Endonezya'nın Sermaye Piyasasında Finansal Mimarinin Finansal Performans ve Kurumsal Değer Üzerine Etkisi

Yıl 2019, Cilt: 4 Sayı: 2, 27 - 42, 02.12.2019

Wayan Widnyana

Öz

Bu çalışma, finansal
mimarinin Endonezya Sermaye Piyasası'ndaki finansal performans ve kurumsal
değer üzerindeki etkisini incelemeyi amaçlamaktadır. Çalışma 2015 yılında
Endonezya Sermaye Piyasası'nda (Endonezya Menkul Kıymetler Borsası (IDX))
kayıtlı olan finans sektörü dışındaki şirketler üzerinde yapılmıştır. Çalışmada
nicel veriler ve ikincil veri kaynakları kullanılmıştır. Finansal mimarinin
etkisinin hipotez testi, Yol Analizi kullanılarak analiz edilmiştir ve mülkiyet
yapısının, sermaye yapısının ve kurumsal yönetimin finansal performans ve
kurumsal değer üzerindeki etkisini içermektedir. Çalışmada oluşturulan araştırma
modeline uygun bulgular elde edilmiştir. Çalışma sonucunda Endonezya Başkent
Piyasasında mülkiyet yapısının, sermaye yapısının, kurumsal yönetimin ve
yönetim kurulunun finansal performans ve kurumsal değer üzerindeki boyutları
ile finansal mimarinin etkisi üzerine teorik bir model ortaya koyulmuştur.  

Anahtar Kelimeler

Finansal Mimari, Finansal Performans, Kurumsal Değer, Sermaye Piyasası

Influence of Financial Architecture on Financial Performance and Corporate Value in the Indonesian Capital Market

Öz

This
study aims to examine the effect of financial architecture on financial
performance and corporate value in the Indonesian Capital Market. This research
was conducted on non-financial sector companies which were registered in the
Indonesian Capital Market, namely Indonesia Stock Exchange (IDX) in 2015. This
study used quantitative data and used secondary data sources, meaning that data
was obtained, collected and processed from other parties. In this study, the
hypothesis testing of the effect of financial architecture included the
dimensions of ownership structure, capital structure and corporate governance
on financial performance and corporate value using Path Analysis. The results
of this study have provided findings that are in accordance with the research
model that has been built This research has been able to give theoretical model
on the effect of financial architecture with the dimensions of ownership
structure, capital structure, corporate governance and board process on
financial performance and corporate value in the Indonesian Capital Market.

