PENGARUH INSIDER OWNERSHIP, FIRM SIZE, DAN STRUKTUR MODAL TERHADAP KINERJA PERUSAHAAN PADA INDUSTRI KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2012-2015
DAFTAR ISI
ABSTRAK .................................................................................................................... i
ABSTRACT .................................................................................................................. ii
KATA PENGANTAR .................................................................................................. iii
UCAPAN TERIMAKASIH ......................................................................................... iv
DAFTAR ISI ................................................................................................................. vii
DAFTAR TABEL ........................................................................................................ xii
DAFTAR GAMBAR .................................................................................................... xiv
DAFTAR LAMPIRAN ................................................................................................ xvi
BAB I PENDAHULUAN
1.1 Latar Belakang ............................................................................................. 1
1.2 Identifikasi Masalah ..................................................................................... 8
1.3 Tujuan Penelitian ......................................................................................... 9
1.4 Manfaat Penelitian ...................................................................................... 10
1.5 Metode Penelitian ......................................................................................... 10
1.6 Waktu dan Tempat Penelitian ...................................................................... 11
1.7 Sistematika Penelitian .................................................................................. 11
Bab II TINJAUAN PUSTAKA
2.1 Manajemen ................................................................................................... 13
2.1.1 Pengertian Manajemen ........................................................................ 13
2.1.2 Fungsi Manajemen .............................................................................. 13
2.1.3 Jenis-Jenis Manajemen ........................................................................ 14
2.2 Manajemen Keuangan .................................................................................. 15
2.2.1 Pengertian Manajemen Keuangan ...................................................... 15
2.2.2 Fungsi Manajemen Keuangan ............................................................. 17
2.2.3 Tujuan Manajemen Keuangan ............................................................ 17
2.3 Laporan Keuangan ....................................................................................... 18
2.3.1 Pengertian Laporan Keuangan ............................................................ 18
2.3.2 Tujuan dan Manfaat Laporan Keuangan ............................................. 19
2.3.3 Karakteristik Laporan Keuangan ........................................................ 20
2.3.4 Jenis-Jenis Laporan Keuangan ............................................................ 21
2.3.5 Pihak-Pihak yang Berkepentingan dengan Laporan Keuangan .......... 23
2.3.6 Analisis Laporan Keuangan ................................................................ 26
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2.3.7 Tujuan Analisis Laporan Keuangan .................................................... 27
2.3.8 Teknik Analisis Laporan Keuangan .................................................... 27
2.4 Rasio Keuangan ........................................................................................... 28
2.4.1 Pengertian Rasio Keuangan ................................................................ 28
2.4.2 Jenis-Jenis Rasio Keuangan ................................................................ 29
2.4.3 Analisis Rasio Keuangan .................................................................... 29
2.4.4 Tujuan dan manfaat Analisis Rasio Keuangan ................................... 30
2.5 Kinerja Perusahaan ....................................................................................... 31
2.5.1 Pengertian Kinerja Perusahaan ........................................................... 31
2.5.2 Tahap-Tahap dalam Menganalisis Kinerja Perusahaan ...................... 33
2.5.3 Tujuan dan Manfaat Analisis Kinerja Perusahaan .............................. 34
2.5.4 Hubungan Kinerja Perusahaan dengan Rasio Keuangan .................... 35
2.6 Rasio Profitabilitas ....................................................................................... 36
2.6.1 Pengertian Rasio Profitabilitas ............................................................ 36
2.6.2 Faktor-Faktor yang Mempengaruhi Rasio Profitabilitas .................... 37
2.6.3 Mengukur Rasio Profitabilitas ............................................................ 38
2.7 Return on Equity (ROE) .............................................................................. 39
