KEPEMILIKAN DAN STRUKTUR MANAJERIAL : PERAN MEDIASI KOMPLEKSITAS TERHADAP KINERJA PERUSAHAAN MANUFAKTUR KONSUMSI PRIMER INDONESIA
Abstract
This study seeks to evaluate the impact of ownership and managerial structure on the financial performance of primary consumption sector manufacturing firms listed on the Indonesia Stock Exchange (IDX), while also investigating the mediating role of organizational structure complexity. This research employs a quantitative methodology utilizing PLS-SEM analysis tools via SmartPLS 4.0 software. The sample comprises 36 enterprises chosen by purposive sampling from 2021 to 2024. The research findings indicate that both management ownership and managerial structure exert a significantly positive influence on financial success. The complexity of the organizational structure has been shown to adversely mediate the relationship between ownership and managerial structure on financial performance, indicating that increased complexity correlates with a drop in the company's performance. These findings corroborate agency theory and contingency theory, highlighting the significance of congruence between organizational structure and managerial responsibilities in enhancing corporate success. This research enhances the comprehension of internal governance and organizational design's influence on obtaining optimal financial performance.
References
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Altania, S., & Tanno, A. (2023). THE EFFECT OF MANAGERIAL OWNERSHIP AND INSTITUTIONAL OWNERSHIP ON COMPANY FINANCIAL PERFORMANCE. JIMEA : Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 7(1), 322–335.
Andrianov, A., & Santosa, A. (2023). Jumlah Keragaman Gender, dan Kebangsaan Dewan Direksi sebagai Determinan Kinerja Perusahaan. Journal on Education, 6(1), 4128–4137.
Aziza, T. N., Azizah, S. N., Kusbandiyah, A., & Inayati, N. I. (2020). PENGARUH KEPEMILIKAN INSTITUSIONAL, KEPEMILIKAN MANAJERIAL, DEWAN DIREKSI DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PERUSAHAAN (Studi Empiris pada Perusahaan Sektor Industri Barang Konsumsi yang terdaftar di BEI periode 2015-2019). JPEKBM (Jurnal Pendidikan Ekonomi, Kewirausahaan, Bisnis Dan Manajemen), 4(2), 34. https://doi.org/10.32682/jpekbm.v4i2.1828
Carillo, P. M., & Kopelman, R. E. (1991). Organization Structure and Productivity. Group & Organization Management, 16, 44–59. https://api.semanticscholar.org/CorpusID:145073624
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). META-ANALYTIC REVIEWS OF BOARD COMPOSITION, LEADERSHIP STRUCTURE, AND FINANCIAL PERFORMANCE. In Strategic Management Journal (Vol. 19).
Donaldson, L. (2001). The Contingency Theory of Organizations. SAGE. https://books.google.co.id/books?id=nuVDAQAACAAJ
Donaldson, L., & Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1), 49–64. https://doi.org/10.1177/031289629101600103
Effendi, S., & Prima, A. P. (2023). Analysis of The Influence of Institutional Ownership, Managerial Ownership, and Ownership Structure on Company Financial Performance: Case Study of Manufacturing Companies In Indonesia. Global Financial Accounting Journal, 7(2), 169. https://doi.org/10.37253/gfa.v7i2.8596
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Firdaus, D., Anshari, R., & Jamal, S. W. (2024). Pengaruh Kepemilikan Manajerial Terhadap Kesulitan Keuangan Perusahaan Sektor Industri Dasar Dan Kimia. Value: Jurnal Manajemen Dan Akuntansi, 19(3), 758–771.
Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Classroom Companion. https://doi.org/https://doi.org/10.1007/978-3-030-80519-7_1
Harahap, N. A. P., Qadri, F. Al, Harahap, D. I. Y., Situmorang, M., & Wulandari, S. (2023). Analisis Perkembangan Industri Manufaktur Indonesia. El-Mal Jurnal Kajian Ekonomi & Bisnis Islam, 4(6), 1444.
Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS Path Modeling in New Technology Research: Updated Guidelines. Industrial Management and Data Systems, 116(1), 2–20. https://doi.org/10.1108/IMDS-09-2015-0382
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. http://hupress.harvard.edu/catalog/JENTHF.html
Kaplan, R. S., & Norton, D. P. (1992, January). The Balanced Scorecard-Measures that Drive Performance Harvard Business Review. Harvard Business Review, 79.
McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612. https://doi.org/10.1016/0304-405X(90)90069-C
Mintzberg, H. (1989). The Structuring of Organizations. In C. Asch David and Bowman (Ed.), Readings in Strategic Management (pp. 322–352). Macmillan Education UK. https://doi.org/10.1007/978-1-349-20317-8_23
Nathanael, V. N., & Paramitha, M. (2024). PENGARUH STRUKTUR KEPEMILIKAN DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN MANUFAKTUR SEKTOR BARANG KONSUMSI. Jurnal Analisa Akuntansi Dan Perpajakan, 8(2), 207–215.
Njiru, J. N., & Nyamute, W. (2018). THE EFFECT OF ORGANIZATIONAL STRUCTURE ON FINANCIAL PERFORMANCE OF COMMERCIAL STATE CORPORATIONS IN KENYA. In International Journal of Finance and Accounting (Vol. 3, Issue 2). www.iprjb.org
Nuri, S. F., Ilham, R. N., Akhyar, C., & Ristati, R. (2024). THE EFFECT OF FINANCIAL PERFORMANCE, CAPITAL STRUCTURE AND MANAGERIAL OWNERSHIP ON COMPANY VALUE IN NON-CYCLICALS CONSUMER SECTOR COMPANIES LISTED ON THE IDX. Journal of Accounting Research, Utility Finance and Digital Assets, 3(2), 296–305. https://www.idx.co.id
Pertiwi, A., Fiyelex Selmury, R., Mujanah, S., Yanu, A., & Fianto, A. (2024). ANALYSIS OF THE IMPACT OF CAPITAL STRUCTURE AND PROFITABILITY ON FINANCIAL PERFORMANCE WITH MANAGERIAL OWNERSHIP AS A MODERATING VARIABLE IN THE BANKING SECTOR FOR THE PERIOD. COSTING: Journal of Economic, Business and Accounting, 7(6), 9687–9697.
Pradana, F. A., Dabo, M. El, Ricardo, W., Lestari, H. S., & Margaretha, F. (2024). The Influence of Ownership Structure, Board Composition and Financing Decisions on the Performance of Manufacturing Companies in the Consumer Goods Sector.
Prashar, A., & Gupta, P. (2020). Corporate boards and firm performance: a meta-analytic approach to examine the impact of contextual factors. International Journal of Emerging Markets, 16(7), 1454–1478. https://doi.org/10.1108/IJOEM-10-2019-0860
Raharjo, E. (2007). TEORI AGENSI DAN TEORI STEWARSHIP DALAM PERSPEKTIF AKUNTANSI. Fokus Ekonomi, 2(1), 37–46.
Robbins, S. P. (1994). Essentials of Organizational Behavior. Prentice Hall. https://books.google.co.id/books?id=3Ye1GwAACAAJ
Siburian, E. R., Trisnadewi, E., & Kawisana, P. G. W. P. (2024). Studies Management and Finance Economics, of Journal The Influence of the Board of Commissioners, Board of Directors, Audit Committee, and Managerial Ownership on Financial Performance in Manufacturing Companies in 2020-2022. Journal of Economics, Finance and Management Studies, 7(9), 6053–6060. https://doi.org/10.47191/jefms/v7
Siddiqui, R. (2022). A SYSTEMATIC LITERATURE REVIEW OF THE IMPACT OF ORGANIZATIONAL STRUCTURE ON FIRM PERFORMANCE. Universitat de Barcelona.
