Analisis Pengaruh Karakteristik Dewan Direksi dan Struktur Kepemilikan Terhadap Kinerja Keuangan Perusahaan Keluarga
Abstract
Penelitian ini bertujuan untuk mengidentifikasi hubungan karakteristik dewan dan kepemilikan terhadap kinerja perusahaan keluarga di Bursa Efek Indonesia. Variabel independen yang digunakan dalam penelitian ini adalah ukuran anggota dewan, frekuensi rapat anggota dewan, indenpendensi anggota dewan, kepemilikan institusional, kepemilikan orang asing, dan konsentrasi kepemilikan. Variabel dependen yang digunakan adalah kinerja keuangan. Metode penelitian ini menggunakan regresi panel dengan menggunakan data sekunder yang diperoleh dari laporan tahunan oleh perusahaan keluarga di BEI yang terdaftar pada periode 2015-2019. Hasil uji dalam penelitian ini menunjukkan bahwa direktur independen dan umur perusahaan memberikan pengaruh signifikan positif terhadap ROA. Sedangkan, kepemilikan asing dan kepemilikan terkonsentrasi yang menghasilkan hubungan signifikan negatif terhadap Tobin’s Q. Semakin banyak jumlah anggota dewan direksi independen maka akan semakin baik pula kinerja keuangan perusahaan dalam hal ini perusahaan keluarga yang terdaftar di BEI. Hal ini dikarenakan pengambilan keputusan yang independen dan professional akan mendorong peningkatan kinerja perusahaan. Pemantauan atas kegiatan yang dilakukan manajemen akan lebih ketat sehingga tidak akan tercipta oportunisme bagi manajemen dalam melakukan penyelewengan. Selain itu, kepemilikan asing memberikan efek negatif terhadap kinerja perusahaan keluarga. Konsentrasi kepemilikan akan mengurangi kinerja perusahaan karena konsentrasi kepemilikan cenderung mengedepankan kepentingan kelompok tertentu. Hal ini dinilai dapat menjadi pemicu conflict of interest baik antar pemegang saham, dan juga manajemen dengan pemegang saham yang dapat memperburuk kinerja keuangan perusahaan kecil.
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