Does foreign ownership structure increase Indonesian firms’ risk-taking?
DOI:
https://doi.org/10.24914/jeb.v25i1.4952Kata Kunci:
Struktur kepemilikan, kepemilikan asing, pengambilan risikoAbstrak
Penelitian ini dilakukan untuk mengetahui hubungan antara struktur kepemilikan asing dengan tingkat pengambilan risiko perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI), yang diproksikan kedalam tingkat volatilitas laba. Penelitian ini menggunakan data panel tidak berimbang dari perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2014 hingga 2017. Jumlah sampel yang digunakan dalam penelitian ini adalah 438 observasi. Hasil penelitian menunjukkan bahwa struktur kepemilikan asing secara positif dan signifikan meningkatkan tingkat pengambilan risiko perusahaan. Selanjutnya, penelitian ini menggunakan uji robustness dengan menggunakan variabel dummy struktur kepemilikan asing yang menunjukkan adanya pengaruh terhadap pengambilan risiko perusahaan. Penelitian ini menunjukkan bahwa investor asing dengan kepemilikan saham yang besar dapat mengendalikan tingkat pengambilan risiko perusahaan manufaktur di Indonesia. Selain itu, semakin tinggi persentase kepemilikan asing perusahaan, maka semakin berisiko keputusan terkait investasi atau projek yang dilakukan perusahaan dengan tujuan untuk memperoleh pengembalian investasi atau keuntungan yang lebih besar.
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