The Relationship Between Ownership Structure, Capital Structure, and Firm Performance: The Evidence From Indonesian Manufacturing Sector
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Aug 29, 2023
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Abstract
The manufacturing sector listed on the Indonesia Stock Exchange (IDX) has experienced a decline in performance that could be attributed to its ownership structure. Besides, Indonesian manufacturing companies rank highly among foreign debt borrowers, with a total debt of US$ 392.6 billion, as reported by Bank Indonesia's Foreign Debt Statistics (SULNI) emphasizing the importance of analyzing their capital structure to understand their financial health, as it is influenced by their debt and capital holdings. This study aims to thoroughly examine the pivotal roles of ownership structure and capital structure in shaping the future trajectory of companies in Indonesia's manufacturing sector, with a specific focus on how their financial decision-making affects their performance. This study analyzed data from 97 listed companies on the IDX over five years (2017-2021) using a statistical method called panel regression. The findings indicate that the way a company is owned does not significantly influence its performance. However, the study does uncover that capital structure, measured by DAR, negatively impacts ROA without affecting ROE. On the other hand, the capital structure measured by DER negatively impacts ROE without affecting ROA. Firm size plays a significant and positive role in influencing company performance as a control variable.
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References
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Boulhaga, M., Bouri, A., Elamer, A. A., & Ibrahim, B. A. (2022). Environmental, Social and Governance Ratings and Firm Performance: The Moderating Role of Internal Control Quality. Corporate Social Responsibility and Environmental Management, 1–12. https://doi.org/10.1002/csr.2343
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Gunawan, R., Widiyanti, M., Malinda, S., & Adam, M. (2022). The Effect of Current Ratio, Total Asset Turnover, Debt to Asset Ratip, and Debt To Equity Ratio on Return on Assets in Plantation Sub-Sector Companies Listed on the Indonesia Stock Exchange. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(1), 19–28. https://doi.org/10.54443/ijebas.v2i1.139
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Haryanto, H. (2022). Implementasi Mekanisme Tata Kelola Perusahaan dalam Pelaksanaan Tanggung Jawab Sosial Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2016 -2020. Jurnal Mirai Manajemen, 7(1), 12–30. https://doi.org/10.37531/mirai.v6i2.1393
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Irman, M., Purawati, A. A., & Juliyanti, J. (2020). Analysis on the Influence of Current Ratio, Debt to Equity Ratio and Total Asset Turnover Toward Return On Assets on the Otomotive and Component Company That Has Been Registered in Indonesia Stock Exchange Within 2011-2017. International Journal of Economics Development Research, 1, 36–44.
Ishak, A., Monoarfa, R., & Lukum, A. (2022). Pengaruh Likuiditas, Ukuran Perusahaan, dan Kepemilikan Pemerintah terhadap Kinerja Keuangan Badan Usaha Milik Negara yang Terdaftar di Bursa Efek Indonesi Periode 2015-2019. Jurnal Mahasiswa Akuntansi, 1(1), 140–157.
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