Pengaruh Foreign Ownership Terhadap Risk-Taking Behavior Perusahaan Asuransi Di Indonesia Dengan Business Diversification Sebagai Variable Pemoderasi

Yoga Dimas Prasetya, Foreign Ownership, Risk-Taking Behavior, Business Diversification, Firm Stability, Insurance Companies, Agency Theory, Stakeholder Theory, Portfolio Theory, Panel Data, Z-Score, Indonesia.

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Penelitian ini bertujuan menguji pengaruh Foreign Ownership terhadap Risk-Taking Behavior perusahaan asuransi di Indonesia serta menganalisis peran moderasi Business Diversification. Penelitian menggunakan data panel tidak seimbang dari 157 perusahaan asuransi selama periode 2006 sampai 2024, yang terdiri atas 2.347 observasi perusahaan-tahun. Sampel mencakup 60 perusahaan asuransi jiwa dan 97 perusahaan asuransi umum. Pengujian dilakukan menggunakan Fixed Effect Model dengan galat baku yang dikelompokkan berdasarkan perusahaan. Foreign Ownership diukur menggunakan proporsi, keberadaan, dan kategori pengendalian kepemilikan asing. Business Diversification diproksikan dengan intensitas pendapatan investasi dan konsentrasi portofolio investasi. Kondisi risiko perusahaan diukur menggunakan Z-Score sebagai indikator stabilitas dan rasio cadangan teknis terhadap aset sebagai indikator konservatisme pencadangan.

Hasil penelitian menunjukkan bahwa Foreign Ownership pada sampel keseluruhan berkaitan dengan stabilitas yang lebih tinggi, tetapi juga dengan pencadangan yang relatif kurang konservatif. Pengaruh Business Diversification berbeda menurut indikator yang digunakan. Intensitas pendapatan investasi berkaitan dengan peningkatan stabilitas, sedangkan pengaruh konsentrasi portofolio investasi bergantung pada spesifikasi model. Hasil pengujian moderasi menunjukkan bahwa Business Diversification memperlemah hubungan positif antara Foreign Ownership dan stabilitas perusahaan, tetapi belum terbukti secara konsisten memoderasi konservatisme pencadangan. Analisis subsampel menunjukkan bahwa Foreign Ownership dan kegiatan investasi berkaitan dengan stabilitas yang lebih tinggi pada perusahaan asuransi jiwa, tetapi cenderung berkaitan dengan stabilitas yang lebih rendah pada perusahaan asuransi umum. Temuan ini menegaskan bahwa pengaruh kepemilikan asing dan diversifikasi terhadap kondisi risiko perusahaan asuransi bersifat multidimensional serta bergantung pada jenis usaha dan indikator risiko yang digunakan.

This study examines the effect of Foreign Ownership on the Risk-Taking Behavior of insurance companies in Indonesia and analyzes the moderating role of Business Diversification. The study employs an unbalanced panel dataset of 157 insurance companies from 2006 to 2024, comprising 2,347 firm-year observations. The sample consists of 60 life insurance companies and 97 general insurance companies. The hypotheses are tested using a Fixed Effect Model with standard errors clustered at the firm level. Foreign Ownership is measured by the proportion, presence, and control category of foreign shareholding. Business Diversification is proxied by investment income intensity and investment portfolio concentration. Firms’ risk conditions are measured using the Z-Score as an indicator of financial stability and the technical reserves-to-assets ratio as an indicator of reserving conservatism.

The results show that Foreign Ownership is associated with higher financial stability but relatively less conservative reserving in the full sample. The effect of Business Diversification varies according to the indicator employed. Investment income intensity is associated with higher stability, whereas the effect of investment portfolio concentration depends on the model specification. The moderation analysis demonstrates that Business Diversification consistently weakens the positive relationship between Foreign Ownership and firm stability, but does not consistently moderate reserving conservatism. The subsample analysis indicates that Foreign Ownership and investment activities are associated with higher stability among life insurers but tend to be associated with lower stability among general insurers. These findings confirm that the effects of Foreign Ownership and Business Diversification on insurers’ risk conditions are multidimensional and depend on the type of insurance business and the risk indicator employed.

Kata Kunci : Foreign Ownership, Risk-Taking Behavior, Business Diversification, Stabilitas Perusahaan Asuransi, Teori Keagenan, Teori Pemangku Kepentingan, Teori Portofolio, Data Panel, Z-Score, Indonesia