PENGARUH STRUKTUR KEPEMILIKAN PERUSAHAAN PADA KINERJA: FAKTOR KETIDAKPASTIAN LINGKUNGAN SEBAGAI PEMODERASI
Abstract: Besides examining
strong relationship between outside ownership concentration and organizational
performance, based on the agency theory, theoreticians in financial field also
suggest that there is a contradictory relationship between insider ownership
and organizational performance. Past empirical studies showed that the insider
ownership and organizational performance have not firmly established this
relationship.
On the basis of the contingency theory and agency theory, the current
study postulates and tests the impact of environmental uncertainty on the insider
ownership and performance nexus. The study finds that estimation results
support the hypothesis that there is significantly positive relationship
between outside ownership concentration and organizational performance. The
estimation results also show that there is significant positive impact of
environmental uncertainty on the insider ownership and firm's performance, but
insider ownership factor alone is not significantly influencing firm’s
performance.
Keywords: outside ownership
concentration, insider ownership, environmental uncertainty, organizational
performance, agency theory, contingency theory
Penulis: Muchammad Syafruddin
Kode Jurnal: jpakuntansidd060005
