Peran Kepemilikan Terkonsentrasi Terhadap Nilai Perusahaan Dengan Efisiensi Operasional Sebagai Variabel Mediasi
Abstract
Abstract. In this study, the relationships between ownership concentration and operational efficiency and firm value are examined. Companies are ranked following the Environmental Performance (PROPER) and listed in Indonesia Stock Exchange as the sample in this study. Data analysis techniques in this study using PLS-SEM with WarpPLS application version 6.0. The findings indicate that ownership concentration has a positive effect on operational efficiency and firm value. The main findings indicate that operational efficiency mediates the effect of concentrated ownership on firm value. The overall findings support agency theory and RBV theory. Monitoring ownership concentration that directs managers to maximize operational efficiency can be a competitive advantage and value the higher value of the company.
Keywords. Agency Theory; Firm Value; Operational Efficiency; Ownership Concentration; PLS-SEM.
Abstrak. Dalam penelitian ini, hubungan antara kepemilikan terkonsentrasi, efisiensi operasional dan nilai perusahaan diuji. Perusahaan-perusahaan yang mengikuti program peringkat Kinerja Lingkungan (PROPER) dan terdaftar di Bursa Efek Indonesia sebagai sampel dalam penelitian ini. Teknik analisis data dalam penelitian ini menggunakan PLS-SEM dengan aplikasi WarpPLS versi 6.0. Temuan menunjukkan bahwa kepemilikan terkonsentrasi memiliki efek positif pada efisiensi operasional dan nilai perusahaan. Temuan utama menunjukkan bahwa efisiensi operasional memediasi pengaruh kepemilikan terkonsentrasi pada nilai perusahaan. Temuan keseluruhan mendukung teori agensi dan teori RBV. Monitoring kepemilikan terkonsentrasi yang mengarahkan manajer untuk memaksimalkan efisiensi operasional dapat menjadi keunggulan kompetitif dan memberikan valuasi nilai perusahaan yang lebih tinggi.
Keywords
Full Text:
PDFReferences
Abuzayed, B., P. Molyneux, dan N. Al-Fayoumi. 2009. Market value, book value and earnings: is bank efficiency a missing link?. Managerial Finance, Vol. 35, No. 2, hlm: 156 - 179.
Ahmed, K., S. Sehrish, F. Saleem, dan M. Yasi. 2012. Impact Of Concentrated Ownership On Firm Performance (Evidence From Karachi Stock Exchange). Interdisciplinary Journal of Contemporary Research In Business, Vol. 4, No. 5.
Al-Saidi, M., dan B. A. Al-Shammari. 2015. Ownership concentration, ownership composition and the performance of the Kuwaiti listed non-financial firms. International Journal of Commerce and Management, Vol. 25, No. 1.
Al-Tuwaijri, S. A., T. E. Christensen, dan K. E. Hughes. 2004. The relationship among Environmental Disclosure, Environmental Performance, and Economic Performance: A Simultaneous Equation Approach. Accounting Organization and Society, Vol. 29, No. 5/6, hlm: 447-471.
Alexopoulos, I., K. Kounetas, dan Dimitris Tzelepis. 2011. Environmental performance and technical efficiency, is there a link?. International Journal of Productivity and Performance Management,, Vol. 61, No. 1, hlm: 6-23.
Anderson, K. L., D. N. Deli, dan S. L. Gillan. 2003. Boards of Directors, Audit Committees, and the Information Content of Earnings. Artikel dipresentasikan pada Weinberg Center for Corporate Governance Working Paper.
Baik, B., J. Chae, S. Choi, dan D. B. Farber. 2013. Changes in Operational Efficiency and Firm Performance: A Frontier Analysis Approach. Contemporary Accounting Research, Vol. 30, No. 3, hlm: 995-1026.
Berle, dan Means. 1932. The Modern Corporation and Private Property. New York: The Mac- millan Company.
Bruce, D. N. 2011. Corporate Governance Mechanisms and Firm Efficiency . International Journal of Business and Management, Vol. 6, No. 5.
Caixe, D. F., dan E. Krauter. 2013. The Influence of the Ownership and Control Structure on Corporate Market Value in Brazil. R. Cont. Finance, Vol. 24, No. 62, hlm: 142-153.