Anahtar Kelimeler

Financial Architecture, Financial Performance, Corporate Value, Capital Market

Kaynakça

• Ahmad, Z., Abdullah, N. M. H., & Roslan, S. (2012). Capital structure effect on firms performance: Focusing on consumers and industrials sectors on Malaysian firms. International review of business research papers, 8(5), 137-155.
• Ahmed, A. S., & Iwasaki, T. (2015). Foreign ownership, manager monitoring, and firm value: Evidence from Japanese firms. Working Paper. Retrieved from: https://www.carf.e.u-tokyo.ac.jp/old/research/f_ws/Ahmed%20and%20Iwasaki%20(2015).pdf
• Aktual (2015). Presiden Jokowi Sampaikan Reformasi Arsitektur Keuangan Global di KTT G20. November 15, 2015. Retrieved from: https://aktual.com/presiden-jokowi-sampaikan-reformasi-arsitektur-keuangan-global-di-ktt-g20/
• Almilia, L. S., & Sifa, L. L. (2006). Reaksi Pasar Publikasi Corporate Governance Perception Index Pada Perusahaan yang Terdaftar di Bursa Efek Jakarta. Simposium Nasional Akuntansi (SNA) IX Padang.
• An, Y. H., & Naughton, T. (2015). The impact of family ownership on firm value and earnings quality: Evidence from Korea. International Business Management, 9(4), 625-636.
• Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. the Journal of Finance, 55(1), 81-106.
• Ang, R. (1997). Buku Pintar Pasar Modal Indonesia. (The Intelegent Guide to Indonesia Capital Market). Jakarta : Mediasoft Indonesia.
• Aymen, B. M. M. (2014). Impact of ownership structure on financial performance of banks: case of Tunisia. Journal of Applied Finance and Banking, 4(2), 163-182.
• Barontini, R., & Caprio, L. (2006). The effect of family control on firm value and performance: Evidence from continental Europe. European Financial Management, 12(5), 689-723.
• Brigham, E. F., & Daves, P. R. (2012). Intermediate financial management. USA: Thomson Higher Education.
• Brigham, E. F., & Ehrhardt, M. C. (2013). Financial Management–Theory & Practice Mason. Ohio: South-Western.
• Brigham, E. F., & Houston, J. F. (2014). Fundamental of Financial Management. Ohio: South Western.
• Chatterjee, S. D. (2011). Board composition and performance in Indian firms: a comparative analysis empirical. The International Journal of Management Science and Information Technology, 1(2), 1-15.
• Chen, S. Y., & Chen, L. J. (2011). Capital structure determinants: An empirical study in Taiwan. African Journal of Business Management, 5(27), 10974-10983.
• Creswell, J.W. (2013). Research Design: Pendekatan Kualitatif, Kuantitatif dan Mixed. Yogyakarta: Pustaka Pelajar.
• Daraghma, Z. M., & Alsinawi, A. A. (2010). Board of directors, management ownership, and capital structure and its effect on performance: The case of palestine securities exchange. International journal of business and management, 5(11), 118.
• Ebrati, M. R., Emadi, F., Balasang, R. S., & Safari, G. (2013). The impact of capital structure on firm performance: Evidence from Tehran Stock Exchange. Australian Journal of Basic and Applied Sciences, 7(4), 1-8.
• Elvin, P., & Hamid, N. I. N. B. A. (2016). Ownership structure, corporate governance and firm performance. International Journal of Economics and Financial Issues, 6(3S), 99-108.
• Fauzi, F., & Locke, S. (2012). Board structure, ownership structure and firm performance: A study of New Zealand listed-firms. Asian Academy of Management Journal of Acounting, 8(2), 43-67.
• Francis, B. B., Hasan, I., & Wu, Q. (2012). Do corporate boards affect firm performance? New evidence from the financial crisis. New Evidence from the Financial Crisis (April 12, 2012). Bank of Finland Research Discussion Paper, (11).
• García-Meca, E., & Pedro Sánchez-Ballesta, J. (2011). Firm value and ownership structure in the Spanish capital market. Corporate Governance: The international journal of business in society, 11(1), 41-53.
• Ghabayen, M. A. (2012). Board Characteristics and Firm Performance: Case of Saudi Arabia. International Journal of Accounting and Financial Reporting, 2(2), 168.
• Gugong, B. K., Arugu, L. O., & Dandago, K. I. (2014). The impact of ownership structure on the financial performance of listed insurance firms in Nigeria. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(1), 409-416.
• Hasan, M. B., Ahsan, A. M., Rahaman, M. A., & Alam, M. N. (2014). Influence of capital structure on firm performance: Evidence from Bangladesh. International Journal of Business and Management, 9(5), 184.
• Hess, K., Gunasekarage, A., & Hovey, M. (2010). State-dominant and non-state-dominant ownership concentration and firm performance: evidence from China. International Journal of Managerial Finance, 6(4), 264-289.
• IDX Newsletter (2014). Bursa Efek Indonesia. Edisi April.
• Isshaq, Z., Bokpin, G. A., & Mensah Onumah, J. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. The Journal of Risk Finance, 10(5), 488-499.
• Ivashkovskaya, I. (2010). Corporate Financial Architecture. Lecture Handout
