EKSPROPRIASI PEMEGANG SAHAM MINORITAS DALAM KEPEMILIKAN ULTIMAT PENGARUH PEMISAHAN HAK ALIRAN KAS DENGAN HAK KONTROL TERHADAP NILAI PERUSAHAAN

Johan Djayanto, Lindrawati Lindrawati, Budianto Tedjasuksmana

Abstract


Concentrated ownership embedded in publicly-owned companies’ organizational structure could trigger the expropriation of mi-nority shareholders. Such expropriation happens when the control rights are bigger than the cash flow rights held. Separation between the two could be approached using a number of ownership mechanisms, such as pyramid ownership and cross-holding. Based on the concept of ultimate ownership, the objectives are to examine and analyse (1) the impacts of cash flow rights and control rights on the firm value, and (2) the extent to which the involvements of controlling shareholders in top management and the presence of second controlling shareholders as moderate variables influence the phenomena explained. The research design is quantitative. The target research population is Indonesian publicly-owned companies listed in the Indonesian Stock Exchange between the years 2007-2011. Samples are collected using purposive sampling technique accumulating to 1,895 observations with a 10% cut-off point on the control rights. Statistical evaluation are done through multiple regression tool. It was found that the controlling shareholders’ cash flow rights positively affect firm value, whilst control rights do not have any significant impact. The involvements of controlling shareholders in top management as moderate variable could amplify the negative effect of cash flow right leverage towards firm value, whereas calibration of those effect with the presence of second controlling shareholders as moderate variable does not yield significant results as was firstly hypothesized.

Save to Mendeley


Keywords


Ekspropriasi; Pemegang Saham Minoritas; Nilai Perusahaan; Kepemilikan Ultimat; Hak Aliran Kas

Full Text:

PDF

References


Bae, K. H., J. K. Kang, dan J. M. Kim, 2002, Tunneling of Value Added? Evidence from Mergers by Korean Business Groups, Journal of Finance, Vol. 57, No. 6, Desember: 2695-2741.

Bozec, Y., dan C. Laurin, 2008, Large Shareholder Entrenchment and Performance: Empirical Evidence from Canada, Journal of Business Finance and Accounting, Vol. 35, Issue 1-2, Januari-Maret: 25-49.

Claessens, S., S. Djankov, dan L. H. P. Lang, 2000a, The Separation of Ownership and Control in East Asian Corporations, Journal of Financial Economics, Vol. 58, Issue 1-2, Oktober-November: 81-112.

Claessens, S., S. Djankov, J. P. H. Fan, dan L. H. P. Lang, 2000b, Expropriation of Minority Shareholders: Evi-dence from East Asia, Working Paper, The World Bank.

_____, 2002, Disentagling the Incentive and Entrenchment Effects of Large Shareholdings, Journal of Finance, Vol. 57, No. 6, Desember: 2741-2771.

Faccio, M., dan L. H. P. Lang, 2002, The Ultimate Ownership of Western European Corporations, Journals of Financial Economics, Vol. 65, No. 3, September: 365-395.

Fan, J. P. H., dan T. J. Wong, 2002, Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia, Journal of Accounting and Economics, Vol. 33, No. 3, Agustus: 401-425.

Febrianto, R., 2005, The Effect of Ownership Concentration on the Earnings Quality: Evidence from Indone-sian Companies, Jurnal Riset Akuntansi Indonesia, Vol. 8, No. 2, Mei: 105-120.

Ghozali, I., 2009, Aplikasi Analisis Multivariate dengan Program SPSS, Edisi keempat, Semarang: Universitas Diponegoro.

Gugler, K., dan B. B. Yurtoglu, 2003, Corporate Governance and Dividend Pay-out Policy in Germany, Euro-pean Economic Review, Vol. 47, No. 4, Agustus: 731-758.

Husnan, S., 2001, Corporate Governance dan Keputusan Pendanaan: Perbandingan Kinerja Perusahaan dengan Pemegang Saham Pengendali Perusahaan Multinasional dan Bukan Multinasional, Jurnal Riset Akuntansi, Manajemen, Ekonomi, Vol. 1, No. 1, Februari: 1-12.

Institute for Economic and Financial Research, 2008, Indonesian Capital Market Directory 2008, Jakarta: ECFIN.

_____, 2009, Indonesian Capital Market Directory 2009, Jakarta:

ECFIN.

_____, 2010, Indonesian Capital Market Directory 2010, Jakarta:

ECFIN.

_____, 2011, Indonesian Capital Market Directory 2011, Jakarta:

ECFIN.

Johnson, S., R. La Porta, F. L. Silanes, dan A. Shleifer, 2000, Tunneling, American Economic Review Papers and Proceedings, Vol. 90, No. 2, Mei: 22-27.

Keown, A. J., J. D. Martin, J. W. Petty, dan D. F. Scott, 2004, Manajemen Keuangan: Prinsip-Prinsip dan Aplikasi, Jilid satu, Edisi kesembilan, Terjemahan oleh Haryandini, Jakarta: PT Indeks Kelompok Gramedia.

Kresnawati, E., 2007, Pengaruh Konsentrasi Kepemilikan, Penggeseran Risiko dan Pentransferan Sumber Daya terhadap Ekspropriasi Pemegang Saham Minoritas Perusahaan Pengakuisisi: Pengujian Em-piris terhadap Pergeseran Konflik Keagenan, Jurnal Riset Akuntansi Indonesia, Vol. 10, No. 2, Mei: 147-161.

