PENGARUH KEPEMILIKAN TERHADAP ASIMETRI INFORMASI PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2015

Sendi elison, Rizky Yudaruddin

Abstract


ABSTRAK

Tujuan penelitian adalah untuk mengetahui pengaruh kepemilikan terhadap asimetri informasi pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia periode 2011-2015. Pengambilan sampel menggunakan teknik purposive sampling yaitu pemilihan sampel dengan kriteria tertentu, sehingga didapat sampel dalam penelitian ini sebanyak 7 perusahaan. Kepemilikan diukur dengan kepemilikan pemerintah, kepemilikan asing dan kepemilikan institusional. Asimetri informasi diukur dengan bid-ask spread. Hasil penelitian menunjukkan bahwa terdapat hubungan positif signifikan antara kepemilikan pemerintah dengan asimetri informasi, namun terdapat hubungan positif tidak signifikan antara kepemilikan asing dengan asimetri informasi, dan terdapat hubungan negatif tidak signifikan antara kepemilikan institusional dengan asimetri informasi. Hal ini menunjukkan bahwa kepemilikan berdampak pada asimetri informasi karena adanya hubungan positif pada penelitian ini

Keywords


Kata Kunci: Kepemilikan Pemerintah, Kepemilikan Asing, Kepemilikan Institusional, Asimetri Informasi.

References


DAFTAR PUSTAKA

Arieza, Ulfa., 2017. Wih Industri Manufaktur Jadi Penyumbang Terbesar Ekonomi Kuartal II. https://economy.okezone.com. Diakses pada 16 Desember 2017 pukul 10:14 WITA.

Barclay, M.J., Holderness, C., 1991. Negotiated block trades and corporate control. Journal of Finance. Vol. 46, Issue 3, 861-878.

Bushman, R.M., Piotroski, J.D., Smith, A.J., 2004. What determines corporate transparency. Journal of Accounting Research 42. Vol. 2: 207-250.

Boujelbéne, N.B., Bouri, A., 2008. Ownership structure and bid-ask spread: Evidence from Tunisian Companies. Corporate Finance Financial Theory. Vol. 5: 445-451.

Chen, G., Firth, M., Xu, L., 2009b. Does the type of ownership control matter? Evidence from the China’s listed companies. Journal of Banking and Finance. Vol. 33: 171- 181.

Choi, J.J., Sami, H., Zhou, H., 2010. The impact of state ownership on information asymmetry: Evidence from an Emerging Market. Journal of Accounting Research. Vol. 3: 13-50.

Choi, J.J., Lam, K.C.K., Sami, H., Zhou, H., 2013. Foreign ownership and information asymmetry. Journal of Financial Studies. Vol. 42: 141-166.

Chu, E.Y., Song, S.I., 2010. Insider ownership and industrial competition: Causes and consequences of information asymmetry. Journal of ASEAN Economic Bulletin. Vol. 3: 263-280.

Ellul, A., Guntay, L., Lel, U., 2007. External governance and debt agency costs of family firms. Working Paper, Board of Governors of the Federal Reserve System. Vol. 202: 452-3168.

Fehle, F., 2004. Bid-ask spreads and institutional ownership. Review of Quantitative Finance and Accounting. Vol. 22: 275-292.

Ferdinand, A., 2006. Metode penelitian manajemen. Badan Penerbit Universitas Diponegoro.

Hanifah, Syifa., 2016. Kontribusi sektor industri terhadap PDB capai 17,82 persen. www.merdeka.com.html. Diakses pada 16 Desember 2017 pukul 10:12 WITA.

Heflin, F., Shaw, K.W., 2000. Blockholder ownership and market liquidity. Journal of Financial and Quantitative Analysis 35. Vol. 4: 621-633.

Hope, O., Thomas, W.B., Vyas, D., 2009. Transparency, ownership, and financial constraints: An international study using private firms. Working Paper, Toronto University.

Jensen, M.C., Meckling, W.H., 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Vol. 4: 305-360.

Jiang, L., Kim, J.B., 2004. Foreign equity ownership and information asymmetry: Evidence from Japan. Journal of International Financial Management and Accounting. Vol. 15: 185-211.

Juanda, B, Junaidi. 2012. Ekonometrika Deret Waktu Teori dan Aplikasi. IPB Press: Bogor.

Kini, O., Mian, S., 1995. Bid-ask spread and ownership structure. Journal of Financial Research 18. Vol. 4: 410- 414.

Laporan Keuangan Tahunan Perusahaan. IDX (Indonesia Stock Exchange Bursa Efek Indonesia).

http://www.idx.co.id/beranda/perusahaantercatat/laporankeuangandantahunan.aspx. Diakses pada 19 April 2017 pukul 08:20 WITA.

M. Dahwilani., dani., 2017 :https://ekbis.sindonews.com/read/1190701/34/peluang-dan-tantangan-industri-farmasi-di-indonesia-2017-1490187954. Diakses pada 23 Desember 2017 pukul 08:47 WITA.

O’Brien, P., Bhushan, R., 1990. Analyst following and institutional ownership. Journal of Accounting Research. Vol. 28: 55-77.

Sami, H., W, J., Zhou, H., 2009. Corporate governance and operating performance of Chinese listed firms. Journal of International Accounting Auditing and Taxation. Vol. 20: 106-114.

Shleifer, A., Vishny, R. W., 1997. A survey of corporate governance. Journal of Finance 52. Vol. 2: 737- 782.

Shiri, M.M., Salehi, M., Radbon, A., 2016. Impact of ownership structure and disclosure quality on information asymmetry in Iran. The Journal for Makers 41. Vol. 1: 51-60.

Sugiyono (2007). Statistika untuk Penelitian. CV. Albeta: Bandung.

Sun, Q., Tong, W.H.S., 2003. China share issue privatization: The extent of its success. Journal of Financial Economics. Vol. 70: 183-222.

Verrecchia, R.E., 2001. Essays on disclosure. Journal of Accounting




DOI: https://doi.org/10.29264/jimm.v4i2.4001

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 Jurnal Ilmu Manajemen Mulawarman (JIMM)


Crossref logo 

Editorial Address

Jurnal Ilmu Manajemen Mulawarman (JIMM)
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jimm.feb@gmail.com