Peran Moderasi Kepemilikan Asing terhadap Hubungan Penjualan kepada Pihak Berelasi dengan Nilai Perusahaan
DOI:
https://doi.org/10.47065/arbitrase.v4i1.856Keywords:
Foreign Ownership; Related Parties Sales; Firm Value; Public Company; Tobin’qAbstract
This study aims to examine the role of foreign ownership in the relationship between sales to related parties and firm value. The population in this study are raw goods sector companies listed on the Indonesian Stock Exchange from 2021 to 2022, totaling 192 companies. The sample in this study was selected with certain criteria. The criteria are companies that have foreign ownership, make sales transactions to related parties, and are listed on the Indonesian Stock Exchange consecutively during the observation period. The final sample is 21 companies and with 42 observations. The data collection technique used in this research is documentation. The technique is to collect company financial report data and idx publication reports in the form of idx statistics yearly to find out the value of the company. The analytical method used in this study is moderated regression analysis with the EGLS (cross-section random effects) panel method with the help of the Eviews application. The results of this study found that sales to related parties had no significant effect on firm value. This can be seen from the significant value, which has a higher significant level (0.8374 > 0.05). Foreign ownership only has the potential to moderate (homologizer moderated) the relationship between sales to related parties and company value. This can be seen from the significant values of the interaction variables which are also greater than the significant level (0.7052 > 0.05).
Downloads
References
Abigail, A., & Dharmastuti, C. (2022). The impact of related party transactions on firm value in Indonesia: moderating role of good corporate governance. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2135208
Agnihotri, A., & Bhattacharya, S. (2019). Internationalization, related party transactions, and firm ownership structure: Empirical evidence from an emerging market. Research in International Business and Finance, 48(February), 340–352. https://doi.org/10.1016/j.ribaf.2019.02.004
Bansal, S., & Thenmozhi, M. (2020). Does Concentrated Founder Ownership Affect Related Party Transactions? Evidence from an Emerging Economy. Research in International Business and Finance, 53(December 2018), 101206. https://doi.org/10.1016/j.ribaf.2020.101206
Bhandari, K. R., Rana, S., Paul, J., & Salo, J. (2020). Relative exploration and firm performance: Why resource-theory alone is not sufficient? Journal of Business Research, 118(July), 363–377. https://doi.org/10.1016/j.jbusres.2020.07.001
Bona-Sánchez, C., Fernández-Senra, C. L., & Pérez-Alemán, J. (2017). Related-party transactions, dominant owners and firm value. BRQ Business Research Quarterly, 20(1), 4–17. https://doi.org/10.1016/j.brq.2016.07.002
Campbell, J. M., & Kubickova, M. (2020). Agritourism microbusinesses within a developing country economy: A resource-based view. Journal of Destination Marketing and Management, 17(July), 100460. https://doi.org/10.1016/j.jdmm.2020.100460
Diab, A. A., Aboud, A., & Hamdy, A. (2019). The impact of related party transactions on firm value. Journal of Financial Reporting and Accounting, 17(3), 571–588. https://doi.org/10.1108/JFRA-08-2018-0064
Downs, D. H., Ooi, J. T. L., Wong, W.-C., & Ong, S. E. (2016). Related Party Transactions and Firm Value: Evidence from Property Markets in Hong Kong, Malaysia and Singapore. The Journal of Real Estate Finance and Economics, 52(4), 408–427. https://doi.org/10.1007/s11146-015-9509-0
Ermad, E., Khaira, F., & Suemdra, D. (2022). Perang Utang pada Hubungan Kepemilikan Institusional dengan Penjualan Pihak Berelasi. Jurnal Ekonomi Dan Manajemen Teknologi, 6(2), 286–292.
Ermad, E., Umar, Z., & Rusnaidi, R. (2021). Impact of Corporate Governance , Financial Leverage , and Sales Growth on Tax Avoidance of Manufacturing Sector Companies Listed on the Indonesia Stock Exchange. 1(2), 6–13.
Ermad, E., Umar, Z., & Suemdra, D. A. (2022). Komisaris Independen dalam Memoderasi Kepemilikan Institusional Terhadap Penjualan Pihak Berelasi. Jurnal Ekonomi Dan Manajemen Teknologi, 6(1), 35–42.
