Kesan Struktur Pemilikan dan Pempelbagaian Perniagaan ke atas Presatsi Syarikat dalam Mengawal Konflik Agensi bagi Syarikat Tersenarai di BEI (The Impact of Ownership Structure and Diversification of Business on Firm Performance in Controlling Agency )

Erni Masdupi, Nur Adiauna Hiau Abdullah

Abstract


This study employs structural equation modeling to investigate the impact of ownership strusture and diversification of business on firm performance in an agency perspective. Listed companies on Indonesia Stock Exchange during 1998 to 2005 were used. Based on pooled data, 198 firm-years are selected. Insider ownership, foreign ownership and shareholders dispersion formed the dimensions of ownership structure latent. Diversification of business was measured by Herfindahl index by sales, Herfindahl index by total assets, and number of segment; whereas return on equity, return on total assets and market to book value ratio were indicators of firm performance. All dimensions that formed the three latents have significant loading factors at 1%. The study found that structural model hypothesis was suitable as all the goodness of fit indexes fulfilled their requirement. Ownership structure was found not to have influence on firm performance; however, diversification had a significant positive relationship on firm performance at 5% level.

ABSTRAK

Kajian ini menggunakan pemodelan persamaan struktural (SEM) untuk menguji kesan struktur pemilikan dan pempelbagaian perniagaan ke atas prestasi syarikat dalam perspektif agensi. Syarikat tersenarai di Bursa Efek Indonesia digunakan dalam tempoh 1998 sehingga 2005. Berdasarkan data terkumpul, 198 tahun-syarikat telah dipilih. Pemilikan saham oleh pihak dalaman, pemilikan pelabur asing dan penyebaran pemegang sahamn merupakan dimensi bagi latent struktur pemilikan. Pempelbagaian perniagaan diukur melalui indeks Herfindahl jua;an, indeks Herfindahl aset dan bilangan segmen perniagaan; manakal pulangan atas ekuiti, pulangan atas aset dan nisbah nilai pasaran kepada nilai buku adalah petunjuk kepada prestasi syarikat. Semua dimensi daripada ketiga-tiga latent tersebut memiliki faktor loading dengan aras keertian 1%. Dapatan kajian menunjukan bahawa hipotesis model struktural yang digunakan sesuai dengan data kerana semua indeks kesesuaina memnuhi syarta. Struktur pemilikan didapati tidak mempengaruhi prestasi syarikat namun pempelbagaian perniagaan didapati mempunyai hubungan positif dengan prestasi syarikat pada aras keertian 5%.


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