PENGARUH POLITICAL CONNECTIONS TERHADAP KINERJA PERUSAHAAN

Agustinus Tri Kristanto

Abstract


This study aimed to determine the effect of political connections on firm performance, especially a non financial institutions. The sample in this study is a non-listed financial institutions in Indonesia Stock Exchange in 2010-2012, amounting to 304 companies. The dependent variable in this study is the ROE and Tobins'q. While the independent variable in this study is the proportion of independent directors who are politically connected and the proportion of managerial ownership has political relations, company size and type of company. The hypothesis was tested by multiple linear regression. From the tests, it was found the proportion of independent directors who have political ties have a negative effect on the financial performance of the company, while the proportion of managerial ownership has political ties have a negative effect on market performance.

Keywords



Full Text:

PDF

References


Agrawal, Anup And Charles R. Knoeber, 2001, Do Some Outside Directors Play a Political Role?, Journal of Law and Economics, Vol. 44, No. 1 (Apr., 2001), pp. 179-198.

Boubakri, Narjess, Jean-Claude Cosset and Walid Saffar, 2011,The Impact of Political Connections on Firms' Operation Performance and Financing Decisions, 21st Australasian Finance and Banking Conference 2008 Paper. Available at SSRN: http://ssrn.com/abstract=1242402 or http://dx.doi.org/10.2139/ssrn.1242402

Faccio, Mara, 2006, Politically Connected Firms, The American Economic Review, Vol. 96, No. 1 (Mar., 2006), pp. 369-386

Faccio, Mara, 2007, The Characteristics of Politically Connected Firms, Purdue CIBER Working Papers. Paper 51. http://docs.lib.purdue.edu/ciberwp/51

Fan, J. P. H., T. J. Wong, & Dong-Hua Chen. 2004. Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of ChinaS Partially Privatized Firms. www.afajof.org

Fan, J., Wong, T., Zhang, T., 2007. Politically Connected Ceos, Corporate Governance And Post-IPO Performance Of Chinas Newly Partially Privatized Firms. Journal of Financial Economics 84, 330-357.

Fisman, Raymond, 2001, Estimating the Value of Political Connections, The American Economic Review,91: 1095-1102

Ghozali, Imam, 2009. Aplikai Analisis Multivarite dengan SPSS, Badan Penerbit Universitas Diponegoro, Semarang.

Ferguson, T., and H.-J. Voth, 2008, Betting on Hitler - The Value of Political Connections in Nazi Germany, Quarterly Journal of Economics, 123, 101{137.

Goldman, Eitan, Jrg Rocholl, and Jongil So, 2009, Do Politically Connected Boards Affect Firm Value, Review of Financial Studies 22, 2331-2360.

Keats, Barbara W., Michael A. Hitt, 1988, A Causal Model Of Linkages Among Environmental Dimensions, Macro Organizational Characteristics, And Performance, Academy of Management Journal. Vol. 31. No, 3. 57Et-598,

Khwaja, A., Mian, A., 2005. Do Lenders Favor Politically Connected Firms? Rent Provision In An Emerging Financial Market. Quarterly Journal of Economics 120, 1371-1411.

Keputusan Ketua BAPEPAM No. Kep-29/PM/2004, Peraturan No. IX.I.5 Tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komita Audit, Jakarta

Keputusan Direksi Bursa Efek Jakarta No. Kep-305/BEJ/07-2004, Peraturan Nomor I-A Tentang Pencatatan Saham Dan Efek Bersifat Ekuitas Selain Saham Yang Diterbitkan Oleh Perusahaan Tercatat, Jakarta

Leuz, Christian and Felix Oberholzer Gee, 2006, Political Relationships, Global Financing, And Corporate Transparency: Evidence From Indonesia, Journal of Financial Economics 81 (2006) 411439

Masulis, Ronald W. and Shawn Mobbs, 2010, Are All Inside Directors the Same? Evidence from the External Directorship Market, Journal of Finance, Forthcoming; ECGI - Finance Working Paper No. 241/2009; 3rd Annual Conference on Empirical Legal Studies Papers; AFA 2009 San Francisco Meetings Paper.

Purwoto, Lukas. 2011. Pengaruh Koneksi Politis, Kepemilikan Pemerintah, dan Keburaman Laporan Keuangan Terhadap Kesinkronan dan Risiko Crash Harga Saham. Ringkasan Disertasi pada Ujian Terbuka. Program Doktor Ilmu Ekonomi Manajemen UGM Yogyakarta.

Sapienza, P., 2004. The Effects Of Government Ownership On Bank Lending. Journal of Financial Economics 72, 357384.

Sudiyatno, Bambang dan Elen Puspitasari, 2010, Tobins Q Dan Altman Z-Score Sebagai Indikator Pengukuran Kinerja Perusahaan, Kajian Akuntansi, Pebruari 2010 Vol. 2 : Hal. 9 21.

Suharjo, Bambang,2008,Analisis Regresi Terapan Dengan SPSS, Graha Ilmu, Yogyakarta.

Sunyoto, Danang, 2007, Analisis Regresi Dan Korelasi Bivariat, Penerbit Amara Books, Yogyakarta.

Suprihanto, Dodi, 2011, Pengusaha Dan Politik : Keterlibatan Pengusaha Dalam Dunia Politik Di Sumatera Barat 1999 2009, Sumatra Barat : Universitas Andalas, diakses dari http://repository.unand.ac.id/17469/

Tempo, 2000, BUMN di Tangan Partai Politik, Majalah TEMPO, edisi 31 Januari 06 Februari 2000

Tempo.co, 2012, KPK: BUMN Berantakan Karena Orang Parpol, diakses pada 30 September 2013 dari (http://www.tempo.co/read/news/2012/06/04/090408305/KPK-BUMN-Berantakan-Karena-Orang-Parpol/1), 2012, Sebanyak 63 Persen Anggota DPR Merangkap Pengusaha, di akses pada 30 September 2013 dari (http://www.tempo.co/read/news/2012/03/26/078392427/Sebanyak-63-Persen-Anggota-DPR-Merangkap-Pengusaha)

Wulandari, Ndarunningpuri, 2006, Pengaruh Indikator Mekanisme Corporate Governance Terhadap Kinerja Perusahaan Publik Di Indonesia, Fokus Ekonomi Vol. 1 No. 2 Desember 2006 : 120-136

Wulandari, R.T, 2013. Analisis Pengaruh Political Connection dan Struktur Kepemilikan Terhadap Kinerja Perusahaan. Diponegoro Journal Of Accounting Vol. 2 No. 1: 1-12

Yeh, Y.H., Shu, P.G., Su Y.H.,, 2010. Political Connection, Corporate Governance And Preferential Bank Loan. Working Paper presented at the European Financial Management Association (Annual Meeting).




DOI: https://doi.org/10.24071/exero.v2i1.2049

Refbacks

  • There are currently no refbacks.


Copyright (c) 2019 Agustinus Tri Kristanto