Pengaruh Struktur Kepemilikan Saham dan Struktur Dewan Komisaris terhadap Kinerja Perusahaan
Abstract
Shareholding structure and the structure of the board of commissioners that are the
focus in this study were (1) the internal ownership structure (insider ownership), which
share ownership by managers and commissioners, (2) stock ownership by blockholders,
ie individuals and or institutions that own shares company by 5% or more, (3) the
proportion of independent commissioners (outside board), and (4) the size of the board of
commissioners (board size). In determining the structure of share ownership and the
board structure as the application of corporate governance mechanisms, firms are
always faced with the question of costs (cost) and benefits (benefits). As a result, the
company could substitute the level of use of the mechanism of the shareholding structure
and board structure of the board of commissioner such a way to balance the marginal
cost and marginal benefit. Hence the hypothesis proposed in this research are: (l) the
company doing the substitution between ownership structure and the structure of the
board, (2) ownership structure and the board structure significantly influence the
performance of the company. Companies that were sampled in this research is a
registered company in Indonesia Stock Exchange in 2008. Based on purposive sampling
acquired 100 companies are used as a sample. Testing the first hypothesis is done by
using two stages least squared while the second hypothesis testing is done using ordinary
least squared. The results of testing the first hypothesis suggests that companies in
Indonesia has yet to substitute between ownership structure and the structure of the
board of commissioners. Except found that internal ownership but also turns positive
effect on the proportion of independent commissioners. The second hypothesis as not
entirely proven. However, it was found that the presence of blockholders apparently
significant effect on company performance. Researchers then expected to find a proxy or
a variable and more precise control for the study still found a model that does not fit.
Keywords: board size, blockholders, insider ownership, outside shareholders.
focus in this study were (1) the internal ownership structure (insider ownership), which
share ownership by managers and commissioners, (2) stock ownership by blockholders,
ie individuals and or institutions that own shares company by 5% or more, (3) the
proportion of independent commissioners (outside board), and (4) the size of the board of
commissioners (board size). In determining the structure of share ownership and the
board structure as the application of corporate governance mechanisms, firms are
always faced with the question of costs (cost) and benefits (benefits). As a result, the
company could substitute the level of use of the mechanism of the shareholding structure
and board structure of the board of commissioner such a way to balance the marginal
cost and marginal benefit. Hence the hypothesis proposed in this research are: (l) the
company doing the substitution between ownership structure and the structure of the
board, (2) ownership structure and the board structure significantly influence the
performance of the company. Companies that were sampled in this research is a
registered company in Indonesia Stock Exchange in 2008. Based on purposive sampling
acquired 100 companies are used as a sample. Testing the first hypothesis is done by
using two stages least squared while the second hypothesis testing is done using ordinary
least squared. The results of testing the first hypothesis suggests that companies in
Indonesia has yet to substitute between ownership structure and the structure of the
board of commissioners. Except found that internal ownership but also turns positive
effect on the proportion of independent commissioners. The second hypothesis as not
entirely proven. However, it was found that the presence of blockholders apparently
significant effect on company performance. Researchers then expected to find a proxy or
a variable and more precise control for the study still found a model that does not fit.
Keywords: board size, blockholders, insider ownership, outside shareholders.
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PDFDOI: https://doi.org/10.33508/jako.v3i2.1003