2.7.1 Pengertian Return on Equity (ROE) ................................................... 39
2.7.2 Pengukuran Return on Equity (ROE) ................................................. 40
2.7.3 Faktor-Faktor yang Mempengaruhi Return on Equity (ROE) ............ 41
2.8 Struktur Kepemilikan ................................................................................... 42
2.8.1 Pengertian Struktur Kepemilikan ........................................................ 42
2.8.2 Faktor-Faktor yang Mempengaruhi Struktur Kepemilikan ................ 43
2.8.3 Jenis-Jenis Struktur Kepemilikan ........................................................ 44
2.9 Insider Ownership ........................................................................................ 45
2.9.1 Pengertian Insider Ownership ............................................................. 45
2.9.2 Faktor-Faktor yang Mempengaruhi Insider Ownership ..................... 46
2.9.3 Ukuran Insider Ownership .................................................................. 47
2.10 Firm Size .................................................................................................... 48
2.10.1 Pengertian Firm Size ........................................................................ 48
2.10.2 Faktor-Faktor yang Mempengaruhi Firm Size ................................ 49
2.10.3 Mengukur Firm Size ........................................................................ 49
2.11 Struktur Modal ........................................................................................... 49
2.11.1 Pengertian Modal ............................................................................. 49
2.11.2 Jenis-Jenis Modal ............................................................................ 50
2.11.2.1 Modal Sendiri ..................................................................... 50
2.11.2.2 Modal Asing atau Hutang .................................................. 52
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2.11.3 Pengertian Struktur Modal ............................................................... 55
2.11.4 Faktor-Faktor yang Mempengaruhi Struktur Modal ....................... 56
2.11.5 Teori Struktur Modal ....................................................................... 58
2.11.5.1 Pendekatan Modigliani-Miller ........................................... 59
2.11.5.2 Teori Trade-Off .................................................................. 59
2.11.5.3 Teori Pecking Order .......................................................... 60
2.11.5.4 Pengukuran Struktur Modal ............................................... 62
2.12 Penelitian Terdahulu .................................................................................. 63
2.13 Kerangka Pemikiran ................................................................................... 67
2.13.1 Pengaruh Insider Ownership terhadap Kinerja Perusahaan .. 68
2.13.2 Pengaruh Firm Size terhadap Kinerja Perusahaan ................ 69
2.13.3 Pengaruh Struktur Modal terhadap Kinerja Perusahaan ....... 70
2.14 Hipotesis Penelitian .................................................................................... 73
BAB III OBJEK DAN METODE PENELITIAN
3.1 Objek Penelitian ........................................................................................... 74
3.1.1 Gambaran Umum Bursa Efek Indonesia ............................................. 74
3.1.1.1 Visi dan Misi Bursa Efek Indonesia ....................................... 76
3.1.1.2 Tujuan Bursa Efek Indonesia .................................................. 76
3.1.1.3 Manfaat Bursa Efek Indonesia ................................................ 76
3.1.1.4 Fungsi Bursa Efek Indonesia .................................................. 76
3.1.2 Gambaran Umum Perusahaan yang Diteliti ........................................ 77
3.2 Metode Penelitian ......................................................................................... 84
3.2.1 Jenis Metode Penelitian ...................................................................... 84
3.2.2 Sumber dan Jenis Data ........................................................................ 85
3.2.3 Teknik Pengambilan Data ................................................................... 85
3.2.4 Operasionalisasi Variabel .................................................................... 86
3.2.5 Populasi dan Sampel Penelitian .......................................................... 90
3.2.6 Teknik Pengolahan Data ..................................................................... 91
3.2.7 Metode Analisis Data .......................................................................... 92
3.2.7.1 Alat Statistika Penelitian ......................................................... 92
3.2.7.2 Analisis Koefisien Korelasi .................................................... 95
3.2.7.3 Koefisien Determinasi ............................................................. 97
3.2.7.4 Analisis Regresi ...................................................................... 98
3.2.7.5 Pengujian Hipotesis ................................................................. 100
