Pengaruh Diversifikasi dan Kepemilikan Manajerial Terhadap Kinerja Perusahaan dengan Struktur Modal sebagai Variabel Moderasi

Astria Suwandini; Fauji Sanusi; Enis Khaerunnisa

doi:10.55606/jurimbik.v6i2.1957

Authors

Astria Suwandini Universitas Sultan Ageng Tirtayasa
Fauji Sanusi Universitas Sultan Ageng Tirtayasa
Enis Khaerunnisa Universitas Sultan Ageng Tirtayasa

DOI:

https://doi.org/10.55606/jurimbik.v6i2.1957

Keywords:

Diversification, Managerial Ownership, Firm Performance, Capital Structure

Abstract

This study examines the impact of diversification and managerial ownership on firm performance by employing capital structure as a moderating variable. This research is quantitative in nature and utilizes documentation techniques based on companies’ financial statements and annual reports. The population of this study consists of companies in the consumer goods sector during the 2017–2023 period. Using purposive sampling, a total of twelve companies were selected as samples. The data analysis technique employed in this research is moderation regression analysis using the Eviews 12 application. The results of the study indicate that diversification has no effect on firm performance, managerial ownership has no effect on firm performance, capital structure is able to moderate the effect of diversification on firm performance, and capital structure is unable to moderate the effect of managerial ownership on firm performance.

References

Abdul Malik, M. H. (2022). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan Perbankan Di Bursa Efek Indonesia. Jurnal Revenue : Jurnal Ilmiah Akuntansi, 3(1), 21–30. https://doi.org/10.46306/rev.v3i1.37

Abdullah, H., & Tursoy, T. (2021). Capital structure and firm performance: evidence of Germany under IFRS adoption. Review of Managerial Science, 15(2), 379–398. https://doi.org/10.1007/s11846-019-00344-5

Adam, C., Domingues, D. G., Gomes, D. G. De, & Silva, T. P. Da. (2023). Evidence of Diversification and Leverage in the Performance of Brazilian and Mexican Family Businesses. Latin American Research Review, 58(4), 892–907. https://doi.org/10.1017/lar.2023.10

Agusta, S. Dela, Nurlaela, S., & Siddi, P. (2022). Pengaruh Kepemilikan Mangerial , Debt To Equity Ratio,Kepemilikan Institusioanal Dan Ukuran Perusahaan Terhadap Kinerja Perusahaan. Owner, 6(2), 1184–1193. https://doi.org/10.33395/owner.v6i2.673

Alabdullah, T. T. Y. (2018). The relationship between ownership structure and firm financial performance Evidence from Jordan. The Eletronic Library, 34(1), 1–5.

Alfian, N. (2019). Alfian. 2019.“. Eksekusi Hak Tanggungan Dalam Prinsip Ekonomi …, 5(2), 209–218.

Alim, M., & Assyifa, A. (2019). Pengaruh Ukuran Perusahaan, Kepemilikan Manajerial, Dan Komite Audit Terhadap Kinerja Keuangan Perusahaan. Balance Vocation Accounting Journal, 3(2), 69. https://doi.org/10.31000/bvaj.v3i2.2235

Alkurdi, A., hamad, A., Thneibat, H., & Elmarzouky, M. (2021). Ownership structure’s effect on financial performance: An empirical analysis of Jordanian listed firms. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1939930

Amyulianthy, R., & Sari, N. (2013). Pengaruh Diversifikasi terhadap Kinerja Perusahaan. Binus Business Review, 4(1), 215. https://doi.org/10.21512/bbr.v4i1.1054

Anisah, N., & Hartono, U. (2022). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Dan Kepemilikan Asing Terhadap Kinerja Perusahaan Subsektor Tekstil Dan Garmen Di Bursa Efek Indonesia. Jurnal Ilmu Manajemen, 10(1976), 1048–1055.

Ariani, M. S. (2019). Pengaruh Strategi Diversifikasi, Intellectual Capital Dan Karakteristik Perusahaan Terhadap Kinerja Perusahaan Di Indonesia. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 14(1), 37–58. https://doi.org/10.25105/jipak.v14i1.5015

Arumsari, Y. K., Djumahir, & Aisjah, S. (2014). Pengaruh kepemilikan manajerial, kebijakan utang, kebijakan dividen terhadap kinerja keuangan dan biaya agensi. Jurnal Wawasan Manajemen, 2(2), 171–188.

