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Siti Mutmainah
Universitas Diponegoro, Semarang, Indonesia
Economics, Econometrics & Finance

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The Effect of Foreign Ownership on Firm Performance with Political Connections as a Moderating Variable: A Study of Infrastructure Companies Listed on the Indonesia Stock Exchange During 2020–2024 Herwindo Bagus Saputro; Siti Mutmainah
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.10474

Abstract

This study examines the effect of foreign ownership on firm performance with political connections as a moderating variable in infrastructure companies listed on the Indonesia Stock Exchange during 2020–2024. Firm performance is measured using Return on Assets (ROA). This study employs a quantitative approach using panel data regression analysis with 207 unbalanced panel observations selected through purposive sampling. The Random Effect Model (REM) was selected as the best estimation model based on the Chow Test, Lagrange Multiplier Test, and Hausman Test. The results indicate that foreign ownership has a positive and significant effect on firm performance, suggesting that foreign investors contribute to improving corporate profitability. However, political connections do not significantly moderate the relationship between foreign ownership and firm performance. In addition, leverage negatively affects firm performance. These findings highlight the important role of foreign ownership and capital structure in determining firm performance in the Indonesian infrastructure sector.
Co-Authors Herwindo Bagus Saputro