

Jensen, Michael, and William Meckling. 2012. “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure.” In The Economic Nature of the Firm: A Reader, Third Edition. https://doi.org/10.1017/CBO9780511817410.023.

Layyinaturrobaniyah, Layyinaturrobaniyah, Rachmat Sudarsono, and Desi Fitriyana. 2014. “Agency Cost Pada Perusahaan Keluarga Dan Non Keluarga.” Jurnal Siasat Bisnis. https://doi.org/10.20885/jsb.vol18.iss2.art3.

Ang Swat Lin Lindawati, and Marsella Eka Puspita. 2015. “Corporate Social Responsibility: Implikasi Stakeholder Dan Legitimacy Gap Dalam Peningkatan Kinerja Perusahaan.” Jurnal Akuntansi Multiparadigma. https://doi.org/10.18202/jamal.2015.04.6013.

Lisa, and Juniarti. 2017. “Pengaruh Struktur Kepemilikan Keluarga Terhadap Kinerja Perusahaan Pada Perusahaan Sektor Industri Dasar Dan Kimia.” Bussiness Accounting Review.

Masdupi, Erni. 2005. “Analisis Dampak Struktur Kepemilikan Pada Kebijakan Hutang Dalam Mengontrol Konflik Keagenan.” Jurnal Ekonomi Dan Bisnis Indonesia. https://doi.org/10.22146/jieb.6515.

Nurmalasari Indah. 2013. “Analisis Pengaruh Rasio Profitabilitas Terhadap Harga Saham Emiten LQ45 Yang Terdaftar Di Bursa Efek Indonesia.” Analisis Pengaruh Ratio Profitabilitas Terhadap Harga Saham Emitan Lq45 Yang Terdaftar Di Bursa Efek Indonesia.

Serly, Vanica, and Yolandafitri Zulvia. 2019. “Corporate Governance and Ownership Structure: It’s Implication on Agency Cost (A Study in Indonesia Manufacturing Company).” In . https://doi.org/10.2991/piceeba-19.2019.4.

Wang, George Yungchih. 2010. “The Impacts of Free Cash Flows and Agency Costs on Firm Performance.” Journal of Service Science and Management. https://doi.org/10.4236/jssm.2010.34047.

Widarjo, Wahyu. 2011. “PENGARUH MODAL INTELEKTUAL DAN PENGUNGKAPAN MODAL INTELEKTUAL PADA NILAI PERUSAHAAN YANG MELAKUKAN INITIAL PUBLIC OFFERING.” Jurnal Akuntansi Dan Keuangan Indonesia. https://doi.org/10.21002/jaki.2011.10.

Wright, Peter, Mark Kroll, Ananda Mukherji, and Michael L. Pettus. 2009. “Do the Contingencies of External Monitoring, Ownership Incentives, or Free Cash Flow Explain Opposing Firm Performance Expectations?” Journal of Management and Governance. https://doi.org/10.1007/s10997-008-9063-8.

Downloads

Published

2020-05-05

How to Cite

1.
Zulvia Y. FAMILY OWNERSHIP AS MODERATING VARIABLE ON THE EFFECT OF AGENCY COST ON FINANCIAL PERFORMANCE : A STUDY IN INDONESIA MANUFACTURING COMPANY. j.imb [Internet]. 2020May5 [cited 2024Mar.28];4(2):17-34. Available from: https://journal.undiknas.ac.id/index.php/manajemen/article/view/2301

Issue

Section

Articles