Azis, A., & Hartono, U. (2017). Pengaruh Good Corporate Governance, Struktur Modal, Dan Leverage Terhadap Kinerja Keuangan Perusahaan Pada Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2015. Jurnal Lmu Manajemen, 5(3), 1–13.

Barata, D. D., Nainggolan, F., Prabowo, M. I., & Febiola, B. (2022). Analisis Kinerja Keuangan Pada Perusahaan Manufaktur Di Bidang Industri Barang Konsumsi. Journal of Global Business and Management Review, 4(2), 91. https://doi.org/10.37253/jgbmr.v4i2.7319

Berger, P. G., & Ofek, E. (1995). Diversification ’ s. 37, 39–65.

Bhatia, A., & Thakur, A. (2018). Corporate diversification and firm performance: an empirical investigation of causality. International Journal of Organizational Analysis, 26(2), 202–225. https://doi.org/10.1108/IJOA-04-2017-1149

Borda, A., Geleilate, J. M. G., Newburry, W., & Kundu, S. K. (2017). Firm internationalization, business group diversification and firm performance: The case of Latin American firms. Journal of Business Research, 72, 104–113. https://doi.org/10.1016/j.jbusres.2016.11.006

Boshnak, H. A. (2023). Ownership concentration, managerial ownership, and firm performance in Saudi listed firms. International Journal of Disclosure and Governance, 0123456789. https://doi.org/10.1057/s41310-023-00209-0

Cahyo, H., Kusuma, H., Harjito, D. A., & Arifin, Z. (2021). The Relationship Between Firm Diversification and Firm Performance: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 497–504. https://doi.org/10.13106/jafeb.2021.vol8.no3.0497

Candradewi, I., & Sedana, I. B. P. (2016). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Dewan Komisaris Independen terhadap Return on Asset. E-Jurnal Manajemen Unud, 5(5), 3163–3190.

Choi, J., Menon, A., & Tabakovic, H. (2021). Using machine learning to revisit the diversification – performance relationship. June 2018, 1–30. https://doi.org/10.1002/smj.3317

Delbufalo, E., Poggesi, S., & Borra, S. (2016). Diversification, family involvement and firm performance: Empirical evidence from Italian manufacturing firms. Journal of Management Development, 35(5), 663–680. https://doi.org/10.1108/JMD-09-2015-0129

Dinh, H. T., & Pham, C. D. (2020). The effect of capital structure on financial performance of Vietnamese listing pharmaceutical enterprises. Journal of Asian Finance, Economics and Business, 7(9), 329–340. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.329

Epi, Y. (2017). Pengaruh Ukuran Perusahaan, Struktur Kepemilikan Manajerial dan Manajemen Laba Terhadap Kinerja Perusahaan Property dan Real Estate. Jurnal Riset Akuntansi, 1(1), 1–7.

Fadillah, A. R. (2017). Analisis Pengaruh Dewan Komisaris Independen, Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Kinerja Perusahaan Yang Terdaftar Di Lq45. Jurnal Akuntansi, 12(1), 37–52. https://doi.org/10.37058/jak.v12i1.294

Ferdinand, A. (2014). Metode Penelitian Manajemen (edisi 5). Badan penerbit Universitas Diponegoro.

Garrido-Prada, P., Delgado-Rodriguez, M. J., & Romero-Jordán, D. (2019). Effect of product and geographic diversification on company performance: Evidence during an economic crisis. European Management Journal, 37(3), 269–286. https://doi.org/10.1016/j.emj.2018.06.004

Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (10th ed.). Badan Penerbit Universitas Diponegoro.

Gort, M. (1962). Diversification and Integration in American. Princeton University Press.

Gyan, A. K., Brahmana, R., & Bakri, A. K. (2017). Diversification strategy, efficiency, and firm performance: Insight from emerging market. Research in International Business and Finance, 42, 1103–1114. https://doi.org/10.1016/j.ribaf.2017.07.045

Hartoyo. (2018). Hubungan current ratio, struktur modal, dan ukuran perusahaan terhadap kinerja keuangan perusahaan. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 8(1), 81–97.

Hutabarat, F. (2021). Analisis Kinerja Keuangan Perusahaan. Desanta Publisher.

Inayah, Z. (2022). Analisis Struktur Modal, Profitabilitas dan Kinerja Keuangan Terhadap Nilai Perusahaan (Penelitian Literature Review Manajemen Keuangan). 3(2), 788–795.