Ermad, E., Umar, Z., Supriyanto, S., Wardayani, W., & Ciamas, E. S. (2020). Kepemilikan Institusional Sebagai Pemoderasi Pengaruh Penjualan Kepada Pihak Berelasi Terhadap Nilai Perusahaan. Journal of Business and Economics Research (JBE), 1(2), 180–184.
Ermad, E., Umar, Z., Tarmizi, T., & Kumala, D. (2020). Pengaruh Profitabilitas terhadap Nilai Perusahaan yang Dimoderasi oleh Utang. Jurnal Akuntansi Muhammadiyah, 11(1), 10–16.
Kang, M., Lee, H. Y., Lee, M. G., & Park, J. C. (2014). The association between related-party transactions and control-ownership wedge: Evidence from Korea. Pacific Basin Finance Journal, 29, 272–296. https://doi.org/10.1016/j.pacfin.2014.04.006
Kim, S., & Yoo, J. (2017). Does R&D expenditure with heavy related party transactions harm firm value? Sustainability (Switzerland), 9(7), 1–15. https://doi.org/10.3390/su9071216
Lee, J. M. (2019). Non-linear relationships among related party transactions, financial characteristics, corporate governance, and corporate value – Analysis of high-growth and low-growth food firms. Agricultural Economics (Czech Republic), 65(3), 123–132. https://doi.org/10.17221/228/2018-AGRICECON
Rusnaidi, R., Tarmizi, T., & Munazar, R. (2022). Efek Jumlah Dewan Direksi dan Komite Audit Terhadap Nilai Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Manajemen Teknologi, 6(1), 54–58.
Sekaran, U., & Bougie, R. (2017). Metode Penelitian untuk Bisnis (2nd ed.). Salemba Empat.
Shan, Y. G. (2019). Do corporate governance and disclosure tone drive voluntary disclosure of related-party transactions in China? Journal of International Accounting, Auditing and Taxation, 34, 30–48. https://doi.org/10.1016/j.intaccaudtax.2019.02.002
Supatmi, Sutrisno, T., Saraswati, E., & Purnomosidhi, B. (2019). The effect of related party transactions on firm performance: The moderating role of political connection in indonesian banking. Business: Theory and Practice, 20(2003), 81–92. https://doi.org/10.3846/BTP.2019.08
Syamsidar, S., Nasution, E. S., & Ulfa, N. (2022). Analisis Fundamental Saham Sebelum dan Selama Pandemi Covid-19 pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Periode 2019-2020. Ekonomi, Keuangan, Investasi Dan Syariah, 4(1), 321–325.
Umar, Z., Ermad, E., & Suemdra, D. A. (2022). Efek Reputasi Kap dan Keterlambatan Laporan Auditor Independen Terhadap Ketepatan Waktu Penyampaian Laporan Keuangan. Jurnal Ekonomi Dan Manajemen Teknologi, 6(1), 14–20.
Wang, H. Da, Cho, C. C., & Lin, C. J. (2019). Related party transactions, business relatedness, and firm performance. Journal of Business Research, 101(January 2018), 411–425. https://doi.org/10.1016/j.jbusres.2019.01.066
Wang, W. K., Lu, W. M., Kweh, Q. L., & Siao, W. Y. (2020). Related-party transactions and corporate performance following the adoption of International Financial Reporting Standards in Taiwan. Managerial and Decision Economics, 41(3), 371–379. https://doi.org/10.1002/mde.3106
Wong, R. M. K., Kim, J. B., & Lo, A. W. Y. (2015). Are related-party sales value-adding or value-destroying? Evidence from China. Journal of International Financial Management and Accounting, 26(1), 1–38. https://doi.org/10.1111/jifm.12023
Zimon, G., Appolloni, A., Tarighi, H., Shahmohammadi, S., & Daneshpou, E. (2021). Earnings management, related party transactions and corporate performance: the moderating role of internal control. Risks, 9(8), 1–26. https://doi.org/10.3390/risks9080146
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Peran Moderasi Kepemilikan Asing terhadap Hubungan Penjualan kepada Pihak Berelasi dengan Nilai Perusahaan
ARTICLE HISTORY
Issue
Section
Copyright (c) 2023 Nadiya, Ermad M J, Syiva Gebrina Ridzqy
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