Caracuel, J. A., dan N. O. d. Mandojana. 2013. Green Innovation and Financial Performance: An Institutional Approach. Organization & Environment http:/oae.sagepub.com.
Chang, K., dan L. Zhang. 2015. The Effects of Corporate Ownership Structure on Environmental Information Disclosure—Empirical Evidence from Unbalanced Penal Data in Heavy-pollution Industries in China. WSEAS Transactions on Syatems and Control, Vol. 10.
Claessens, S., S. Djankov, dan L. H. P. Lang. 2000. The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, Vol. 58, No., hlm: 81-112.
Dallas, G. 2004. Governance and Risk. Analytical Hand books for Investors, Managers, Directors and Stakeholders Standard and Poor. New York Governance Services, MC. Graw Hill.
Desoky, A. M., dan G. A. Mousa. 2013. An empirical investigation of the influence of ownership concentration and identity on firm performance of Egyptian listed companies. Journal of Accounting in Emerging Economies, Vol. 3, No. 2, hlm: 164 - 188.
Dwaikat, N., dan A. Queiri. 2014. The Relationship between Ownership Structure and Firm’s Performance: An Empirical Evidence from Palestine. International Journal of Business and Management, Vol. 9, No. 12, hlm: 49-61.
Earle, Kucsera, dan Telegdy. 2004. Ownership Concentration and Corporate performance on the Budapest Stock Exchange. Journal of Corporate governance, Vol. 11, No., hlm: 1-24.
Eisenhardt, K. M. 1989. Agency Theory: An Assessment and Review. The Academy of Management Review, Vol. 14, No. 1, hlm: 57-74.
Fairfield, P. M., dan T. L. Yohn. 2001. Using Asset Turnover and Profit Margin to Forecast Changes in Profitability. Review of Accounting Studies, Vol. 6, No., hlm: 371-385.
Fama, E. F., dan M. C. Jensen. 1983. Separation of Ownership and Control. Journal of Law and Economics, Vol. 26, No. 2, hlm: 301-325.
Farooque, O. A., T. v. Zijl, K. Dunstan, dan A. W. Karim. 2010. Co-deterministic relationship between ownership concentration and corporate performance. Accounting Research Journal, Vol. 23, No. 2, hlm: 172 - 189.
Francis, J., K. Schipper, dan L. Vincent. 2005. Earnings and dividend informativeness when cash flow rights are separated from voting rights. Journal of Accounting and Economics, Vol. 39, No. 2, hlm: 329-360.
Gill, A., M. Singh, N. Mathur, dan H. S. Mand. 2014. The Impact of Operational Efficiency on the Future Performance of Indian Manufacturing Firms. International Journal of Economics and Finance, Vol. 6, No. 10.
Goel, S. 2012. The Link Between Operational Efficiency and Solvency: The Case Of Food Processing Industry in India. Accountancy Business and The Public Interest.
Grosfeld, I. 2006. Ownership Concentration and Firm Performance: Evidence from an Emerging Market. Artikel dipresentasikan pada William Davidson Institute Working Pape, The University Of Michigan.
Hair, J. F., G. T. M. Hult, C. Ringle, dan M. Sarstedt. 2013. A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Los Angeles: SAGE.
Hart, S. 1995. A natural resource-based view of the firm. Academy of Management Review, Vol. 20, No. 4, hlm: 874-907.
Hart, S. L. 1997. Beyond Greening: Strategies for a sustainable world. Harvard Business Review, Vol. 24, No. 1, hlm: 66-76.
Hassan, S., Z. Othman, dan M. Harun. 2014. Ownership Structure Variation and Firm Efficiency. Asian Social Science, Vol. 10, No. 11, hlm: 233-241.
Hill, C. W. L., dan S. A. Snell. 1989. Effects of ownership structure and control on corporate productivity. Academy of Management Journal, Vol. 32, , No., hlm: 25-46.
Iqbal, M., S. T, P. Assih, dan Rosidi. 2013. Effect of Environmental Accounting Implementation and Environmental Performance and Environmental Information Disclosure as Mediation on Company Value. International Journal of Business and Management Invention, Vol. 2, No. 10, hlm: 55-67.
