ROLE OF THE INDEPENDENT COMMISSIONER IN RELATIONSHIP FAMILY OWNERSHIP AND COMPANY SIZE ON COMPANY VALUE
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May 1, 2022
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Family Ownership, Firm Size, Independent Commissioner, Firm Value
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Abstract
Purpose – This study aims to examine the moderating role of the Independent Commissioner in the relationship between Family Ownership and Firm Size on Firm Value.
Design/methodology/approach – The method used in this study is the Moderation Regression Analysis method.
Findings – The results of this study indicate that family ownership has a negative and insignificant effect on firm value. Firm size has a positive and significant effect on firm value. Independent Commissioners can moderate the relationship between Family Ownership and Firm Value. Likewise, the Independent Commissioner able to moderate the relationship between Firm Size and Firm Value.
Originality – The data source in this study is the annual report of manufacturing companies listed on the Indonesia Stock Exchange for the period 2017 to 2019.
Article Details
How to Cite
Tangke, P. (2022). ROLE OF THE INDEPENDENT COMMISSIONER IN RELATIONSHIP FAMILY OWNERSHIP AND COMPANY SIZE ON COMPANY VALUE. Contemporary Journal on Business and Accounting, 2(1), 33-56. https://doi.org/10.58792/cjba.v2i1.21
References
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Ainy, R. N., Nurcahyo, B., Kurniasih, S., & Sugiharti. (2013). Implementation of Good Corporate Governance and Its Impact on Corporate Performance: The Mediation Role of Firm Size (Empirical Study from Indonesia). Global Business and Management Research, 14, 91-104.
Amelia, W., & Hernawati, E. (2016). Pengaruh Komisaris Independen, Ukuran Perusahaan dan Profitabilitas terhadap Manajemen Laba. Neo-Bis, 10(1).
Angga Pratama, I G B dan I G B Wiksuana. 2016. Pengaruh Ukuran Perusahaan dan Leverage Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. E-Jurnal Manajemen Unud. 5(2). h: 1338-1367.
Aripin, Bustanul, 2015.“Pengaruh Kepemilikan Keluarga, Kepemilikan Institusional, dan Kepemilikan Manajerial terhadap Biaya Utang”,Skripsi,Universitas Islam Negeri Syarif Hidayatullah Jakarta.Azizkhani, M., Monroe, G.S., & Shailer, G. (2013). Audit partner tenure and cost of equity capital. Journal of Practice &Theory, 32 (1), hal.183-202.
Astuti, Apri Dwi; Rahman, Abdul; dan Sudarno. (2015). Pengaruh Kepemilikan Keluarga terhadap Kinerja Perusahaan dengan Agency Cost sebagai Variabel Moderating. Jurnal Dinamika Akuntansi, Vol. 7, No. 2, pp. 98-108.
Bravo, F., Abad, C., & Briones, J. L. (2015). The Board of Directors and Corporate Reputation: An Empirical Analysis. Academia Revista Latinoamericana de Administracion , 28 (3), 359-379.
Chu, Wenyi. (2009). Family Ownership and Firm Performance: Influence of Family of Management, Family Control, and Firm Size. Asia Pasific Journal of Management.
Connelly, J. T., Limpaphayom, P., & Nagarajan, N. J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking & Finance, 36(6), 1722-1743.
Dharwadkar, B., George, G., & Brandes, P. (2000). Privatization in EmergingEconomies an Agency Theory Perspective. Academy of Management Review25(3), 650-669.
Freeman, R. E., & McVea, J. (2001). A Stakeholder Approach to Strategic Management. Social Science Research Network.
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS 20 (6 ed.). Semarang: Universitas Diponegoro.
Gosal, M. M., Pangemanan, S. S., & Tielung, M. V. (2018). The Influence of Good Corporate Governance on Firm Value: Empirical Study of Companies Listed in IDX30 Index within 2013-2017 Period. Jurnal EMBA, 6(4), 2688-2697.