• Ivashkovskaya, I., & Stepanova, A. (2011). Does strategic corporate performance depend on corporate financial architecture? Empirical study of European, Russian and other emerging market’s firms. Journal of Management & Governance, 15(4), 603-616.
• Ivashkovskaya, I., Stepanova, A., & Ivantsova, O. (2013). Corporate Financial Architecture and Bank Performance Models: Evidence from developed and emerging European markets. Working Papers Series Financial Economics. National Research University Higher School of Economics (HSE). Retrieved from: https://www.researchgate.net/profile/Olga_Ivantsova/publication/265041461_Corporate_Financial_Architecture_and_Bank_Performance_Models_Evidence_from_developed_and_emerging_European_markets/links/543bda490cf2d6698be34087.pdf
• Javid, A. Y., & Iqbal, R. (2008). Ownership Concentration, Corporate Governance and Firm Performance: Evidence from Pakistan. The Pakistan Development Review, 47(4), 643-659.
• Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of applied corporate finance, 14(3), 8-21.
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
• Liang, C. J., Lin, Y. L., & Huang, T. T. (2011). Does multi-dimensional ownership structure matter in firm performance? A dynamic firm’s life cycle perspective. The International Journal of Business and Finance Research, 5(2), 1-19.
• Love, I., & Klapper, L. F. (2002). Corporate governance, investor protection, and performance in emerging markets. The World Bank. Retrieved from: https://elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-2818
• Ma, S., & Tian, G. (2009). Board composition, board activity and ownership concentration, the impact on firm performance. Problems and Perspectives in Management, 7(3), 42-61.
• Machfoedz, M.,& Suranta, E. (2003). Analisis Struktur Kepemilikan, Nilai Perusahaan, Investasi dan Ukuran Dewan Direksi. Simposium Nasional Akuntansi VI.
• Mahmudi, S., & Mohammadi, H. (2015). The relationship between the capital structure and the performance of the firms listed in the Tehran stock exchange. Journal of Scientific Research and Development, 2(1), 208-216.
• Maquieira, C. P., Espinosa, C. E., & Vieito, J. P. (2011). Corporate performance and ownership structure: Empirical evidence for Chile. Quarterly Journal of Finance & Accounting, 75-96.
• Marr, B. (2012). Key Performance Indicators: The 75 Measures Every Manager Needs To Know. London : Pearson Education Limited.
• Masdupi, E. (2005). Analisis dampak struktur kepemilikan pada kebijakan hutang dalam mengontrol konflik keagenan. Jurnal Ekonomi dan Bisnis Indonesia, 20(1), 57-69.
• Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of corporate finance, 12(2), 321-341.
• Maxwell, O., & Kehinde, F. (2012). Capital Structure and Firm Value: Empirical Evidence from Nigeria. International Journal of Business and Social Science, 3(19).
• McNulty, T., Florackis, C., & Ormrod, P. (2012). Corporate Governance and Risk: A Study of Board Structure and Process. ACCA Research Report, 129.
• Miller, E.J., Rice, A.K. 1967. Systems of Organization, The Control of Task and Sentient Boundaries, Social Science Paper Backs. Tavistock. London. 286 sider. Retrieved from: http://img.kb.dk/tidsskriftdk/pdf/leo/leo_0037PDF/leo_0037_83708.pdf
• Ming, T. C., & Gee, C. S. (2008). The influence of ownership structure on the corporate performance of Malaysian public listed companies. ASEAN Economic Bulletin, 195-208.
• Mireku, K., Mensah, S., & Ogoe, E. (2014). The relationship between capital structure measures and financial performance: Evidence from Ghana. International Journal of Business and Management, 9(6), 151.
• Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American economic review, 53(3), 433-443.
• Monks, R.A.G., & Minow, N. (2011). Corporate Governance. Blackwell Publishing.
• Moradi, N. S., Aldin, M. M., Heyrani, F., & Iranmahd, M. (2012). The effect of corporate governance, corporate financing decision and ownership structure on firm performance: A panel data approach from Tehran stock exchange. International Journal of Economics and Finance, 4(6), 86-93.
• Mujahid, M., & Akhtar, K. (2014). Impact of capital structure on firms financial performance and shareholders wealth: Textile Sector of Pakistan. International Journal of Learning & Development, 4(2), 27-33.
• Muliaman, D. (2013). Road Map Tata Kelola Perusahaan di Indonesia: Menuju Tata Kelola Emiten dan Perusahaan Publik yang Lebih Baik. (Accessed on 4 Feb 2014). https://www.ojk.go.id/id/data-dan-statistik/ojk/Pages/roadmap-tata-kelola-perusahaan-indonesia-menuju-tata-kelola-emiten-dan-perusahaan-publik-yang-lebih-baik.aspx
• Mumtaz, R., Rauf, S. A., Ahmed, B., & Noreen, U. (2013). Capital structure and financial performance: Evidence from Pakistan (Kse 100 Index). Journal of basic and applied scientific research, 3(4), 113-119.
• Muntoro, R. K. (2006). Membangun Dewan Komisaris yang Efektif. Artikel Lembaga Management Fakultas Ekonomi Universitas Indonesia.
• Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
• Myers, S.C. 1999. Financial Architecture. European Financial Management, Q-Group Best Paper Award 2001.