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BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Perkembangan Insider Ownership, Firm Size, Struktur Modal, dan Kinerja
Perusahaan pada Industri Keuangan yang Terdaftar di Bursa Efek
Indonesia (BEI) Periode 2012-2015 ............................................................. 106
4.1.1 Perkembangan Insider Ownership pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 ........... 106
4.1.2 Perkembangan Firm Size pada Industri Keuangan yang Terdaftar di
Bursa Efek Indonesia (BEI) Periode 2012-2015 ............................... 113
4.1.3 Perkembangan Struktur Modal pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 ........... 121
4.1.4 Perkembangan Kinerja Perusahaan pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 ........... 128
4.2 Pengaruh Insider Ownership, Firm Size, dan Struktur Modal terhadap
Kinerja Perusahaan secara Bersama pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 .................... 137
4.2.1 Uji Asumsi Klasik ............................................................................. 138
4.2.2 Analisis Koefisien Korelasi Berganda ............................................... 143
4.2.3 Analisis Koefisien Determinasi ......................................................... 144
4.2.4 Analsisi Regresi Berganda ................................................................. 145
4.2.5 Pengujian Hipotesis secara Bersama (Uji F) ..................................... 147
4.3 Pengaruh Insider Ownership, Firm Size, dan Struktur Modal terhadap
Kinerja Perusahaan secara Parsial pada Industri Keuangan yang Terdaftar
di Bursa Efek Indonesia (BEI) Periode 2012-2015 .................................... 150
4.3.1 Pengaruh Insider Ownership terhadap Kinerja Perusahaan pada
Industri Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI)
Periode 2012-2015 ............................................................................. 150
4.3.2 Pengaruh Firm Size terhadap Kinerja Perusahaan pada Industri
Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode
2012-2015 .......................................................................................... 154
4.3.3 Pengaruh Struktur Modal terhadap Kinerja Perusahaan pada
Industri Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI)
Periode 2012-2015 ............................................................................. 159
BAB V SIMPULAN DAN SARAN
5.1 Simpulan ...................................................................................................... 164
5.2 Saran ............................................................................................................. 167
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DAFTAR PUSTAKA
LAMPIRAN-LAMPIRAN
xi
ABSTRAK .................................................................................................................... i
ABSTRACT .................................................................................................................. ii
KATA PENGANTAR .................................................................................................. iii
UCAPAN TERIMAKASIH ......................................................................................... iv
DAFTAR ISI ................................................................................................................. vii
DAFTAR TABEL ........................................................................................................ xii
DAFTAR GAMBAR .................................................................................................... xiv
DAFTAR LAMPIRAN ................................................................................................ xvi
BAB I PENDAHULUAN
1.1 Latar Belakang ............................................................................................. 1
1.2 Identifikasi Masalah ..................................................................................... 8
1.3 Tujuan Penelitian ......................................................................................... 9
1.4 Manfaat Penelitian ...................................................................................... 10
1.5 Metode Penelitian ......................................................................................... 10
1.6 Waktu dan Tempat Penelitian ...................................................................... 11
1.7 Sistematika Penelitian .................................................................................. 11
Bab II TINJAUAN PUSTAKA
2.1 Manajemen ................................................................................................... 13
2.1.1 Pengertian Manajemen ........................................................................ 13
2.1.2 Fungsi Manajemen .............................................................................. 13
2.1.3 Jenis-Jenis Manajemen ........................................................................ 14
2.2 Manajemen Keuangan .................................................................................. 15
2.2.1 Pengertian Manajemen Keuangan ...................................................... 15
2.2.2 Fungsi Manajemen Keuangan ............................................................. 17