La Porta, R., F. L. Silanes., dan A. Shleifer, 1999, Corporate Ownership Around the World, Journal of Finance, Vol. 54, No. 2, April: 471-517.

_____, 2002, Investor Protection and Corporate Valuation, Journal of Finance, Vol. 57, No. 3, Juni: 1147-1170.

Lemmon, M. L., dan K. V. Lins, 2003, Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis, Journal of Finance, Vol. 58, No. 4, Agustus: 1445-1468.

Munawir, S., 2004, Analisis Laporan Keuangan, Edisi keempat, Yogyakarta: Liberty.

Naja, H. R. D., 2004, Manajemen Fit and Proper Test, Yogyakarta:

Pustaka Widyatama.

Nurlela, R., dan Islahuddin, 2008, Pengaruh Corporate Social Responsibility terhadap Nilai Perusahaan dengan Prosentase Kepemilikan Manajemen sebagai Variabel Moderating (Studi Empiris pada Pe-rusahaan yang Terdaftar di Bursa Efek Jakarta), Simposium Nasional Akuntansi XI, Pontianak, Juli: 1-25.

Pemerintah Republik Indonesia, 2007, Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas.

Priyatno, D., 2010, Paham Analisa Statistik Data dengan SPSS, Edisi pertama, Yogyakarta: Mediakom.

Roche, J., 2005, Corporate Governance in Asia, New York: Routledge.

Sanjaya, I. P. S., 2010, Efek Entrenchment dan Alignment pada Manajemen Laba, Simposium Nasional Akuntansi XIII, Purwokerto, Oktober: 1-26.

Siregar, B., 2007, Pengaruh Pemisahan Hak Aliran Kas dan Hak Kontrol terhadap Dividen, Simposium Na-sional Akuntansi X, Makassar, Juli: 1-44.

_____, 2008, Ekspropriasi Pemegang Saham Minoritas dalam Struktur Kepemilikan Ul-timat, Jurnal Riset Akuntansi Indonesia, Vol. 11, No. 3, September: 237-263.

Sofyaningsih, S., dan P. Hardiningsih, 2011, Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang dan Nilai Perusahaan, Dinamika Keuangan dan Perbankan, Vol. 3, No. 1, Mei: 68-87.

Sudana, I. M., 2009, Manajemen Keuangan Teori dan Praktek, Surabaya: Airlangga University Press.

Sudarmadji, A. M., dan L. Sularto, 2007, Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Tipe Kepemilikan Perusahaan terhadap Luas Voluntary Disclosure Laporan Keuangan Tahunan, Pro-ceeding PESAT (Psikologi, Ekonomi, Sastra, Arsitek dan Sipil), Universitas Gunadarma, Depok, 21-22 Agustus.

Suharli, M., 2006, Studi Empiris terhadap Faktor yang Mempengaruhi Nilai Perusahaan pada Perusahaan Go Public di Indonesia, Jurnal MAKSI, Vol. 6, No. 1, Januari: 23-41.

Sujoko, dan U. Soebiantoro, 2007, Pengaruh Struktur Kepemilikan, Leverage, Faktor Intern, dan Faktor Ek-stern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufak-tur di Bursa Efek Jakarta), Jurnal Manajemen dan Kewirausahaan, Vol. 9, No. 1, Maret: 41-48.

Sukamulja, S., 2004, Good Corporate Governance di Sektor Keuangan: Dampak GCG terhadap Kinerja Keu-angan (Kasus di Bursa Efek Jakarta), Benefit, Vol. 8, No. 1, Juni: 1-25.

Suranta, E., dan P. P. Midiastuty, 2003, Analisis Hubungan Struktur Kepemilikan Manajerial, Nilai Perus-ahaan dan Investasi dengan Model Persamaan Linear Simultan, Jurnal Riset Akuntansi Indonesia, Vol. 6, No. 1, Januari: 54-68.

Syamsudin, L., 2007, Manajemen Keuangan Perusahaan, Jakarta: Raja Grafindo Persada.

Ujiyantho, M. A., dan B. A. Pramuka, 2007, Mekanisme Corporate Governance, Manajemen Laba, dan Kiner-ja Keuangan, Simposium Nasional Akuntansi X, Makassar, Juli: 1-26.

Villalonga, B., dan R. Amit, 2006, How Do Family Ownership, Control and Management Affect Firm Value? Journal of Financial Economics, Vol. 80, No. 2, Mei: 385-417.

Wahyudi, U., dan H. P. Pawestri, 2006, Implikasi Struktur Kepemilikan terhadap Nilai Perusahaan: Dengan Keputusan Keuangan Sebagai Variabel Intervening, Simposium Nasional Akuntansi IX, Padang, Agustus: 1-25.

Yeh, Y., 2003, Corporate Ownership and Control: New Evidence from Taiwan, Corporate Ownership and Con-trol, Vol. 1, No. 1: 87-101.

_____, 2005, Do Controlling Shareholders Enhance Corporate Value? Corporate Gov-ernance, Vol. 13, No. 2, Maret: 313-325.

Yeh, Y., C. Ko, dan Y. Su, 2003, Ultimate Control and Expropriation of Minority Shareholders: New Evidence from Taiwan, Academia Economic Papers, Vol. 31, No. 3, September: 263-299.

Yurtoglu, B. B., 2003, Corporate Governance and Implications for Minority Shareholders in Turkey, Corporate Ownership and Control, Vol. 1, No. 1: 72-86.




DOI: https://doi.org/10.33508/jako.v5i1.2616