Indiastuti, R., Setiawan, M., & Hidayat, A. M. (2022). Diversifikasi Ekonomi: Tren dan Kebijakan ke Depan. Unpad Press.

Irawati, N., Maksum, A., Sadalia, I., & Muda, I. (2019). Financial performance of indonesian’s banking industry: the role of good corporate governance, capital adequacy ratio, non performing loan and size. International Journal of Scientific and Technology Research, 8(4), 22–26.

Islami, D., & Wulandari, A. (2023). Pengaruh GCG, Struktur Modal, dan Leverage terhadap Kinerja Keuangan Perusahaan Tambang. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(2), 254–268. https://doi.org/10.21831/nominal.v12i2.60207

Ismanto, H., & Pebruary, S. (2021). Aplikasi SPSS dan Eviews dalam Analisis Data Penelitian. Deepublish.

Iswadi, & Yowanda, N. C. (2018). Pengaruh Kompensasi Direksi , Struktur Modal Dan Diversifikasi Terhadap Kinerja Perusahaan. Jurnal Kebangsaan, 7(14), 1–8.

Itung, S., & Lasdi, L. (2018). Pengaruh Strategi Diversifikasi Dan Kepemilikan Mana-Jerial Terhadap Kinerja Perusahaan Yang Dimoderasi Oleh Struktur Modal a B S T R a K. Jako)-Vol, 10(2), 69–80.

Jensen, M. C., & Meckling, W. H. (1976). Jensen and Meckling. The Corporate Financiers, 3, 305–360. https://doi.org/10.1057/9781137341280.0038

Kamardin, H. (2014). Managerial Ownership and Firm Performance: The Influence of Family Directors and Non-family Directors. 47–83. https://doi.org/10.1108/s2043-052320140000006002

Karmilayani, & Damayanthi. (2016). Corporate Social Responsibility Sebagai Pemoderasi Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional Pada Kinerja Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 14(3), 2220–2250.

Kasmir. (2018). Analisis Laporan Keuangan. Rajawali Pers.

Kasmir. (2019). Analisis Laporan Keuangn. Rajawali Pers.

Kenyoru, D. N., Chumba, G. K., Chumba, S. K., & Rotich, S. C. (2016). Effect of Product Diversification on Financial Performance of Selected Banks in Kericho Town. European Journal of Business and Management Www.Iiste.Org ISSN, 8(22), 126–134. www.iiste.org

Khamis, R., Hamdan, A. M., & Elali, W. (2015). The relationship between ownership structure dimensions and corporate performance: Evidence from Bahrain. Australasian Accounting, Business and Finance Journal, 9(4), 38–56. https://doi.org/10.14453/aabfj.v9i4.4

Kristen, U., & Wacana, S. (2021). Pengaruh Struktur Modal dan Struktur Kepemilikan Terhadap Kinerja Perusahaan dengan Corporate Governance sebagai Variabel Moderasi. 10(2), 100–120.

Kusumastuti, A., Khoiron, ahmad mustamil, & Achmadi, taofan ali. (2020). Metode Penelitian Kuantitatif. Deepublish.

Lee, C. C., Hsieh, M. F., & Yang, S. J. (2014). The relationship between revenue diversification and bank performance: Do financial structures and financial reforms matterα. Japan and the World Economy, 29, 18–35. https://doi.org/10.1016/j.japwor.2013.11.002

Lim, M., & Dwijayanti, P. F. (2014). Analisis Perbedaan Kinerja dan Pengaruh Diversifikasi Usaha Terhadap Kinerja Perusahaan Manufaktur. 6(1), 83–116

Ludijanto, S. E. (2014). Pengaruh Analisis Leverage Terhadap Kinerja Keuangan Perusahaan ( Studi pada Perusahaan Property dan Real Estate yang Listing di BEI Tahun 2010-2012 ). 8(1), 1–8.

