Faktor – Faktor yang Mempengaruhi Financial Performance Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia

Authors

  • Nurmaya Kartika Universitas Trisakti
  • Anastasia Arum Gerda Prilia Universitas Trisakti
  • Ajeng Anggitia Universitas Trisakti
  • Salsabillah Amilawati Universitas Trisakti
  • Farah Margaretha Leon Universitas Trisakti

DOI:

https://doi.org/10.29408/jpek.v8i1.23951

Keywords:

likuiditas, kepemilikan asing, kepemilikan negara, keputusan pendanaan, kinerja keuangan, pemanfaatan asset

Abstract

This study aims to identify variables that affect financial performance in state-owned companies (SOEs) listed on the IDX. The addition of asset utilisation variable as an independent variable is a novel part of this study. This research method involves collecting data from 20 state-owned companies over a five-year period (2018-2022), and applying data processing analysis using panel data regression analysis techniques. The results found that foreign ownership has a negative impact on ROA and ROE, while state ownership has a negative impact on ROA. In contrast, leverage moderated by foreign ownership has a positive effect on ROA and ROE. Asset utilisation also positively affects ROA but has a negative impact on ROE. In addition, liquidity, tangibility, sales growth, age have an effect on financial performance. The implication for financial managers is to choose the best way to utilise assets in order to achieve business objectives, especially to improve shareholder welfare. This research emphasises how important ownership structure and liquidity are for investors when choosing investment opportunities in state-owned companies.

References

Aden, A. S., & Idayati, F. (2023). Pengaruh Likuiditas, Leverage, Dan Aktivitas Terhadap Kinerja Keuangan PT Asuransi Jasa Tania Tbk. Jurnal Ilmu Dan Riset Akuntansi, 12(6).

Adrianingtyas, D. A. (2019). Pengaruh Kinerja Keuangan dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening. JEKPEND: Jurnal Ekonomi Dan Pendidikan, 2(2), 23. https://doi.org/10.26858/jekpend.v2i2.9369

Akben-Selcuk, E. (2016). Does Firm Age Affect Profitability? Evidence From Turkey. International Journal of Economic Sciences, V(3), 1–9. https://doi.org/10.20472/es.2016.5.3.001

Anisah, N., & Hartono, U. (2022). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Dan Kepemilikan Asing Terhadap Kinerja Perusahaan Sub-Sektor Tekstil Dan Garmen Di Bursa Efek Indonesia. Jurnal Ilmu Manajemen, 10(4), 1048–1056.

Anshori, A. F. A. (2017). Pengaruh Profit Margin, Assets Utilization, Equity Multiplier Terhadap Tingkat Efisiensi Pada Perbankan Syariah Di Indonesia Periode 2012-2015. Universitas Negeri Yogyakarta.

Aprillia, B., & Supawi. (2021). Return on equity ditinjau dari short term debt, long term debt, total asset turnover. Akuntabel, 18(2), 2021–2255. http://journal.feb.unmul.ac.id/index.php/AKUNTABEL

Aurelia, V., & Leon, F. M. (2023). Factors Affecting Financial Distress in Small and Medium Enterprises (SMEs) in Indonesia: An Empirical Study. Journal of Economics, Management and Trade, 29(4), 33–46. https://doi.org/10.9734/jemt/2023/v29i41088

Chiadamrong, N., & Wattanawarangkoon, T. (2023). Financial performance prediction model based on firms’ internal capability determinants: evidence from listed firms in Thailand during the transition period of going public. Cogent Engineering, 10(1). https://doi.org/10.1080/23311916.2023.2216860

Diana, L., & Osesoga, M. S. (2020). Pengaruh likuiditas, solvabilitas, manajemen aset, dan ukuran perusahaan terhadap kinerja keuangan. Jurnal Akuntansi Kontemporer, 12(1), 20–34. https://doi.org/10.33508/jako.v12i1.2282

Dura, J. (2022). Pengungkapan Sustainability Kinerja Ekonomi Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Perusahaan Manufaktur. MDP Student Conference, 1(1), 47–53. https://jurnal.mdp.ac.id/index.php/msc/article/view/1666%0Ahttps://jurnal.mdp.ac.id/index.php/msc/article/download/1666/614

Eforis, C. (2017). Pengaruh Kepemilikan Negara Dan Kepemilikan Publik Terhadap Kinerja Keuangan BUMN. Ultimaccounting : Jurnal Ilmu Akuntansi, 9(1), 18–31. https://doi.org/10.31937/akuntansi.v9i1.585

Hong Nguyen, T. X., Pham, T. H., Dao, T. N., Nguyen, T. N., & Ngoc Tran, T. K. (2020). The impact of foreign ownership and management on firm performance in Vietnam. Journal of Asian Finance, Economics and Business, 7(9), 409–418. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.409

Juniarti, J., & Hariyanto, L. (2014). Perngaruh Family Control, Firm Size, Firm Risk, Firm Age Terhadap Profuitabilitas dan Nilai Perusahaan pada Sektor Keuangan. Bussines Accounting Review Vol. 2 No. 1, 2014. Business Accounting Review, 2(1), 141–150.

