Pengaruh Kepemilikan Asing, Komisaris Asing, Dan Direksi Asing Terhadap Kinerja Keuangan Perusahaan
Abstract
This study examines the effects of foreign ownership, foreign board membership, and foreign directors on firm financial performance of Indonesian food and beverages listed companies in Indonesia Stock Exchange for the periods of 2012-2016. Firm financial performance is measured by ROA. This study employs publicly available data from financial database of a sample of 41 firm observations. Using multiplied analysis linear regression with hypotheses testing of t statistics and F tests, this study finds that foreign directors, partially, had significant positive impact on ROA. The foreign ownership and foreign board membership on the other hand, partially, had no effect on ROA. The foreign ownership, foreign board membership, and foreign directors, simultaneously, had significant positive impact on ROA.
Keywords: foreign ownership, foreign board membership, foreign directors, ROA.
Full text article
References
Beritasatu.com. 2017. Total Kapitalisasi Pasar BEI Rp 7.502 triliun. http://id.beritasatu.com/ home/2017-total-kapitalisasi-pasar-bei-rp-7052-triliun/170922
Berle, A., dan G. Means. 1931. The Modern Corporation and Private Property, Macmillan, New York, NY.
Bernhart, S. W., dan S. Rosenstein. 1998. Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis. Financial Review, Vol. 33: 1-16.
Bremholm, A., dan Svensson, C. 2015. Foreign Ownership and Foreign Directors - The Effect on Firm Performance in Japan. Master thesis in business administration, Department of Business Administration, Lund University.
Brous, P. A., dan O. Kini. 1994. The Valuation Effects of Equity Issues and the Level of Institutional Ownership: Evidence from Analysts’ Earnings Forecast. Financial Management, Vol. 23 (1):
Bursa Efek Indonesia, PT. 2016. IDX Fact Book 2016. Research and Development Division. www.idx. co.id
Choi, H. M., W. Sul., dan S. K. Min. 2012. Foreign Board Membership and Firm Value in Korea.
Management Decision, Vol. 50 (2): 207-233.
Databoks. 2016. 2016, Indonesia Impor 2.500 Direksi dan 400 Komisaris. https://databoks.katadata. co.id/datapublish/2016/12/21/2016-indonesia-impor-2500-direksi-dan-400-komisaris
Fahmi, Irham. 2012. Analisis Laporan Keuangan, Cetakan Kedua. Alfabeta, Bandung.
Ghozali, Imam. 2011. Aplikasi Analisis Multivariate dengan Program IBM SPSS 19. Semarang: Badan Penerbit Universtitas Diponegoro.
Gurbuz, A. O., dan A. Aybars. 2011. The Impact of Foreign Ownership on Firm Performance, Evidence from an Emerging Market: Turkey. American Journal of Economics and Business Administration, Vol. 2(4): 350-359.
Herdhayinta, H. 2014. The Influence of Board Diversity on Financial Performance: AnEmpirical Study of Asia-Pacific Companies (Master’s Thesis, Universitet iAgder/University of Agder).
IAI, 2007. Standar Akuntansi Keuangan.
Jensen, M. C., dan W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Finance Economics, Vol. 3 (4): 305-360.
Kementerian Perindustrian RI. 2017. Tertinggi, Kontribusi Industri Makanan dan Minuman Capai 34,17 Persen. Siaran Pers. http://www.kemenperin.go.id/artikel/17984/ Tertinggi,-Kontribusi-Industri-Makanan-dan-Minuman-Capai-34,17-Persen
Kontan.co.id. 2017. Ini kondisi pasar modal di era Jokowi-JK. news/ini-kondisi-pasar-modal- di-era-jokowi-jk
Lee, S. 2008. Ownership Structure and Financial Performance: Evidence from Panel Data of South Korea. Working paper, University of Utah.
Ling,T. P., A. N. Chiek, L. C. Seong. 2016. Foreign Ownership, Foreign Directors, and the Profitability of Malaysian Listed Companies. Procedia – Social and Behavioral Sciences 219 (2016) 580 - 588.
Masulis, R.W., Wang. C., and Xie F. 2012. Globalizing the Boardroom-The Effects of Foreign Directors on Corporate Governance and Form Performance. Journal of Accounting and Economics, Vol. 53(3): 527-554.
Moez, D., K. Marouan,dan R. M. Tahar.2015. Does Foreign Ownership Influence Firm Profitability? Evidence from Tunisian Context. International Journal of Economics and Finance, Vol. 7 (8): 159-167.
Munawir, 2002. Analisa Laporan Keuangan. Yogyakarta: Penerbit Liberty.
Nikmah, F. Ilyas dan S. Arifianto. 2013. Pengaruh Dewan Komisaris Asing, Dewan Komisaris Independen, dan Kepemilikan Asing terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI Tahun 2009-2011). Jurnal Fairness, Vol. 3 (3): 95-103.
OECD, 2004.OECD Principles of Corporate Governance. OECD Publication Service.
Otoritas Jasa Keuangan RI. 2016. Tentang Pasar Modal. https://www.ojk.go.id/sustainable-finance/ id/tentang/Pages/Pasar-Modal.aspx
Oxelheim, L., dan T. Randoy. 2003. The Impact of Foreign Membership on Firm Value. Journal of Banking and Finance, Vol. 27 (12): 2369-2392.
Polovina, N., dan Peasnell, K. 2015. The Effect of Foreign Management and Board Membership on the Performance of Foreign Acquired Banks, International Journal of Managerial Finance, Vol. 11 (3): 359-387.
Putri, N. D., dan D. Kartini. 2018. Asing Mulai Melirik Perusahaan Konsumer Domestik. https://investasi.kontan.co.id/news/asing-mulai-melirik-perusahaan-konsumer- domestik
Schleifer, A., dan R. Vishny. 1997. A Survey of Corporate Governance. The Journal of Finance, Vol II (2): 737-783.
Sekaran, U., dan R. Bougie. 2010. Research Methods for Business. A Skill Building Approach, Wiley Publication.
Sugiyono. 2011. Metode Penelitian Kuantitatif, Kualitatif, dan R & D, Bandung: CV Alfabeta.
Sundjaja, R. S., dan I. Barlian. 2003. Manajemen Keuangan, Edisi Kelima. Jakarta: Literata Lintas Media.
Sutjipto, B. 2003. Sistem Penilaian Kinerja. Jakarta: Bumi Aksara.
Sutrisno. 2013. Manajemen Keuangan: Teori, Konsep & Aplikasi. Ekonisia, Yogyakarta. Tandelilin, Eduardus. 2010. Portofolio dan Investasi: Teori & Aplikasi. Kanisius,Yogyakarta.
Tirto.id. 2016. Pasang Surut Ekspatriat di Perusahaan Indonesia. https://tirto.id/pasang-surut- ekspatriat-di-perusahaan-indonesia-bzlT
Ujunwa, A. 2012. Board Characteristics and the Financial Performance of Nigerian Quoted Firms.
Corporate Governance: The International Journal of Business in Society, Vol. 12 (5): 656-674.
Walt, N., dan C. Ingley. 2003. Board Dynamics and the Influence of Profesional Background, Gender and Ethic Diversity of Directors. Corporate Governance: An International Review, Vol. 11 (3): 218-234.
Wiranata, Y. A., dan Y. W. Nugrahanti. 2013. Pengaruh Struktur Kepemilikan terhadap Profitabilitas Perusahaan Manufaktur di Indonesia. Jurnal Akuntansi dan Keuangan Indonesia, Vol. 15 (1): 15-26.
Authors
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement 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 acknowledgement 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.