Empirical Study of the Relationship between Ownership Structure and Firm Performance: Some Evidence of Listed Companies in Tehran Stock Exchange

Talebnia, Ghodratollah; Salehi, Mahdi; Valipour, Hashem; Shafiee, Shahram

doi:10.5539/jsd.v3n2p264

Cited by 25 publications

(25 citation statements)

References 5 publications

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“…Not many previous researches have studied this independent factor. However, (Talebnia, et al, 2010) find that there is a significant relationship between performance and ownership structure generally, regardless to the number of shares traded.…”

Section: Number Of Shares Traded and Roementioning

confidence: 61%

The Impact of Corporate Governance on the Insurance Firm’s Performance in Bahrain

Najjar

2012

IJLD

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The importance of responsibility, accountability, transparency and fairness are raising the issues of their effect on the performance of the firm and the managers as well. This is closely related to the agency problem because corporate governance mechanisms intend to induce managers to act according to the best interest of the shareholders, which is by maximizing the firm's value and ultimately reducing agency costs. This study is a contribution to other studies conducted to examine the impact of corporate governance mechanisms on firm's performance of the insurance industry in Bahrain, understand how to minimize the agency costs effectively and design the appropriate organizational structure. Also, to distinguish between good and bad corporate governance which is a crucial step in building the market's confidence and attracting positive investment flows to the institution and the economy. E-views program has been used to regress and the method the Pooled data. Five insurance companies listed in BSE have been selected as a sample for this study for the period of 2005-2010. Therefore, the total panel of observations is 30. The research concludes that there is no statistically significant impact of corporate governance expressed by CEO status, ownership concentration, the number of employees, industry performance, and number of shares traded on firm's performance in the insurance industry expressed by the dependent variable -return on equity (ROE). On the other hand board size, firm size, number of block-holders found to have statistically significant impact on firm's performance in the insurance industry expressed by the dependent variable -return on equity (ROE). This result, confirms the importance of good governance structure on the firm and the whole economy in the long run. The researcher suggests that every insurance firm should properly define corporate governance and its mechanisms and implement them effectively in order to reach the firm's long-term goals, build stakeholders' confidence and generate positive investment flows. The recent financial crisis has had enormous impacts on the economy, leading to major problems in insurance companies. Therefore, an insurance company should focus on good corporate governance that will build a stable foundation for recovering from this crisis. Regarding future line of research, efforts should be put at increasing the sample size, the corporate governance variables, and the time frame in order to have more accurate and reliable results. More importantly, the empirical literature indicates a sample selection bias in favor of very big firms. It is hereby suggested that attention should be devoted to the study of small-and

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Section: Number Of Shares Traded and Roementioning

confidence: 61%

The Impact of Corporate Governance on the Insurance Firm’s Performance in Bahrain

Najjar

2012

IJLD

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“…Hal ini terlihat dari koefisien sebesar 0.12 dan 0.65 pada probabilitas t-statistik nya. Hasil penelitian ini sesuai dengan penelitian Alvarado et al (2011), Prasanjaya dan Ramantha (2013), Talebria et al (2010). Prasanjaya dan Ramantha (2013) mengatakan hal ini disebabkan bank yang lebih besar tidak bisa mendapatkan keuntungan dari produknya karena terjadinya kredit macet serta tingginya pembiayaan sehingga return yang didapatkan menjadi kecil selain itu pihak bank lebih cenderung menggunakan dana eksternal.…”

Section: Metodeunclassified

“…Prasanjaya dan Ramantha (2013) mengatakan hal ini disebabkan bank yang lebih besar tidak bisa mendapatkan keuntungan dari produknya karena terjadinya kredit macet serta tingginya pembiayaan sehingga return yang didapatkan menjadi kecil selain itu pihak bank lebih cenderung menggunakan dana eksternal. Talebria et al (2010) berpendapat bahwa ukuran perusahaan bukan jaminan bahwa akan memiliki kinerja yang baik karena dengan dana yang lebih dari perusahaan bukan berarti perusahaan akan bisa memanfaatkan dananya dengan baik.…”

Section: Metodeunclassified

Pengaruh Ukuran Dewan, Kepemilikan Saham Oleh Direktur, Dan Jender Terhadap Kinerja Keuangan Perbankan

Mardiyati¹,

Murdayanti²

2017

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Abstrak: Tujuan penelitian ini adalah untuk mengetahui apakah mekanisme tata kelola perusahaan, khususnya ukuran dewan direktur, kepemilikan saham oleh direktur, dan jender, berpengaruh terhadap kinerja keuangan perbankan di Indonesia. Pada penelitian ini, kami menggunakan sampel 16 bank (45 observasi) yang terdaftar di bursa efek Indonesia antara tahun 2011 dan 2014. Metode analisis yang digunakan ialah regresi fixed effects dan random effects. Dikontrol oleh variabel ukuran perusahaan, hutang, dan pertumbuhan perusahaan, hasil penelitian menunjukkan bahwa kepemilikan saham direktur berpengaruh signifikan kepada ROA dan Tobin's Q. Sedangkan jumlah dewan direktur dan keberadaan wanita dalam dewan direktur tidak berpengaruh. Kata Kunci: Ukuran dewan, kepemilikan direktur, jender, kinerjaAbstract: The objective of this study is to examine the effect of corporate governance mechanism, specifically board of directors, managerial ownership, and female director on banking performance in Indonesia. Sample of this research consists of 16 banking (45 observation) listed on Indonesia stock exchange (IDX) between 2011 and 2014. We employ fixed and random effect regressions to analyze research model. Controlling for firm size, leverage and firm growth (sales growth), the results show that managerial ownership significantly affects ROA and Tobin's Q. While board of director and female director do not.

