The Influence Of Insider And Outsider Ownershio On Company Perfomance
Keywords:
insider ownership; company performance; outsider ownership
Abstract
This study aims to determine the effect of ownership structure, which is grouped into two, namely outsider and insider ownership, on company performance. This study was conducted on 366 companies listed on the Indonesia Stock Exchange (IDX) in 2023. Insider ownership is measured by family ownership and managerial ownership. While outsider ownership is measured using institutional ownership and public ownership. The control variables added to this study include: leverage, company size, and liquidity. The use of control variables is indicated to prevent biased calculation results. The theory used in this study is agency theory, which explains the relationship between owners (owners) and agents (managers). The implementation of this study lasted 1 year and was funded by internal funds from Semarang University. The analysis method used in this study is Partial Least Squares (PLS). The results of this study indicate that outsider and insider ownership have a significant influence on company performance.References
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Widyastuti, MP, & Mulawarman, AD (2019). The Effect of Family Ownership and Institutional Ownership on Debt with Political Connections as a Moderator. Student Scientific Journal of the Faculty of Economics and Business, Brawijaya University, 8 (2).
Zandi, G., Singh, J., Mohamad, S., & Ehsanullah, S. (2020). Ownership Structure and Firm Performance. International Journal of Financial Research, 11 (2), 293–300.
Chou, T.-K. (2015). Insider Ownership And Firm Performance: A Resource Dependence Perspective. The Journal of Applied Business Research, 31 (3), 861–870.
Darmawan, AS, & Moeljadi. (2017). The Influence of Ownership Structure on Company Performance (Study of Food & Beverage Subsector Companies Listed on the Indonesia Stock Exchange for the 2011-2015 Period). Student Scientific Journal of the Faculty of Economics and Business, Brawijaya University, 6 (1).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kartikasari, ED, Dewi, A., & Sulton, M. (2022). Managerial Ownership and Institutional Ownership on Debt Policy in Manufacturing Companies on the IDX in 2016-2019. Owner: Research & Accounting Journal, 6(1), 940-947.
Latifah, FN, & Widiatmoko, J. (2022). The Influence of Ownership Structure on Corporate Social Responsibility and Its Impact on Company Value. JIMAT Ganesha University of Education, 13(1), 921-937.
Press Release. (2023, December 29). Through Various Achievements in 2023, the Indonesian Capital Market Demonstrates Optimism for 2024. Retrieved from idx.co.id: https://www.idx.co.id/en/news/press-release/2080
Saragih, FF, & Tarwiyah, A. (2021). The Effect of Leverage, Company Size, and Company Growth on Company Performance in Manufacturing Companies in Various Industrial Sub-Sectors Listed on the IDX for the 2015-2020 Period. Core IT Scientific Journal, 9 (6), 54-63.
Sugiono, LP, & Christiawan, Y. (2013). Analysis of Factors Influencing Liquidity in the Retail Industry Listed on the Indonesia Stock Exchange in 2007-2012. Business Accounting Review, 1 (2), 298 - 305.
Taduga, F., & Nofal, M. (2019). Analysis of Foreign Ownership and the Value of Non-Financial Companies Listed on the IDX. Tadulako University Journal of Management Science, 5(3), 298–310.
Widyastuti, MP, & Mulawarman, AD (2019). The Effect of Family Ownership and Institutional Ownership on Debt with Political Connections as a Moderator. Student Scientific Journal of the Faculty of Economics and Business, Brawijaya University, 8 (2).
Zandi, G., Singh, J., Mohamad, S., & Ehsanullah, S. (2020). Ownership Structure and Firm Performance. International Journal of Financial Research, 11 (2), 293–300.
Published
2026-06-25
How to Cite
Irvin Widowati, A., Surjawati, & Trilestari, D. I. (2026). The Influence Of Insider And Outsider Ownershio On Company Perfomance. Kontigensi : Jurnal Ilmiah Manajemen, 14(1), 211-222. https://doi.org/10.56457/jimk.v14i1.930
Section
Articles
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