2.2.3 Tujuan Manajemen Keuangan ............................................................ 17
2.3 Laporan Keuangan ....................................................................................... 18
2.3.1 Pengertian Laporan Keuangan ............................................................ 18
2.3.2 Tujuan dan Manfaat Laporan Keuangan ............................................. 19
2.3.3 Karakteristik Laporan Keuangan ........................................................ 20
2.3.4 Jenis-Jenis Laporan Keuangan ............................................................ 21
2.3.5 Pihak-Pihak yang Berkepentingan dengan Laporan Keuangan .......... 23
2.3.6 Analisis Laporan Keuangan ................................................................ 26
vii
2.3.7 Tujuan Analisis Laporan Keuangan .................................................... 27
2.3.8 Teknik Analisis Laporan Keuangan .................................................... 27
2.4 Rasio Keuangan ........................................................................................... 28
2.4.1 Pengertian Rasio Keuangan ................................................................ 28
2.4.2 Jenis-Jenis Rasio Keuangan ................................................................ 29
2.4.3 Analisis Rasio Keuangan .................................................................... 29
2.4.4 Tujuan dan manfaat Analisis Rasio Keuangan ................................... 30
2.5 Kinerja Perusahaan ....................................................................................... 31
2.5.1 Pengertian Kinerja Perusahaan ........................................................... 31
2.5.2 Tahap-Tahap dalam Menganalisis Kinerja Perusahaan ...................... 33
2.5.3 Tujuan dan Manfaat Analisis Kinerja Perusahaan .............................. 34
2.5.4 Hubungan Kinerja Perusahaan dengan Rasio Keuangan .................... 35
2.6 Rasio Profitabilitas ....................................................................................... 36
2.6.1 Pengertian Rasio Profitabilitas ............................................................ 36
2.6.2 Faktor-Faktor yang Mempengaruhi Rasio Profitabilitas .................... 37
2.6.3 Mengukur Rasio Profitabilitas ............................................................ 38
2.7 Return on Equity (ROE) .............................................................................. 39
2.7.1 Pengertian Return on Equity (ROE) ................................................... 39
2.7.2 Pengukuran Return on Equity (ROE) ................................................. 40
2.7.3 Faktor-Faktor yang Mempengaruhi Return on Equity (ROE) ............ 41
2.8 Struktur Kepemilikan ................................................................................... 42
2.8.1 Pengertian Struktur Kepemilikan ........................................................ 42
2.8.2 Faktor-Faktor yang Mempengaruhi Struktur Kepemilikan ................ 43
2.8.3 Jenis-Jenis Struktur Kepemilikan ........................................................ 44
2.9 Insider Ownership ........................................................................................ 45
2.9.1 Pengertian Insider Ownership ............................................................. 45
2.9.2 Faktor-Faktor yang Mempengaruhi Insider Ownership ..................... 46
2.9.3 Ukuran Insider Ownership .................................................................. 47
2.10 Firm Size .................................................................................................... 48
2.10.1 Pengertian Firm Size ........................................................................ 48
2.10.2 Faktor-Faktor yang Mempengaruhi Firm Size ................................ 49
2.10.3 Mengukur Firm Size ........................................................................ 49
2.11 Struktur Modal ........................................................................................... 49
2.11.1 Pengertian Modal ............................................................................. 49
2.11.2 Jenis-Jenis Modal ............................................................................ 50
2.11.2.1 Modal Sendiri ..................................................................... 50
2.11.2.2 Modal Asing atau Hutang .................................................. 52
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2.11.3 Pengertian Struktur Modal ............................................................... 55
2.11.4 Faktor-Faktor yang Mempengaruhi Struktur Modal ....................... 56
2.11.5 Teori Struktur Modal ....................................................................... 58
2.11.5.1 Pendekatan Modigliani-Miller ........................................... 59
2.11.5.2 Teori Trade-Off .................................................................. 59
2.11.5.3 Teori Pecking Order .......................................................... 60
2.11.5.4 Pengukuran Struktur Modal ............................................... 62
2.12 Penelitian Terdahulu .................................................................................. 63