Hadiprajitno, P. B. (2013). Struktur Kepemilikan, Mekanisme Tata Kelola Perusahaan dan Biaya Keagenan di Indonesia (Studi Empirik pada Perusahaan di Bursa Efek Indonesia). Jurnal Akuntansi dan Auditing, 9(2), 97- 127.
Helland, E., & Sykuta, M. (2005). Who’s Monitoring the Monitor? Do Outside Directors Protect Shareholders’ Interests? Financial Review Vol. 40 (2), 1-26.
Hidayah, Nurul. 2014. The Effect of Company Characteristic Toward Firm Value In The Property And Real Estate Company In Indonesia Stock Exchange. International Journal of Business, Economics and Law. 5(1): pp: 1-8.
Ilmaniyah, Rifka., (2016). Pengaruh Struktur Kepemilikan terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di BEI). Fakultas Ekonomi/Manajemen, Universitas Muhammadiyah Jember.
Ivana Teddy Kusumawati dan Juniarti. (2016). Pengaruh Family Control Terhadap Profitabilitas dan Nilai Perusahaan Pada Industri Dasar dan Kimia. Akuntansi Bisnis Universitas Kristen Petra.
KNKG. (2006). Pedoman Umum Good Corporate Governance Indonesia. Komite Nasional Kebijakan Governance.
Kusumawati, Ivana Teddy dan Juniarti., 2014. Pengaruh Family Control Terhadap Profitabilitas dan Nilai Perusahaan Pada Industri Dasar dan Kimia. Akuntansi Bisnis Universitas Kristen Petra.
La Porta, Rafael., Florencio Lopez – De Silanes, Andrei Shleifer and Robert W. Vishny. (2000). Agency Problems and Devidend Policies around the Word. The Journal of Finance, Vol. LV No. 1., February 2000.
Lastanti, H. S., & Salim, N. (2018). Pengaruh Pengungkapan Corporate Social Responsibility, Good Corporate Governance, dan Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Akuntansi Trisakti, 27-40.
Mahidin, Idrus, dan Nadiva Dewinta Danastri, 2016. Analisis Komisaris Independen, Komite Audit, Kepemilikan Keluarga, dan Ukuran Perusahaan Terhadap Penghindaran Pajak (Tax Avoidance,), Fakultas Ekonomi dan Ilmu Sosial Universitas Bakrie .
Morck, Randall, and Bernard Yeung. 2004. Special Issues Relating to Corporate Governance & Family Control. World Bank Policy Research Working Paper No. 3406.
Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella, A. A. (2007). Are family firms really superior performers? Journal of Corporate Finance, 13(5), 829- 858.
Ningsaptiti, Restie dan Hidayat, Tahrir. (2010). Analisis Pengaruh Ukuran Perusahaan dan Mekanisme Corporate Governance Terhadap Management Laba (Studi empiris pada perusahaan manufaktur yang terdaftar di BEI tahun 2006-2008). EngD thesis, Perpustakaan FE UNDIP.
Onasis, Kristie dan Robin. (2016). Pengaruh Tata Kelola Perusahaan terhadap Nilai Perusahaan Pada Perusahaan Sektor Keuangan yang Terdaftar di BEI. Program Studi Manajemen Universitas Internasional Batam. Volume 20 Nomor 1, 2016.
Pradita, Reza Arie dan Suryono, Bambang. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Denagn Pengungkapan Corporate Social Responsibility sebagai Variabel Moderasi. Jurnal Ilmu dan Riset Akuntansi. Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya .
Prakosa,Kesit Bambang. 2014. “Pengaruh Profitabilitas, Kepemilikan Keluarga dan Corporate Governance Terhadap Penghindaran Pajak Di Indonesia”.
Pristianingrum, N. (2017). Pengaruh Ukuran, Profitabilitas, dan Pengungkapan CSR Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Prosiding Seminar Nasional dan Call For Paper Ekonomi dan Bisnis.
Putri, I. A., & H, B. S. (2016). Pengaruh Tanggung Jawab Sosial Perusahaan dan Mekanisme Tata Kelola Perusahaan terhadap Nilai Perusahaan. Jurnal Akuntansi Universitas Udayana, 15, 667-694.
