PENGARUH KEPEMILIKAN MANAGERIAL TERHADAP KEPUTUSAN DIVERSIFIKASI PERUSAHAAN

Main Article Content

Maria Kontesa
Theresia Contesa
Sisca Contesa

Abstract

Penelitian ini bertujuan untuk menguji pengaruh kepemilikan manajerial terhadap diversifikasi perusahaan dengan menggunakan teori agensi sebagai kerangka teoretis. Penelitian ini menguji hipotesis dengan menggunakan 183 perusahaan yang terdaftar di Bursa Efek Indonesia dari tahun 2016 hingga 2020 dengan menggunakan regresi panel logistik. Hasil penelitian menunjukkan kepemilikan manajerial berpengaruh negatif terhadap diversifikasi perusahaan, yang mengindikasikan bahwa kepemilikan manajerial yang lebih tinggi akan membuat manajer menghindari risiko dengan cara menghindari diversifikasi. Temuan ini berlaku untuk diversifikasi industri dan diversifikasi geografis. Lebih lanjut lagi, penelitian ini berkontribusi pada literatur teori agensi dengan mengungkapkan konflik kepentingan manajer, yang juga merupakan pemegang saham, dalam membuat keputusan strategis. Hal ini juga mengungkapkan bahwa kepemilikan manajerial yang tinggi dapat merugikan kekayaan pemegang saham minoritas. Penelitian mendatang dapat mengelaborasi dampak tata kelola perusahaan atau sumber daya manusia terhadap diversifikasi perusahaan.

Article Details

How to Cite
Kontesa, M., Contesa, T., & Contesa, S. (2022). PENGARUH KEPEMILIKAN MANAGERIAL TERHADAP KEPUTUSAN DIVERSIFIKASI PERUSAHAAN. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 5(1), 139-152. https://doi.org/10.29303/akurasi.v5i1.191
Section
Articles

References

Berger, P. G., & Ofek, E. (1995). DiveBerger, P. G., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65. http://doi.org/10.1016/0304-405X(94)00798-6rsification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65.
Brahmana, Kontesa, M., & Gilbert, R. E. (2018). Income diversification and bank performance: Evidence from Malaysian banks. Economics Bulletin, 38(2).
Brahmana, R. K., Setiawan, D., & Hooy, C. W. (2019). Controlling shareholders and the effect of diversification on firm value: evidence from Indonesian listed firms. Journal of Asia Business Studies, 13(3), 362–383. https://doi.org/10.1108/JABS-12-2016-0165
Brahmana, R., Kontesa, M., & Gilbert, R. E. (2018). Income diversification and bank performance: Evidence from Malaysian banks. Economics Bulletin, 38(2), 799–809.
Chen, C. J., & Yu, C. M. J. (2012). Managerial ownership, diversification, and firm performance: Evidence from an emerging market. International Business Review, 21(3), 518–534. https://doi.org/10.1016/j.ibusrev.2011.06.002
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1–2), 81–112. https://doi.org/10.1016/s0304-405x(00)00067-2
David J. Denis, Diane K. Denis, & A. S. (1997). Agency Problems, Equity Ownership, and Corporate Diversification. CFA Digest, 27(4), 49–51. https://doi.org/10.2469/dig.v27.n4.171
Denis, D. J., Denis, D. K., & Yost, K. (2002). Global diversification, industrial diversification, and firm value. Journal of Finance, 57(5), 1951–1979. https://doi.org/10.1111/0022-1082.00485
Dixon, Rob; Guariglia, A. & V. (2017). Managerial Ownership, Corporate Governance, and Firms’ Exporting Decisions: Evidence From Chinese Listed Companies. The European Journal of Finance, 23(7–9), 802–840. https://doi.org/https://doi.org/10.1080/1351847X.2015.1025990
Espinosa-Méndez, C., Jara-Bertín, M., & Maquieira, C. (2018). The influence of family and pyramidal ownership on corporate diversification in Chile. North American Journal of Economics and Finance, 43(October), 158–168. https://doi.org/10.1016/j.najef.2017.10.012
Fauver, L., Houston, J. F., & Naranjo, A. (2004). Cross-country evidence on the value of corporate industrial and international diversification. Journal of Corporate Finance, 10(5), 729–752. https://doi.org/10.1016/S0929-1199(03)00027-0
Johnson, R. A. (1996). Antecedents and Outcomes of Corporate Refocusing. Journal of Management, 22(3), 439–483. https://doi.org/10.1177/014920639602200304
Kontesa, M., Lako, A., & Wendy. (2020). Board capital effect on firm performance: Evidence from Indonesia. International Journal of Business and Society, 21(1), 491–506. https://doi.org/10.33736/ijbs.3265.2020
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115
Lev, A. (1981). Risk Reduction as A Managerial Motive For Conglomerate Mergers. The Bell Journal Of Economics, 12(2), 605–617.
Meckling, J. A. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal Of Financial Economics, 305–360.
Nguyen, T. X. T. (2018). Corporate governance and conglomerate diversification strategy – evidence from Vietnam. International Journal of Emerging Markets, 13(6), 1578–1596. https://doi.org/10.1108/IJoEM-10-2016-0260
Rhou, Y., Li, Y., & Singal, M. (2019). Does managerial ownership influence franchising in restaurant companies? International Journal of Hospitality Management, 78(May 2018), 122–130. https://doi.org/10.1016/j.ijhm.2018.11.019
Schommer, M., Richter, A., & Karna, A. (2019). Does the Diversification–Firm Performance Relationship Change Over Time? A Meta-Analytical Review. Journal of Management Studies, 56(1), 270–298. https://doi.org/10.1111/joms.12393
Shan, Y. G. (2019). Managerial ownership, board independence, and firm performance. Accounting Research Journal, 32(2), 203–220. https://doi.org/10.1108/ARJ-09-2017-0149
Talukdar, B., Soyeh, K. W., & Parhizgari, A. M. (2021). Insider Ownership, Corporate Diversification, and Firm Value: Evidence from REITs. Journal of Real Estate Research, 43(1), 1–20. https://doi.org/10.1080/08965803.2021.1885960
Wang, H. C., Lou, Y.-I., Venezia, C. C., & Buzzetto-Hollywood, N. A. (2019). Corporate Diversification and CEO Compensation: Evidence from the Moderating Effect of Stock Ownership. E-Finance, 15(4), 83–92. https://doi.org/10.2478/fiqf-2019-0030
Abstract viewed = 170 times
PDF downloaded = 190 times