2.13 Kerangka Pemikiran ................................................................................... 67
2.13.1 Pengaruh Insider Ownership terhadap Kinerja Perusahaan .. 68
2.13.2 Pengaruh Firm Size terhadap Kinerja Perusahaan ................ 69
2.13.3 Pengaruh Struktur Modal terhadap Kinerja Perusahaan ....... 70
2.14 Hipotesis Penelitian .................................................................................... 73
BAB III OBJEK DAN METODE PENELITIAN
3.1 Objek Penelitian ........................................................................................... 74
3.1.1 Gambaran Umum Bursa Efek Indonesia ............................................. 74
3.1.1.1 Visi dan Misi Bursa Efek Indonesia ....................................... 76
3.1.1.2 Tujuan Bursa Efek Indonesia .................................................. 76
3.1.1.3 Manfaat Bursa Efek Indonesia ................................................ 76
3.1.1.4 Fungsi Bursa Efek Indonesia .................................................. 76
3.1.2 Gambaran Umum Perusahaan yang Diteliti ........................................ 77
3.2 Metode Penelitian ......................................................................................... 84
3.2.1 Jenis Metode Penelitian ...................................................................... 84
3.2.2 Sumber dan Jenis Data ........................................................................ 85
3.2.3 Teknik Pengambilan Data ................................................................... 85
3.2.4 Operasionalisasi Variabel .................................................................... 86
3.2.5 Populasi dan Sampel Penelitian .......................................................... 90
3.2.6 Teknik Pengolahan Data ..................................................................... 91
3.2.7 Metode Analisis Data .......................................................................... 92
3.2.7.1 Alat Statistika Penelitian ......................................................... 92
3.2.7.2 Analisis Koefisien Korelasi .................................................... 95
3.2.7.3 Koefisien Determinasi ............................................................. 97
3.2.7.4 Analisis Regresi ...................................................................... 98
3.2.7.5 Pengujian Hipotesis ................................................................. 100
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BAB IV HASIL PENELITIAN DAN PEMBAHASAN
4.1 Perkembangan Insider Ownership, Firm Size, Struktur Modal, dan Kinerja
Perusahaan pada Industri Keuangan yang Terdaftar di Bursa Efek
Indonesia (BEI) Periode 2012-2015 ............................................................. 106
4.1.1 Perkembangan Insider Ownership pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 ........... 106
4.1.2 Perkembangan Firm Size pada Industri Keuangan yang Terdaftar di
Bursa Efek Indonesia (BEI) Periode 2012-2015 ............................... 113
4.1.3 Perkembangan Struktur Modal pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 ........... 121
4.1.4 Perkembangan Kinerja Perusahaan pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 ........... 128
4.2 Pengaruh Insider Ownership, Firm Size, dan Struktur Modal terhadap
Kinerja Perusahaan secara Bersama pada Industri Keuangan yang
Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2015 .................... 137
4.2.1 Uji Asumsi Klasik ............................................................................. 138
4.2.2 Analisis Koefisien Korelasi Berganda ............................................... 143
4.2.3 Analisis Koefisien Determinasi ......................................................... 144
4.2.4 Analsisi Regresi Berganda ................................................................. 145
4.2.5 Pengujian Hipotesis secara Bersama (Uji F) ..................................... 147
4.3 Pengaruh Insider Ownership, Firm Size, dan Struktur Modal terhadap
Kinerja Perusahaan secara Parsial pada Industri Keuangan yang Terdaftar
di Bursa Efek Indonesia (BEI) Periode 2012-2015 .................................... 150
4.3.1 Pengaruh Insider Ownership terhadap Kinerja Perusahaan pada
Industri Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI)
Periode 2012-2015 ............................................................................. 150
4.3.2 Pengaruh Firm Size terhadap Kinerja Perusahaan pada Industri
Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode
2012-2015 .......................................................................................... 154
4.3.3 Pengaruh Struktur Modal terhadap Kinerja Perusahaan pada
Industri Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI)
Periode 2012-2015 ............................................................................. 159
BAB V SIMPULAN DAN SARAN
5.1 Simpulan ...................................................................................................... 164
5.2 Saran ............................................................................................................. 167
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DAFTAR PUSTAKA
LAMPIRAN-LAMPIRAN
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