Kusaendri, D., & Mispiyanti, M. (2022). Pengaruh Profitabilitas, Keputusan Investasi, dan Keputusan Pendanaan Terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (JIMMBA), 4(5), 613–627. https://doi.org/10.32639/jimmba.v4i5.152

Mamaro, L. P., & Legotlo, T. G. (2021). The Financial Performance and Financial Leverage of Retail Listed Firms in South Africa. Acta Universitatis Danubius. Œconomica, 17(6), 115–130. https://www.ceeol.com/content-files/document-1048435.pdf

Nazar, S. N., & Syafrizal, D. (2019). Ownership Structures Badan Usaha Milik Negara: Internet Financial Reporting. Jurnal Akuntansi Keuangan Dan Bisnis, 12(2), 95–104. https://jurnal.pcr.ac.id/index.php/jakb/

Nuriksani, P., & Sari, V. P. (2022). Pengaruh CSR Terhadap Kinerja Keuangan Pada Perusahaan Manufaktur Di BEI. Jurnal Ekonomi, XXVII(01), 94–108.

Otchere, F. A., & Boateng, P. Y. (2023). Financing decision, ownership type and financial performance of listed non-financial companies in Ghana. Cogent Business and Management, 10(1), 1–21. https://doi.org/10.1080/23311975.2023.2170070

Prabasari, B., & Amalia, N. R. (2022). Pengaruh Sales Growth Dan Capital Structure Terhadap Financial Perfomance. Solusi, 20(3), 230. https://doi.org/10.26623/slsi.v20i3.5357

Putri, M. C. P., & Sugia, E. (2020). Faktor - Faktor Yang Mempengaruhi Kinerja Keuangan Pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 2(1), 469. https://doi.org/10.24912/jpa.v2i1.7176

Rahman, A. N. A. A., & Reja, B. A. F. M. (2015). Ownership Structure and Bank Performance. Journal of Economics, Business and Management, 3(5), 483–488. https://doi.org/10.7763/joebm.2015.v3.232

Ramadhan, A. (2019). Pengaruh Utang Perusahaan terhadap Kinerja Keuangan (Studi Empiris Perusahaan Yang Terdaftar Di Jakarta Islamic Indeks). J. Ilmiah MEA, 3(2), 16–27. https://doi.org/10.31955/mea.vol3.iss2.pp

Rousilita Suhendah, A. M. K. C. (2020). Pengaruh Leverage, Firm Size, Firm Age Dan Sales Growth Terhadap Kinerja Keuangan. Jurnal Paradigma Akuntansi, 2(4), 1791. https://doi.org/10.24912/jpa.v2i4.9375

Saifi, M. (2019). Pengaruh Corporate Governance Dan Struktur Kepemilikan Terhadap Kinerja Keuangan Perusahaan. Profit, 13(02), 1–11. https://doi.org/10.21776/ub.profit.2019.013.02.1

Sudaryanti, D., & Dinar, A. (2019). Analisis Prediksi Kondisi Financial Distress Menggunakan Rasio Likuiditas, Profitabilitas, Financial Leverage Dan Arus Kas. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 13(2), 101–110. https://doi.org/10.32812/jibeka.v13i2.120

Suprapto, Y., & Enjeliana, N. (2021). Pengaruh Firm Size, Liquidity, Leverage, CCC dan Inventory Turnover terhadap Profitabilitas Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. CoMBInES - Conference on Management, Business, Innovation, Education and Social Sciences, 1(1), 2123–2135. https://journal.uib.ac.id/index.php/combines/article/view/4749

Suriawinata, I. S., & Nurmalita, D. M. (2022). Ownership Structure, Firm Value And The Moderating Effects Of Firm Size: Empirical Evidence From Indonesian Consumer Goods Industry. Jurnal Manajemen Dan Kewirausahaan, 24(1), 91–104. https://doi.org/10.9744/jmk.24.1.91-104

Sutrisno, Y. A. E., & Riduwan, A. (2022). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Kepemilikan Institusional, dan Kepemilikan Manajerial Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 11(1), 1–22.

Syahbana, N. A., Wahono, B., & Nurhidayah. (2021). Pengaruh Ecomomic Value Added, Market Value Added, Dan Tobin’s Q Terhadap Harga Saham (Studi Empiris Pada Industri Perbankan yang terdaftar LQ-45 Periode Februari-Juli 2021). 82–94.

Warmana, G. O., & Widnyana, I. W. (2017). Pengaruh Keputusan Pendanaan Terhadap Kinerja Keuangan Perusahaan Pada Sektor Pariwisata, Restoran dan Hotel. Jurnal Undhirabali, 12(2), 163–170.

Downloads

Published

2024-04-01

Issue

Vol. 8 No. 1 (2024): JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan)

Section

Articles

License

Copyright (c) 2024 JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan)

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

semua jurnal ini menjadi tanggung jawab penuh penulis, JPEK memberikan akses terbuka kepada siapapun agar informasi dan temuan pada artikel bermanfaat bagi semua orang, JPEK dapat diakses dan diunduh oleh siapapun tanpa dipungut biaya sesuai dengan lisensi creative common yang digunakan.