Jaafar, A., dan M. El-Shawa. 2015. Ownership concentration, board characteristics and performance: evidence from Jordan". Accounting in Emerging Economies, Vol. 9, No., hlm: 73-95.
Jensen, M. C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, Vol. 76, No. 2, hlm: 323-329.
Jensen, M. C., dan W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3, No. 4, hlm: 305-360.
Jeong, K. Y., dan D. T. Phillips. 2001. Operational efficiency and effectiveness measurement. International Journal of Operations & Production Management;, Vol. 21, No. 11, hlm: 1404-1416.
Kanghwa, C. 2010. From operational efficiency to financial efficiency. Asian Journal on Quality, Vol. 11, No. 2, hlm: 137 - 145.
Keown, A. J. 2004. Prinsip-prinsip dan Aplikasi Manajemen Keuangan. Jakarta: Penerbit Indeks
Krivogorsky, V., dan G. Grudnitski. 2010. Country-specific institutional effects on ownership: concentration and performance of continental European firms. J Manag Gov, Vol. 14, No., hlm: 167-193.
Kuo, L., S. K. Huang, dan Y. C. J. Wu. 2010. Operational efficiency integrating the evaluation of environmental investment: the case of Japan. Management Decision, Vol. 48, No. 10, hlm: 1596 - 1616.
Latan, H., dan I. Ghozali. 2016. Partial Least Squares Konsep, Metode dan Aplikasi Menggunakan WarpPLS 50. Semarang: Badan Penerbit Universitas Diponegoro.
Lin, C. J. 2011 An Examination Of Board And Firm Performance : Evidence From Taiwan. The International Journal of Business and Finance Research, Vol. 5, No. 4.
Lindenberg, E. B., dan S. A. Ross. 1981. Tobin’s q Ratio and Industrial Organization. Journal of Business, Vol. 54, No. 1, hlm: 1-32.
Mahdavi, G., A. G. Moghaddam, dan S. Alipour. 2012. An investigation of cost, revenue and profit efficiency: The case of Iranian companies. African Journal of Business Management, Vol. 6, No. 30, hlm: 8879-8888.
Majumdar, S. K., dan A. A. Marcus. 2001. Rules versus Discretion: The Productivity Consequences of Flexible Regulation. The Academy of Management Journal, Vol. 44, No. 1, hlm: 170-179.
Maug, E. 1998. Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control?. Journal of Finance, Vol. 53, No. 1, hlm: 65-98.
McWilliams, A., dan D. L. Smart. 1993. Efficiency v. Structure-Conduct-Performance: lmplica tions for Strategy Research and Practice. Journal of Management, Vol. 19, No. 1, hlm: 63-78.
Muhammad, N., F. Scrimgeour, K. Reddy, dan S. Abidin. 2015. The Relationship between Environmental Performance and Financial Performance in Periods of Growth and Contraction: Evidence from Australian Publicly Listed Companies. Journal of Cleaner Production, Vol. 102,, No., hlm: 324-332.
Nguyen, T., S. Locke, dan K. Reddy. 2015. Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter?. International Review of Financial Analysis, Vol. 41, No., hlm: 148-161
Porta, R. L., F. Lopez-De-Silanes, dan A. Shleifer. 1999. Corporate Ownership Around the World. The Journal of Finance, Vol. LIV, No. 2.
Porta, R. L., F. L. d. Silanes, A. Shleifer, dan R. W. Vishny. 1996. Law And Finance. NBER Working Paper 5661.
Porter, M. E., dan C. v. d. Linde. 1995. Green and competitive : Ending the stalemate. Harvard Business Review, Vol. 73, No. 5, hlm: 120-134.
PROPER. 2011. Laporan Hasil Penilaian Program Penilai Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup. Sekretariat PROPER Kementerian Lingkungan Hidup.
Rashida, A., A. D. Zoysab, S. Lodh, dan K. Rudkinb. 2010. Board Composition and Firm Performance: Evidence from Bangladesh. Australasian Accounting Business Finance Journal, Vol. 4, No. 1.
