PENGARUH KEPEMILIKAN ASING TERHADAP KINERJA PERUSAHAAN NON-KEUANGAN YANG TERCATAT DI BEI

MUHAMMAD NUR HIDAYAT, Dr. Suad Husnan M.B.A

2019 | Tesis | Magister Manajemen

Penelitian ini bertujuan untuk mengetahui pengaruh kepemilikan asing terhadap kinerja perusahan non-keuangan di Bursa Efek Indonesia periode 2013-2017. Sampel dibagi menjadi dua kelompok, yaitu kepemilikan asing di bawah 50% dan kepemilikan asing di atas 50%. Kinerja perusahaan dikategorikan menjadi kinerja keuangan yang diukur dengan ROA dan ROE, serta kinerja pasar yang diukur dengan modified Tobin Q. Variabel kontrol yang digunakan antara lain ukuran perusahaan, leverage dan usia perusahaan. Pengujian hipotesis dilakukan menggunakan analisis regresi data panel dengan model fixed effect, model random effect, dan model common effect. Penelitian ini menemukan hasil bahwa kepemilikan asing di bawah 50% berpengaruh negatif terhadap kinerja keuangan dan kinerja pasar. Sementara, kepemilikan asing di atas 50% berpengaruh negatif terhadap kinerja keuangan namun berpengaruh positif terhadap kinerja pasar.

The study aims to examine the effect of foreign ownership on the performance of non-financial companies in the Indonesia Stock Exchange for the period 2013-2017. Samples are divided into two groups, namely foreign ownership below 50% and foreign ownership above 50%. Firm performance is categorized into financial performance as measured by ROA and ROE, and market performance as measured by modified Tobin Q. The control variables used include firm size, leverage and firm age. Hypothesis testing is done using panel data regression analysis with a fixed effect model, random effect model, and common effect model. The study found that foreign ownership below 50% had a negative effect on financial performance and market performance. Meanwhile, foreign ownership above 50% had a negative effect on financial performance but had a positive effect on market performance.

Kata Kunci : Kepemilikan asing, ROA, ROE, modified Tobin Q, foreign ownership, ROA, ROE, modified Tobin Q