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All Journal Journal of Indonesian Economy and Business Jurnal Bisnis dan Akuntansi
FRANSISKA SOEJONO
STIE Musi Palembang
Economics, Econometrics & Finance

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PENGARUH KEPEMILIKAN, KEPUTUSAN INVESTASI, PENGALAMAN DAN KINERJA FINANSIAL FRANSISKA SOEJONO
Jurnal Bisnis dan Akuntansi Vol 12 No 1 (2010): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (79.826 KB) | DOI: 10.34208/jba.v12i1.158

Abstract

This research is purposed to test the difference in performance between state-owned firms and private-owned firms on 811 firm-year observations in BEI between 1999-2007 period. Multiple comparisons is used to test the hypothesis that state-owned firms have better performance than private-owned firms. Besides that, this research are purposed to test the influence of investment decision and experience to firm’s performance, using ancova model. The result shows that different type of ownership give different effect to firm’s performance. Contrary with the hypothesis, the result shows that state-owned firms have a better performance than private-owned firms. The result also shows that investment decisions and experiences have no significant effect of firm’s performance. This research using control variabel that are year and type of industry.
OWNERSHIP TYPE AND COMPANY PERFORMANCE: EMPIRICAL STUDIES IN THE INDONESIAN STOCK EXCHANGE Fransiska Soejono
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (487.101 KB) | DOI: 10.22146/jieb.6288

Abstract

This study is aimed to test the difference in performance among companies with various types of ownership (foreign, state, and private) on a sample of 206 companieslisted in ISE (Indonesian Stock Exchange) between 1999-2006 resulting in 795 company year observations. The ANCOVA model and multiple comparison methods are used to test the hypothesis that private-owned companies have better performance than state-owned enterprises and foreign-owned companies have better performance than private-owned companies. Contrary with the hypothesis, the result shows that state-owned enterprises have better performance than private-owned companies. The possible explanation for this is because state-owned enterprises have more experience than private-owned companies (based on LogAge). State-owned firms may get some special facilities (including the easiness to get debt funding) from government. The result also shows that foreign-owned companies have better performance than private-owned companies which support the hypothesis. Foreign-owned companies have more experience in managing enterprises than private-owned companies. Furthermore, foreign-owned companies in some industries tend to be more active in doing investment than private-owned companies. There are some implications of these results. First, different ownership type gives different effect to thecompany’s performance. Second, government can consider foreign ownership in its privatization policy.Keywords: Ownership type, Performance, Experience, Investment.
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