• Narwal, K. P., & Jindal, S. (2015). The impact of corporate governance on the profitability: An empirical study of Indian textile industry. International Journal of Research in Management, Science & Technology, 3(2), 81-85.
• Navissi, F., & Naiker, V. (2006). Institutional ownership and corporate value. Managerial Finance, 32(3), 247-256.
• Ntim, C. G., & Osei, K. A. (2011). The impact of corporate board meetings on corporate performance in South Africa. African Review of Economics and Finance, 2(2), 83-103.
• OECD (2004). The Organization for Economic Cooperation and Development Principles of Corporate Governance. France: Organization for Economic Co-operation and Development (OECD) Publications Service.
• Ogbulu, O. M., & Emeni, F. K. (2012). Capital structure and firm value: Empirical evidence from Nigeria. International Journal of Business and Social Science, 3(19), 252-261.
• Ogden, J.P., Jen, F.C., O’Connor, F.C. 2003. Advance Corporate Finance, Policy Strategies. New Jersey : Prentice Hall.
• Ongore, V. O., K’Obonyo, P. O., & Ogutu, M. (2011). Implications of firm ownership identity and managerial discretion on financial performance: empirical evidence from Nairobi Stock Exchange. International journal of humanities and social science, 1(13), 187-197.
• Paramasivan, C., Subramian, T. 2010. Financial Management. India: New Age International Ltd.
• Pathirawasam, C., & Wickremasinghe, G. (2012). Ownership concentration and financial performance: the case of Sri Lankan listed companies. Corporate Ownership & Control, 9(4), 170-177.
• Penman, S.H. 2013. Financial Statement Analysis and Security Valuation. 5th Edition. New York: McGraw-Hill
• Phung, D. N., & Hoang, T. P. T. (2013, September). Corporate ownership and firm performance in emerging market: A study of Vietnamese listed firms. In World Business and Social Science Research Conference, Bangkok October.
• Priambodo, R., Ervin, A., Supriyanto, E. 2007. Penerapan Good Corporate Governance Sebagai Landasan Kinerja Perbankan Nasional. Usahawan, No:05, Tahun XXXVI. Mei.
• Prowson, S. (1999). Corporate Governance in East Asia: A Framework for Analysis, ESCAP. Retrieved from: http://www.unescap.org/drpad/publication/dp20_1973/dp_20.
• Quang, D.X., Xin, W.Z. 2014. The Impact of Ownership Structure and Capital Structure on Financial Performance of Vietnamese Firms. International Business Research, 7(2).
• Rahyuda, K. (2016). Metode Penelitian Bisnis. Denpasar: Udayana University Press.
• Ramezani, C. A., Soenen, L., & Jung, A. (2002). Growth, corporate profitability, and value creation. Financial Analysts Journal, 58(6), 56-67.
• Rashid, A., De Zoysa, A., Lodh, S., & Rudkin, K. (2010). Board composition and firm performance: Evidence from Bangladesh. Australasian Accounting, Business and Finance Journal, 4(1), 76-95.
• Republik Indonesia (1995). Undang-Undang No. 25 Tahun 2007 tentang Penanaman Modal.
• Republik Indonesia (1995). Undang-Undang No. 8 Tahun 1995 tentang Pasar Modal.
• Republik Indonesia (2003). Undang-Undang No. 19 tahun 2003 tentang Badan Usaha Milik Negara, Lembaran Negara No. 70 tahun 2003, Tambahan Berita Negara No. 4297.
• Republik Indonesia (2007). Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas.
• Roche, J. (2005). Corporate governance in Asia. Routledge.
• Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The bell journal of economics, 23-40.
• Ross, W. (2005). Jaffe. Corporate finance. New York: McGraw-Hill.
• Ruan, W., Tian, G., & Ma, S. (2011). Managerial ownership, capital structure and firm value: Evidence from China’s civilian-run firms. Australasian Accounting, Business and Finance Journal, 5(3), 73-92.
• Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
• Slovin, M. B., & Sushka, M. E. (1993). Ownership concentration, corporate control activity, and firm value: Evidence from the death of inside blockholders. The Journal of Finance, 48(4), 1293-1321.
• Sudiyatno, B., Puspitasari, E., & Kartika, A. (2012). The company's policy, firm performance, and firm Value: An empirical research on Indonesia Stock Exchange. American International Journal of Contemporary Research, 2(12), 30-40.
• Sugiyono (2015). Metode Penelitian dan Pengembangan: Research and Development: Untuk Bidang: Pendidikan, Manajemen, Sosial, Teknik. Bandung : Alfabeta.
• Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of financial economics, 53(1), 113-142.
• Vintilă, G., & Gherghina, Ş. C. (2014). The impact of ownership concentration on firm value. Empirical study of the Bucharest Stock Exchange listed companies. Procedia Economics and Finance, 15, 271-279.
• Wikipedia (2019). Arsitektur. Retrieved from: https://id.wikipedia.org/wiki/Arsitektur
• Zakaria, Z., Purhanudin, N., & Palanimally, Y. R. (2014). Ownership structure and firm performance: Evidence from Malaysian trading and services sector. European Journal of Business and Social Sciences, 3(2), 32-43.
• Кокорева, М. С., & Степанова, А. Н. (2012). Financial architecture and corporate performance: evidence from Russia. Корпоративные финансы, 6(2), 34-42.