Pengaruh kepemilikan institutional, kepemilikan asing, konsentrasi kepemilikan, dan kepemilikan managerial terhadap capita structure

Rausmiadin Rausmiadin, Hairul Anwar

Abstract


Tujuan dari penelitian ini adalah untuk menguji hubungam antara Capital Structure, Kepemilikan Institutional, Kepemilikan Asing, Konsentrasi Kepemilikan, dan Kepemilikan Managerial pada perusahaan sub sektor Coal Mining. Populasi penelitian ini adalah seluruh perusahaan sub sektor Coal Mining yang terdaftar di Bursa Efek Indonesia pada tahun 2014-2018. Penelitian ini menggunakan Purposive sampling dengan jumlah sampel 18 perusahaan Jenis data yang digunakan adalah data kuantitatif dan sumber data berupa berupa laporan tahunan perusahaan. Alat analisis data yang digunankan adalah statistik deskripti dan regresi data panel. Diperoleh sebanyak 26 perusahaan, akan tetapi hanya 18 perusahaan yang memenuhi kriteria untuk menjadi sampel dalam penelitian. Hasil penelitian menunjukkan bahwa adanya (1) Kepemilikan Institutional berhubungan negatif tidak signifikan terhadap Capital Structure. (2) Kepemilikan Asing berhubungan positif signifikan terhadap Capital Structure. (3) Konsentrasi Kepemilikan berhubungan negatif tidak signifika terhadap Capital Structure. (4) Kepemilikan Managerial berhubungan positif tidak signifikan terhadap Capital Structure.


 


Keywords


Kepemilikan asing; kepemilikan managerial; konsentrasi kepemilikan; kepemilikan institutional; capital structure

References


AGYEI, A., & OWUSU, A. R. (2014). The Effect of Ownership Structure and Corporate Governance on Capital Structure of Ghanaian Listed Manufacturing Companies. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(1). https://doi.org/10.6007/ijarafms/v4-i1/547

Ahmadpour, A., Samimi, A. J., & Golmohammadi, H. (2012). Corporate governance and capital structure: Evidence from tehran stock exchange. Middle East Journal of Scientific Research, 11(4), 531–535.

Andrei Shleifer, & Vishny, R. W. (1997). A Survey of Corporate Governance Andrei. PhD Proposal, 1(2), 737–783. https://doi.org/10.1017/CBO9781107415324.004

Baltagi, B. H., & Li, D. (2002). Series estimation of partially linear panel data models with fixed effects. Annals of Economics and Finance, 3(1), 103–116.

Bentivogli, C., & Mirenda, L. (2017). Foreign Ownership and Performance: Evidence from Italian Firms. International Journal of the Economics of Business, 24(3), 251–273. https://doi.org/10.1080/13571516.2017.1343542

Berger, P. G., Ofek, E., & Yermack, D. L. (1997). American Finance Association Managerial Entrenchment and Capital Structure Decisions. Source: The Journal of Finance, 52(4), 1411–1438. Retrieved from http://www.jstor.org/stable/2329441

Chaganti, R. (1991). Institutional ownership, capital structure, and firm performance. 12(July 1989), 479–491.

Donnelly, R., & Mulcahy, M. (2008). Board structure, ownership, and voluntary disclosure in Ireland. Corporate Governance: An International Review, 16(5), 416–429. https://doi.org/10.1111/j.1467-8683.2008.00692.x

Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15(1), 1–33. https://doi.org/10.1093/rfs/15.1.1

Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x

Granado-Peiró, N., & López-Gracia, J. (2017). Corporate Governance and Capital Structure: A Spanish Study. European Management Review, 14(1), 33–45. https://doi.org/10.1111/emre.12088

Greco, G. (2011). Determinants of board and audit committee meeting frequency. Managerial Auditing Journal, 26(3), 208–229. https://doi.org/10.1108/02686901111113172

Grennan, J., Michaely, R., & Vincent, C. J. (2011). The Deleveraging of U.S. Firms and Institutional Investors’ Role. Ssrn. https://doi.org/10.2139/ssrn.1941902

Haider, J., & Fang, H.-X. (2016). Board size, ownership concentration and future firm risk. Chinese Management Studies, 10(4), 692–709. https://doi.org/10.1108/CMS-05-2016-0094

Hayat, M., Yu, Y., Wang, M., & Jebran, K. (2018). Impact of Managerial and Institutional Ownership on Capital Structure: A Comparison Between China & USA. European Journal of Business and Management, 10(24), 69–80.