Rasyid A., Mahfudnurnajamuddin, Masdar Mas’sud, Muhammad Su’un. 2015. Effect of Ownership Structure, Company Size and Prifitability on Dividend Policy and Manufacturing Company’s Value in Indonesia Stock Exchange. Australian Journal of Basic and Applied Sciences. 9(20): pp: 618-624.
Rouf, A. (2011). The Relationship between Corporate Governance and Value of the Firm in Developing Countries: Evidence from Bangladesh. The International Journal of Applied Economics and Finance Vol. 5 (3), 237-244.
Rudangga, I Gusti Ngurah Gede dan Sudiarta, Gede Merta. (2016). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, Vol. 5, No.7, 2016: 4394 – 4422
Saputra, M. (2010). Pengaruh Corporate Governance terhadap Nilai Perusahaan di Bursa Efek Indonesia, Jakarta. Journal of Indonesian Applied Economics, 4(1), 81-92.
Shyu, J. (2011). Family ownership and firm performance: evidence from Taiwanese firms. International Journal of Managerial Finance, 7(4), 397- 411.
Siallagan, Hamonangan dan M. Machfoedz. 2006. Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Dalam Simposium Nasonal Akuntansi IX, Padang.
Subrata, A. (2020). Peran Komisaris Independen di Perusahaan Asuransi. Retrieved from ICoPI:https://icopi.or.id/peran-komisaris-independen-di-perusahaan-asuransi.
Suwardika, I Nyoman Agus dan Mustanda, I Ketut Mustanda. (2017). Pengaruh Leverage, Ukuran Perusahaan, Pertumbuhan Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan Pada Perusahaan Properti. E-Jurnal Manajemen Unud, Vol. 6, No. 3, 2017: 1248-1277.
Umam, A.C., & Hartono, U. (2019). Firm Size, Profitabilitas, Struktur Modal, Kebijakan Deviden, GCG, CSR, dan Nilai Perusahaan. (Studi pada Perusahaan Sektor Finance di Bursa Efek Indonesia). 7, 642 – 654.
Wang, Dechun. (2005). Founding Family Ownership and Earning Quality.Journal of Accounting Research, Vol. 44, No. 3, 619-656.
Wijayani, Dianing Ratna., 2016. Pengaruh Profitabilitas, Kepemilikan Keluarga, Corporate Governance dan Kepemilikan Institusional TerhadapPenghindaraan Pajak Di Indonesia. Jurnal Dinamika Ekonomi dan Bisnis. UNISNU Jepara. Vol 13 No. 2.
Ainy, R. N., Nurcahyo, B., Kurniasih, S., & Sugiharti. (2013). Implementation of Good Corporate Governance and Its Impact on Corporate Performance: The Mediation Role of Firm Size (Empirical Study from Indonesia). Global Business and Management Research, 14, 91-104.
Amelia, W., & Hernawati, E. (2016). Pengaruh Komisaris Independen, Ukuran Perusahaan dan Profitabilitas terhadap Manajemen Laba. Neo-Bis, 10(1).
Angga Pratama, I G B dan I G B Wiksuana. 2016. Pengaruh Ukuran Perusahaan dan Leverage Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. E-Jurnal Manajemen Unud. 5(2). h: 1338-1367.
Aripin, Bustanul, 2015.“Pengaruh Kepemilikan Keluarga, Kepemilikan Institusional, dan Kepemilikan Manajerial terhadap Biaya Utang”,Skripsi,Universitas Islam Negeri Syarif Hidayatullah Jakarta.Azizkhani, M., Monroe, G.S., & Shailer, G. (2013). Audit partner tenure and cost of equity capital. Journal of Practice &Theory, 32 (1), hal.183-202.
Astuti, Apri Dwi; Rahman, Abdul; dan Sudarno. (2015). Pengaruh Kepemilikan Keluarga terhadap Kinerja Perusahaan dengan Agency Cost sebagai Variabel Moderating. Jurnal Dinamika Akuntansi, Vol. 7, No. 2, pp. 98-108.
