Kepemilikan Pemerintah dan Struktur Modal Dalam Konteks Institusional BUMN Indonesia
Abstract
Abstract. Government as the largest shareholders has an important role to decide source of funding for State Owned Enterprises (SOEs) including from lenders. This study examined the impact of government ownership on capital structure that is proxied by the total debt-to-equity ratio and the long term debt-to-equity ratio. This study uses a sample of total 40 SOEs, SOE's subsiadiaries, and other partial government ownership companies which is listed on Indonesian Stock Exchange for the fiscal year ended in December 31, 2012 to 2018. To study the impact of government ownership on capital structure across firms over the study periods, the study undertake pooled ordinary least square (OLS). This study find that the government ownership has a negatively significant impact on capital structure if the government is the largest shareholders in a firm but the largest non-government shareholders has no impact on capital structure in a firm.
Keywords: capital structure; debt ratio; government ownership; largest shareholders
Abstrak. Sebagai pemegang saham terbesar BUMN, pemerintah dipandang memiliki peran yang sangat krusial dalam menentukan kebijakan sumber pendanaan BUMN termasuk dari pemberi pinjaman. Peningkatan jumlah utang BUMN yang mengkhawatirkan dalam beberapa tahun ini diduga memiliki keterkaitan dengan kebijakan pemerintah sebagai pemegang saham terbesar. Penelitian ini bertujuan menguji pengaruh kepemilikan saham oleh pemerintah terhadap struktur modal perusahaan yang diproksikan dengan debt ratio. Sampel berjumlah total 40 perusahaan BUMN publik, anak perusahaan BUMN publik dan perusahaan non-BUMN yang sebagian sahamnya dimiliki pemerintah. Seluruh sampel diambil dari Bursa Efek Indonesia yang terdaftar pada periode 2012 - 2018. Analisa data menggunakan pooled ordinary least square (OLS). Hasil penelitian ini membuktikan bahwa kepemilikan saham oleh pemerintah berpengaruh negatif secara signifikan terhadap struktur modal pada perusahaan yang kepemilikan saham terbesarnya dipegang oleh pemerintah. Namun kepemilikan saham oleh pemerintah tidak berpengaruh terhadap struktur modal pada perusahaan yang kepemilikan saham terbesarnya bukan dipegang oleh pemerintahKeywords
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DOI: https://doi.org/10.17509/jrak.v7i3.17758
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