Huddart, S. (1993). The Effect of a Large Shareholder on Corporate Value. Management Science, 39(11), 1407–1421. https://doi.org/10.1287/mnsc.39.11.1407

JENSEN, M. C. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Jensen, M. C., & Warner, J. B. (1988). Jerold B. WABNEB Univ&q 4. Journal of Financial Economics, 20, 3–24.

Jersov, K. (2014). Table of Content.

Khasawneh, A. Y., & Staytieh, K. S. (2017). Impact of foreign ownership on capital structure & firm value in emerging market: Case of Amman stock exchange listed firms. Afro-Asian Journal of Finance and Accounting, 7(1), 35–64. https://doi.org/10.1504/AAJFA.2017.082928

Kim, K. A., Nofsinger, J. R., & Kitsabunnarat-Chatjuthamard, P. (2011). Large Shareholders, Board Independence, and Minority Shareholder Rights: Evidence from Europe. SSRN Electronic Journal, 13, 859–880. https://doi.org/10.2139/ssrn.1254655

La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115

Mehran, H. (1992). Executive Incentive Plans, Corporate Control, and Capital Structure. The Journal of Financial and Quantitative Analysis, 27(4), 539. https://doi.org/10.2307/2331139

Michaely, R., & Vincent, C. J. (2012). Do Institutional Investors Influence Capital Structure Decisions? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2021364

Mutascu, M., & Danuletiu, D. (2013). The literacy impact on tax revenues. Economics Discussion Papers, 2013–63, 0–25.

Ngatemin, Maksum, A., Erlina, & Sirojuzilam. (2018). Effects of institutional ownership and profitability to firm value with the capital structure as intervening variable (empirical study at company tourism industry sector listed in Indonesia). International Journal of Civil Engineering and Technology, 9(5), 1305–1320.

Oliveira, L., Lima Rodrigues, L., & Craig, R. (2006). Firmâ€specific Determinants of Intangibles Reporting: Evidence from the Portuguese Stock Market. Journal of Human Resource Costing & Accounting, 10(1), 11–33. https://doi.org/10.1108/14013380610672657

Qu, B. (2004). What Determines Corporate Ownership Concentration Around the World? Advances in Financial Economics, 9, 221–246. https://doi.org/10.1016/S1569-3732(04)09009-7

RAJAN, R. G., & ZINGALES, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x

Ross, S. A., Westerfield, R. W., & Jaffe, J. F. (2002). Capital market theory: An overview. Corporate finance. 1–971.

Sheikh, N. A., & Wang, Z. (2012). Effects of corporate governance on capital structure: Empirical evidence from Pakistan. Corporate Governance (Bingley), 12(5), 629–641. https://doi.org/10.1108/14720701211275569

Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461–488. https://doi.org/10.1086/261385

Sivathaasan, N. (2013). Foreign Ownership , Domestic Ownership and Capital Structure : Special reference to Manufacturing Companies Quoted on Colombo Stock Exchange in Sri Lanka . 5(20), 35–42.

Smith, C. W., & Stulz, R. M. (1985). The Determinants of Firms’ Hedging Policies. The Journal of Financial and Quantitative Analysis, 20(4), 391. https://doi.org/10.2307/2330757

Yudaruddin, R. (2014). Statistik Ekonomi: Aplikasi Dengan Program SPSS Versi 20. Yogyakarta: Interpena Yogyakarta.

Yuniasih, C., Dharma, S., & Nugroho, P. I. (2013). Proceedings of the International Conference on Managing the Asian Century. Proceedings of the International Conference on Managing the Asian Century, 217–224. https://doi.org/10.1007/978-981-4560-61-0




DOI: https://doi.org/10.29264/jimm.v6i4.9820

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 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