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“…Talebria et al (2010), mengatakan bahwa current ratio didefinisikan sebagai current asset dibagi dengan current liabilities. Hasil dari current ratio yang menunjukkan hubungan positif terhadap financial distress adalah harapan perusahaan, karena rasio likuiditas yang tinggi menunjukan bahwa keuangan perusahaan baik.…”

Section: Kajian Teoriunclassified

“…Wright et al (2009), menemukan bahwa ukuran perusahaan berpengaruh positif terhadap kinerja. Shahwan (2015) dan Talebria et al (2010), menemukan bahwa tidak terdapat pengaruh ukuran perusahaan terhadap kinerja perusahaan. Putri dan Merkusiwati (2014), menunjukan bahwa ukuran perusahaan yang diukur menggunakan log of total asset memberikan pengaruh negatif terhadap financial distress.…”

Section: Kajian Teoriunclassified

Peran Corporate Governance Dalam Menurunkan Kebangkrutan Pada Perusahaan Di Indonesia

Hilaliya

Margaretha

2017

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This research examines the influence of Corporate Governance on FirmPerformance measured by Tobin's Q and Financial Distress measured by Z-score. The samples used were 72 companies engaged in the manufacturing industry are listed on the Indonesia Stock Exchange (BEI) for five years from 2011 to 2015. The analytical methods used in this research is panel data regression, discriminant analysis, and logistic regression. The results showed that (1) there is no significant impact between corporate governance practices on firm performance. (2) there is negative impact between corporate governance practices on financial distress. Then, the companies need to increase corporate governance in order to avoid possibility of financial distress and for the investor before making an investment should consider the factors that affect the firm performance and financial distress.Keywords: Corporate Governance, Financial Distress, Firm Performance.Abstrak: Jika Perusahaan dapat melaksanakan praktek yang baik, maka dapat melindungi perusahaan terhadap resiko kebangkrutan. Penelitian ini menguji pengaruh Corporate Governance terhadap Kinerja Perusahaan yang diukur oleh Tobin's Q dan Kesulitan Keuanagan yang diukur oleh Z-score. Sampel yang digunakan sebanyak 72 perusahaan yang bergerak dalam industri manufaktur yang tercatat di Bursa Efek Indonesia (BEI) selama lima tahun dari 2011-2015. Metode analisis yang digunakan dalam penelitian ini adalah analisis data panel, analisis diskriminan, dan regresi logistik. Hasil dari penelitian ini adalah (1) Pelaksanaan Corporate Governance tidak berpengaruh terhadap Kinerja Perusahaan. (2) Pelaksanaan Corporate Governance berpengaruh negatif terhadap kemungkinan Kesulitan Keuangan. Maka dengan itu, perusahaan harus meningkatkan pelaksanaan corporate governance agar terhindar dari kemungkinan kesulitan keuangan dan bagi investor sebelum melakukan investasi sebaiknya memperhatikan faktor-faktor yang mempengaruhi kinerja perusahaan dan kesulitan keuangan.Kata kunci: Corporate Governance, Kesulitan Keuangan, Kinerja Perusahaan. PENDAHULUANKrisis ekonomi di Asia yang terjadi tahun 1997 berimbas pada perekonomian Indonesia. Setelah krisis tersebut melanda, isu mengenai praktek corporate governance mulai berkembang, khususnya pada saat Indonesia mengalami krisis yang berkepanjangan pada tahun 1998. Selain itu, pada tahun 1999 negara-negara lain yang terkena dampak dari krisis tersebut perekonomiannya sudah mulai pulih, kecuali Indonesia. Hal ini menjadi perhatian pemerintah dan fokus utama para pelaku usaha dalam mengelola usahanya demi keberlangsungan perusahaannya. Banyak pihak yang berpendapat bahwa

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Empirical Study of the Relationship between Ownership Structure and Firm Performance: Some Evidence of Listed Companies in Tehran Stock Exchange

Cited by 25 publications

References 5 publications

The Impact of Corporate Governance on the Insurance Firm’s Performance in Bahrain

The Impact of Corporate Governance on the Insurance Firm’s Performance in Bahrain

Pengaruh Ukuran Dewan, Kepemilikan Saham Oleh Direktur, Dan Jender Terhadap Kinerja Keuangan Perbankan

Peran Corporate Governance Dalam Menurunkan Kebangkrutan Pada Perusahaan Di Indonesia

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