THE INFLUENCE OF LEVERAGE AND CAPITAL OWNERSHIP STRUCKTURE ON THE INCREASE IN FINANCIAL PERFOMANCE IN FIRMS LISTED IN INDONESIA STOCK EXCHANGE IN 2019
Abstract
The present research seeks to see the influence of such financial ratios as leverage and ownership structure on financial performance in a manufacturing firm. Population of the research includes all 186 manufacturing firms listed in Indonesia Stock Exchange (BEI) in 2019. Dependent variable was determined with regard to Return on Asset. Meanwhile, independent variables comprise leverage and modal ownership structure.The research started with test for normality of Leverage and Ownership Structure using Kolmogrov-Smirnov test and significance level of 0.089 was obtained, indicating that the data are normally distributed. Graphical technique (plot) results in normally-distributed data. Hypotheses were tested using multiple regression test. Data analysis reveals that Leverage in fact has negative and significant influence on Financial Performance with significance level of 0.000. Therefore, the increase in Leverage will lead to the decrease in Financial Performance. Ownership Structure does not significantly exert an influence on Financial Performance with significance level of 0.237, meaning that a change in Ownership Structure in a firm does not result in a change in Financial Performance.
References
Algifari.1997.Analisis Regresi Teori, Kasus dan Solusi. BPFE. Yogyakarta.
Ang, R.1997. Buku Pintar: Pasar Modal Indonesia. Mediasoft Indonesia.
Byrd,J,R.Parrino, dan G. Pritsch. 1998. Stockholder–manager conflicts and firm value." Financial Analysts Journal 54.3: 14-30.
Djebali, R,B.Amel,dan O.A.2012.Simultaneous Determination of Firm Leverage and Private Benefits of Control in French Firms, International Journal of Economics and Finance 4(1)
Ghozali,I.2009.Aplikasi Analisis Multivariate dengan Program SPSS.Badan Penerbit Universitas Diponegoro.Semarang.
Haryono, S.2005. Struktur Kepemilikan Dalam Bingkai Teori Keagenan. Jurnal Akuntansi dan Bisnis5(1):63- 71.
Husnan, S. 2006.Corporate Governace and Finance in East Asia (V01 II).
Fahmi, I.2006. Analisis Investasi Dalam Prespektif Ekonomi dan Politik. PT Refika Aditama.
Ikatan Akuntasni Indonesia, 2004, Standar Akuntansi Keuangan,Salemba Empat. Jakarta.
Jumingan. 2006. Analisis Laporan Keuangan.Bumi Aksara. Jakarta
Meriewaty, dan Setyani.2005.Analisis Rasio Keuangan terhadap Perubahan Kinerja pada Perusahaan di Industri Food and Beverages yang terdaftar di BEJ, Solo: Simposium Nasional Akuntansi III.
Miller, H.Merton, dan F.Modigliani. "Dividend policy, growth, and the valuation of shares." the Journal of Business 34.4 (1961): 411-433.
Munawir. 2000. Analisa Laporan Keuangan. Edisi Keempat. Liberty. Yogyakarta.
Musnadi, S.2006.Kajian tentang Struktur Kepemilikan Terkonsentrasi, Tipe Kepemilikan dan Tipe Pengendalian sebagai Mekanisme Corporate Governance, serta Dampaknya terhadap Kinerja Keuangan Perusahaan." Disertasi. Universitas Padjadjaran Bandung .
Novitasari,T, dan I.Januarti.2009.Pengaruh Struktur Kepemilikan Terhadap Kinerja Intellectual Capital (Studi Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2005-2007).
Penman.1991.Financial Statement Information and the Pricing of Earnings Changes.AccountingReview.July.Pp.5635577.
Prasetyantoko, A. Krisis finansial dalam perangkap ekonomi neoliberal. Penerbit Buku Kompas, 2009.
Sam’ani. 2008. Pengaruh Good Corporate Governance dan Leverage Terhadap Kinerja Keuangan Pada Perbankan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2004- 2007, Tesis. Universitas Diponegoro
Sartono, A. 2010. Manajemen Keuangan Teori dan Aplikasi.Edisi ke Empat. Yogyakarta. BPFE.
Setiaji, B. 2008. Panduan Riset dengan Pendekatan Kuantitatif. Program Pasca Sarjana Universitas Muhammadiyah. Surakarta.
Sugiyono,2009. Statistika Penelitian,Edisi I. Alfabeta. Bandung.
Sujoko,dan U.Soebiantoro. 2007. Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern, dan Faktor Ekstern Terhadap Nilai Perusahaan.Jurnal Manajemen dan Kewirausahaan 9(1):41-48.
Wardhani, R.2009.Pengaruh proteksi bagi investor, konvergensi standar akuntansi, implementasi corporate governance, dan kualitas audit terhadap kualitas laba: Analisis lintas negara di Asia.Disertasi.Program Pasca Sarjana Ilmu Akuntansi, Universitas Indonesia. Jakarta.
Wild, John J.2005.Financial accounting: information for decisions. McGraw-Hill/Irwin,