Ross, S. A. 1973. The Economic Theory of Agency : The Pricipal's Problem. American Economic Review, Vol. 63, No. 2, hlm: 134-139.
———. 1977. The Determination of Finacial Structure:The Incentive Signalling Approach. The Bell Journal of Economics, Vol. 8, No. 1, hlm: 23-40.
Russell, L. A., M. R. Langemeier, dan B. C. Briggeman. 2013. The impact of liquidity and solvency on cost efficiency. Agricultural Finance Review, Vol. 73, No. 3, hlm: 413 - 425.
Santosuosso, P. 2014. Do Efficiency Ratios Help Investors to Explore Firm Performances? Evidence from Italian Listed Firms. International Business Research, Vol. 7, No. 12.
Sartono, R. A. 2012. Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE.
Shleifer, A., dan R. W. Vishny. 1986. Large Shareholders and Corporate Control. Journal Of Political Economy, Vol. 94, No. 3, hlm: 461-488.
———. 1997. A Survey of Corporate Governance. The Journal of Finance, Vol. LII, No. 2, hlm.
Sholihin, M., dan D. Ratmono. 2013. Analisis SEM-PLS dengan Warp PLS 3.0 untuk Hubungan Nonlinier dalam Penelitian Sosial dan Bisnis. Yogyakarta: Penerbit ANDI.
Soliman, M. T. 2008. The use of DuPont analysis by market participants. The Accounting Review, Vol. 83 No. 3, hlm: 823-853.
Sudiyatno, B. 2010. Peran Kinerja Perusahaan Dalam Menentukan Pengaruh Faktor Fundamental Makroekonomi, Risiko Sistematis, Dan Kebijakan Perusahaan Terhadap Nilai Perusahaan, Program Pasca Sarjana Universitas Diponegoro Semarang, Semarang.
Thomsen, S., dan T. Pedersen. 2000. Ownership Structure and Economic Performance in the Largest European Companies. Strategic Management Journal, Vol. 21, No., hlm: 689-705.
Utomo, M. N., S. Wahyudi, H. Muharam, dan M. L. Taolin. 2018. Strategy to Improve Firm Performance Through Operational Efficiency Commitment to Environmental Friendliness: Evidence from Indonesia. Organizations and Markets in Emerging Economies, Vol. 9, No. 1(7), hlm: 62-85.
Vintila, G., dan S. C. Gherghinaa. 2014. The Impact of Ownership Concentration on Firm Value. Empirical Study of The Bucharest Stock Exchange Listed Companies. Procedia Economics and Finance, Vol. 15, No., hlm: 271 – 279.
Voulgaris, F., dan C. Lhemonakis. 2014. Competitivenes and profitability : The Case Of Chemicals, Pharmaceuticals and Plastics. The Journal of Economics Asymmetries, Vol. 11, No., hlm: 46-57.
Wahla, K.-U.-R., S. Z. A. Shah, dan Z. Hussain. 2012. Impact of Ownership Structure on Firm Performance Evidence from Non-Financial Listed Companies at Karachi Stock Exchange. International Research Journal of Finance and Economics, Vol., No. 84.
Warrad, L., S. M. Almahamid, N. Slihat, dan M. Alnimer. 2013. The Relationship Between Ownership Concentration And Company Performance, A Case Of Jordanian Non-Financial Listed Companies. Interdisciplinary Journal of Contemporary Research In Business Vol. 4, No. 9.
Wassmer, Ulrich, Cueto, D. C, Switzer, dan L. N. 2014. The Effect of Corporate Environmental Initiatives on Firm Value: Evidence from Fortune 500 Firms. Business And Economics--Management, Vol. 17, No. 1, hlm: 1-19.
Yasser, Q. R., dan A. A. Mamun. 2015. Effects of ownership concentration on firm performance: Pakistani evidence. Journal of Asia Business Studies, Vol. 9, No. 2, hlm: 62 - 176.
DOI: https://doi.org/10.17509/jrak.v7i3.17602
Refbacks
- There are currently no refbacks.
Jurnal Riset Akuntansi dan Keuangan is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
View My Stats