Bravo, F., Abad, C., & Briones, J. L. (2015). The Board of Directors and Corporate Reputation: An Empirical Analysis. Academia Revista Latinoamericana de Administracion , 28 (3), 359-379.
Chu, Wenyi. (2009). Family Ownership and Firm Performance: Influence of Family of Management, Family Control, and Firm Size. Asia Pasific Journal of Management.
Connelly, J. T., Limpaphayom, P., & Nagarajan, N. J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking & Finance, 36(6), 1722-1743.
Dharwadkar, B., George, G., & Brandes, P. (2000). Privatization in EmergingEconomies an Agency Theory Perspective. Academy of Management Review25(3), 650-669.
Freeman, R. E., & McVea, J. (2001). A Stakeholder Approach to Strategic Management. Social Science Research Network.
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS 20 (6 ed.). Semarang: Universitas Diponegoro.
Gosal, M. M., Pangemanan, S. S., & Tielung, M. V. (2018). The Influence of Good Corporate Governance on Firm Value: Empirical Study of Companies Listed in IDX30 Index within 2013-2017 Period. Jurnal EMBA, 6(4), 2688-2697.
Hadiprajitno, P. B. (2013). Struktur Kepemilikan, Mekanisme Tata Kelola Perusahaan dan Biaya Keagenan di Indonesia (Studi Empirik pada Perusahaan di Bursa Efek Indonesia). Jurnal Akuntansi dan Auditing, 9(2), 97- 127.
Helland, E., & Sykuta, M. (2005). Who’s Monitoring the Monitor? Do Outside Directors Protect Shareholders’ Interests? Financial Review Vol. 40 (2), 1-26.
Hidayah, Nurul. 2014. The Effect of Company Characteristic Toward Firm Value In The Property And Real Estate Company In Indonesia Stock Exchange. International Journal of Business, Economics and Law. 5(1): pp: 1-8.
Ilmaniyah, Rifka., (2016). Pengaruh Struktur Kepemilikan terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di BEI). Fakultas Ekonomi/Manajemen, Universitas Muhammadiyah Jember.
Ivana Teddy Kusumawati dan Juniarti. (2016). Pengaruh Family Control Terhadap Profitabilitas dan Nilai Perusahaan Pada Industri Dasar dan Kimia. Akuntansi Bisnis Universitas Kristen Petra.
KNKG. (2006). Pedoman Umum Good Corporate Governance Indonesia. Komite Nasional Kebijakan Governance.
Kusumawati, Ivana Teddy dan Juniarti., 2014. Pengaruh Family Control Terhadap Profitabilitas dan Nilai Perusahaan Pada Industri Dasar dan Kimia. Akuntansi Bisnis Universitas Kristen Petra.
La Porta, Rafael., Florencio Lopez – De Silanes, Andrei Shleifer and Robert W. Vishny. (2000). Agency Problems and Devidend Policies around the Word. The Journal of Finance, Vol. LV No. 1., February 2000.
Lastanti, H. S., & Salim, N. (2018). Pengaruh Pengungkapan Corporate Social Responsibility, Good Corporate Governance, dan Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Akuntansi Trisakti, 27-40.
Mahidin, Idrus, dan Nadiva Dewinta Danastri, 2016. Analisis Komisaris Independen, Komite Audit, Kepemilikan Keluarga, dan Ukuran Perusahaan Terhadap Penghindaran Pajak (Tax Avoidance,), Fakultas Ekonomi dan Ilmu Sosial Universitas Bakrie .
Morck, Randall, and Bernard Yeung. 2004. Special Issues Relating to Corporate Governance & Family Control. World Bank Policy Research Working Paper No. 3406.
Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella, A. A. (2007). Are family firms really superior performers? Journal of Corporate Finance, 13(5), 829- 858.