Mehmood, R., Hunjra, A. I., & Chani, M. I. (2019). The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries. Journal of Risk and Financial Management, 12(1). https://doi.org/10.3390/jrfm12010049

Meilanda, C., Latama, A. N., Kristamuljana, S., & Yuliati, R. (2020). Pengaruh Strategi Diversifikasi terhadap Kinerja Perusahaan dengan Moderasi Efisiensi. Ekonomi Dan Bisnis, 7(1), 9–31. https://doi.org/10.35590/jeb.v7i1.981

Mukhtaruddin, Relasari, & Felmania, M. (2014). Good Corporate Governance Mechanism , Corporate Social Responsibility Disclosure on Firm Value : Empirical Study on Listed Company in Indonesia Stock Exchange. International Journal of Finance & Accounting Studies, 2(1), 1–10. https://doi.org/10.7575/aiac.ijfas.v.2n.1p.1

Nguyen-Thi-Huong, L., Van Nguyen, D., & Xuan Tran, L. (2023). Diversification, government support, and firm performance. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2215072

Nigam, N. K., & Gupta, C. P. (2021). Correlation-based Diversification and Firm Performance: An Empirical Investigation of India. Global Business Review, 22(2), 442–458. https://doi.org/10.1177/0972150918811232

Novi Erika, I Gusti Ketut Agung Ulupui, & Muhammad Yusuf. (2023). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan Modal Intelektual terhadap Kinerja Perusahaan pada saat Pandemi Covid-19 dengan Struktur Modal sebagai Variabel Kontrol. Jurnal Akuntansi, Perpajakan Dan Auditing, 3(3), 588–607. https://doi.org/10.21009/japa.0303.04

Pardede, T., & Lumban Gaol, R. (2023). Pengaruh Diversifikasi Terhadap Kinerja Perusahaan Pada Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2019. Jurnal Ilmiah Akuntansi (JIMAT), 2(1), 79–86. https://doi.org/10.54367/jimat.v2i1.2638

Park, K., & Jang, S. C. (Shawn). (2013). Capital structure, free cash flow, diversification and firm performance: A holistic analysis. International Journal of Hospitality Management, 33(1), 51–63. https://doi.org/10.1016/j.ijhm.2013.01.007

Phung, D. N., & Mishra, A. V. (2016). Corporation Diversification and Firm Performance: Evidence from Vietnamese Listed Firms. Australian Economic Papers, 55(4), 386–408. https://doi.org/10.1111/1467-8454.12083

Pramukti, A. (2019). Kinerja Keuangan dan Pengungkapan Tanggungjawab Sosial. 3, 301–306.

Prihadi, T. (2019). Analisis Laporan Keuangan (Konsep dan Aplikasi).

Puspita Damayanti, N. L. G. E. S. (2022). Pengaruh Biaya Operasional, Pinjaman Perusahaan, Ukuran Perusahaan, dan Struktur Modal terhadap Kinerja Keuangan Dimasa Pandemi COVID-19. Jurnal Akuntansi, 12(2), 364–374.

Qu, R., Rhee, Z., Bae, S. J., & Lee, S. H. (2022). Analysis of Industrial Diversification Level of Economic Development in Rural Areas Using Herfindahl Index and Two-Step Clustering. Sustainability (Switzerland), 14(11). https://doi.org/10.3390/su14116733

Rahman, M. A. (2020). Pengaruh Struktur Modal dan Pertumbuhan Aset Terhadap Kinerja Keuangan Perusahaan Yang Terdaftar Dalam Jakarta Islamic Index (JII). Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 3(1), 55–68. https://doi.org/10.29303/akurasi.v3i1.25

Rivandi, M. (2021). Pengaruh Struktur Kepemilikan Terhadap Pengungkapan Corporate Social Responsibility. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 16(1), 21–40. https://doi.org/10.25105/jipak.v16i1.6439

Sari, F. W. (2015). Pengaruh Stuktur kepemilikan Terhadap Kinerja Perusahaan dengan Stuktur Modal sebagai Pemoderasi. Jurnal Ilmu & Riset Akuntansi, 4(8), 2–16.

Sarwendhi, R. (2023). Strategi Diversifikasi Sebagai Tools Penyelamat Kinerja Perusahaan Di Masa Pandemi. Jae (Jurnal Akuntansi Dan Ekonomi), 8(2), 11–19. https://doi.org/10.29407/jae.v8i2.19898

Savestra, F., Hermuningsih, S., & Wiyono, G. (2021). Peran Struktur Modal Sebagai Moderasi Penguatan Kinerja Keuangan Perusahaan. EKONIKA Jurnal Ekonomi Universitas Kadiri, 6(1), 121. https://doi.org/10.30737/ekonika.v6i1.827

Semsomboon, M., Dampitakse, K., & Boonyanet, W. (2024). The Relationship between Managerial Ownership and Firm Performance Mediated by Real Earnings Management of Thai IPO Firms. WSEAS Transactions on Computer Research, 12(October 2023), 29–43. https://doi.org/10.37394/232018.2024.12.3