Ningsaptiti, Restie dan Hidayat, Tahrir. (2010). Analisis Pengaruh Ukuran Perusahaan dan Mekanisme Corporate Governance Terhadap Management Laba (Studi empiris pada perusahaan manufaktur yang terdaftar di BEI tahun 2006-2008). EngD thesis, Perpustakaan FE UNDIP.
Onasis, Kristie dan Robin. (2016). Pengaruh Tata Kelola Perusahaan terhadap Nilai Perusahaan Pada Perusahaan Sektor Keuangan yang Terdaftar di BEI. Program Studi Manajemen Universitas Internasional Batam. Volume 20 Nomor 1, 2016.
Pradita, Reza Arie dan Suryono, Bambang. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Denagn Pengungkapan Corporate Social Responsibility sebagai Variabel Moderasi. Jurnal Ilmu dan Riset Akuntansi. Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya .
Prakosa,Kesit Bambang. 2014. “Pengaruh Profitabilitas, Kepemilikan Keluarga dan Corporate Governance Terhadap Penghindaran Pajak Di Indonesia”.
Pristianingrum, N. (2017). Pengaruh Ukuran, Profitabilitas, dan Pengungkapan CSR Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Prosiding Seminar Nasional dan Call For Paper Ekonomi dan Bisnis.
Putri, I. A., & H, B. S. (2016). Pengaruh Tanggung Jawab Sosial Perusahaan dan Mekanisme Tata Kelola Perusahaan terhadap Nilai Perusahaan. Jurnal Akuntansi Universitas Udayana, 15, 667-694.
Rasyid A., Mahfudnurnajamuddin, Masdar Mas’sud, Muhammad Su’un. 2015. Effect of Ownership Structure, Company Size and Prifitability on Dividend Policy and Manufacturing Company’s Value in Indonesia Stock Exchange. Australian Journal of Basic and Applied Sciences. 9(20): pp: 618-624.
Rouf, A. (2011). The Relationship between Corporate Governance and Value of the Firm in Developing Countries: Evidence from Bangladesh. The International Journal of Applied Economics and Finance Vol. 5 (3), 237-244.
Rudangga, I Gusti Ngurah Gede dan Sudiarta, Gede Merta. (2016). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, Vol. 5, No.7, 2016: 4394 – 4422
Saputra, M. (2010). Pengaruh Corporate Governance terhadap Nilai Perusahaan di Bursa Efek Indonesia, Jakarta. Journal of Indonesian Applied Economics, 4(1), 81-92.
Shyu, J. (2011). Family ownership and firm performance: evidence from Taiwanese firms. International Journal of Managerial Finance, 7(4), 397- 411.
Siallagan, Hamonangan dan M. Machfoedz. 2006. Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Dalam Simposium Nasonal Akuntansi IX, Padang.
Subrata, A. (2020). Peran Komisaris Independen di Perusahaan Asuransi. Retrieved from ICoPI:https://icopi.or.id/peran-komisaris-independen-di-perusahaan-asuransi.
Suwardika, I Nyoman Agus dan Mustanda, I Ketut Mustanda. (2017). Pengaruh Leverage, Ukuran Perusahaan, Pertumbuhan Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan Pada Perusahaan Properti. E-Jurnal Manajemen Unud, Vol. 6, No. 3, 2017: 1248-1277.
Umam, A.C., & Hartono, U. (2019). Firm Size, Profitabilitas, Struktur Modal, Kebijakan Deviden, GCG, CSR, dan Nilai Perusahaan. (Studi pada Perusahaan Sektor Finance di Bursa Efek Indonesia). 7, 642 – 654.
Wang, Dechun. (2005). Founding Family Ownership and Earning Quality.Journal of Accounting Research, Vol. 44, No. 3, 619-656.
Wijayani, Dianing Ratna., 2016. Pengaruh Profitabilitas, Kepemilikan Keluarga, Corporate Governance dan Kepemilikan Institusional TerhadapPenghindaraan Pajak Di Indonesia. Jurnal Dinamika Ekonomi dan Bisnis. UNISNU Jepara. Vol 13 No. 2.
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