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

Shira, R. K. (2024). Connection between corporate diversification, CSR and firm performance in South Asia. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-07-2022-0164

Suci Atiningsih, S. K. (2019). Pngeruh Strategi Diversifikasi, Risiko Bisnis dan Kepemilikan Manajerial Terhadap Kinerja Keuangan Dengan Struktur Modal Sebagai Variabel Intervening (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017). Stability: Journal of Management and Business, 2(1). https://doi.org/10.26877/sta.v2i1.4032

Sudaryana, B., & Ricky, A. (2022). Metodologi Penelitian Kuantitatif. Deepublish.

Sujandari, dwi asih, & Minanari. (2019). The Effect of Intellectual Capital, Firm Size and Capital Structure on Firm Performance, Evidence from Property Companies in Indonesia. 11(2), 108–121.

Sujarweni, V. W. (2017). Manajemen Keuangan, Teori, Aplikasi dan Hasil Penelitian. Pustaka Baru Press.

Surjadi, M., & Sinambela, S. (2016). Faktor - Faktor yang Mempengaruhi Struktur Modal pada Perusahaan Manufaktur. Jurnal Akuntansi Bisnis, 9(2), 309–320.

Susanto, R., Widayanti, R., & Irawan, N. (2024). Does Business Diversification with Leverage can Improve Firm Performance ? 4(3), 422–433.

Sutisna. (2022). 200-Article Text-791-1-10-20220909. 15(2), 384–390.

Tang, C., Tang, Y., & Su, S. (2019). R&D internationalization, product diversification and international performance for emerging market enterprises: An empirical study on Chinese enterprises. European Management Journal, 37(4), 529–539. https://doi.org/10.1016/j.emj.2018.11.003

Tanko, U. M., Siyanbola, A. A., Bako, P. M., & Dotun, O. V. (2019). Capital Structure and Firm Financial Performance : Moderating Effect of Board Financial Literacy in Nigerian Listed Non-Financial Companies Capital Structure , Firm Financial Performance , Board Financial Literacy. 48–66.

Thresna, A., & Suherman, H. (2024). Pengaruh Employee Stock Ownership Program ( ESOP ), Ukuran Perusahaan , dan Struktur Modal Terhadap Kinerja Keuangan Perusahaan Pada Perusahaan Non Keuangan Yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2022. 8, 563–572.

Umdiana, N., & Claudia, H. (2020). Struktur Modal Melalui Trade Off Theory. Jurnal Akuntansi Kajian Ilmiah Akuntansi (JAK), 7(1), 52. https://doi.org/10.30656/jak.v7i1.1930

Vidyanata, D., Topowijono, T., & NP, M. (2016). Pengaruh Diversifikasi dan Financial Leverage Terhadap Kinerja Keuangan Perusahaan (Studi pada Perusahaan Manufaktur Sektor Food and Beverages yang Terdaftar di BEI periode 2012-2014). Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 32(1), 90–97.

Wardana, D. N., Kusbandiyah, A., & Hariyanto, E. (2024). Peran Kepemilikan Manajerial dalam Memoderasi Pengaruh Profitabilitas , Leverage , dan Ukuran Perusahaan Terhadap Manajemen Laba. 8(April), 1508–1521.

Yipsa. (2022). Pengaruh Total Pajak Penghasilan, Independensi Dewan Komisaris, Struktur Kepemilikan, dan Kualitas Audit Terhadap Manajemen Laba. Jurnal Akuntansi Bisnis, 20(2), 152–168.

Yohana, E., Rivai, A., & Hoesin, W. (2022). The Effect of Capital Structure and Managerial Ownership on Financial Performance with Agency Cost as Intervening Variable. International Journal of Advances in Engineering and Management (IJAEM), 4(2), 1332–1340. https://doi.org/10.35629/5252-040213321340

Yopie, S., & Lim, A. (2021). Pengaruh Manajemen Keluarga, Generasi, Dan Struktur Kepemilikan Terhadap Kinerja Perusahaan Keluarga Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi Trisakti, 8(2), 249–274. https://doi.org/10.25105/jat.v8i2.9792

Zainuddin, P., Wancik, Z., Rahman, S. A., Hartati, S., & Rahman, F. A. (2017). Determinant of financial performance on Indonesian Banks through return on assets. International Journal of Applied Business and Economic Research, 15(20), 243–251.