Slevin, D. P., & Pinto, J. K. (2007). AN OVERVIEW OF BEHAVIORAL ISSUES IN PROJECT MANAGEMENT - The Wiley Guide to Project Organization & Project Management Competencies.
Stank, T. P., Daugherty, P. J., & Gustin, C. M. (1994). Organizational Structure: Influence on Logistics Integration, Costs, and Information System Performance. The International Journal of Logistics Management, 5(2), 41–52. https://doi.org/10.1108/09574099410805199
Sujarweni, V. (2019). Metodologi Penelitian Bisnis & Ekonomi. Pustaka Baru Press.
Waheed, A., & Malik, Q. A. (2019). Board characteristics, ownership concentration and firms’ performance: A contingent theoretical based approach. South Asian Journal of Business Studies, 8(2), 146–165. https://doi.org/10.1108/SAJBS-03-2018-0031
Wahyuni, M. (2020). STATISTIK DESKRIPTIF UNTUK PENELITIAN OLAH DATA MANUAL DAN SPSS VERSI 25. Percetakan Bintang.
Wari, A. Z., & Rosdiyati, R. (2022). Pengaruh Struktur Kepemilikan dan Kinerja Keuangan terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020). 53(62214), 233–249.
Wiranthie, I. K., & Putranto, H. (2020). Analisis Pengaruh Capital Adequancy Ratio (CAR), Loan To Deposit Ratio (LDR) dan Non Performing Loan (NPL) terhadap Return On Asset (ROA). Jurnal Ekonomi, Manajemen Dan Perbankan, 6(1), 13–23.
Yumi, P., Dewi, C., Bagus, I., & Sedana, P. (2024). Pengaruh Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Sektor Industri Barang Konsumsi di BEI. Journal of Business Finance and Economic (JBFE), 5(1). https://journal.univetbantara.ac.id/index.php/jbfe
Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). RETURN ON ASSET, RETURN ON EQUITY, DAN EARNING PER SHARE BERPENGARUH TERHADAP RETURN SAHAM. E-Jurnal Manajemen Universitas Udayana, 9(3), 1069–1088. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
Altania, S., & Tanno, A. (2023). THE EFFECT OF MANAGERIAL OWNERSHIP AND INSTITUTIONAL OWNERSHIP ON COMPANY FINANCIAL PERFORMANCE. JIMEA : Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 7(1), 322–335.
Andrianov, A., & Santosa, A. (2023). Jumlah Keragaman Gender, dan Kebangsaan Dewan Direksi sebagai Determinan Kinerja Perusahaan. Journal on Education, 6(1), 4128–4137.
Aziza, T. N., Azizah, S. N., Kusbandiyah, A., & Inayati, N. I. (2020). PENGARUH KEPEMILIKAN INSTITUSIONAL, KEPEMILIKAN MANAJERIAL, DEWAN DIREKSI DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PERUSAHAAN (Studi Empiris pada Perusahaan Sektor Industri Barang Konsumsi yang terdaftar di BEI periode 2015-2019). JPEKBM (Jurnal Pendidikan Ekonomi, Kewirausahaan, Bisnis Dan Manajemen), 4(2), 34. https://doi.org/10.32682/jpekbm.v4i2.1828
Carillo, P. M., & Kopelman, R. E. (1991). Organization Structure and Productivity. Group & Organization Management, 16, 44–59. https://api.semanticscholar.org/CorpusID:145073624
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). META-ANALYTIC REVIEWS OF BOARD COMPOSITION, LEADERSHIP STRUCTURE, AND FINANCIAL PERFORMANCE. In Strategic Management Journal (Vol. 19).
Donaldson, L. (2001). The Contingency Theory of Organizations. SAGE. https://books.google.co.id/books?id=nuVDAQAACAAJ
Donaldson, L., & Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns. Australian Journal of Management, 16(1), 49–64. https://doi.org/10.1177/031289629101600103
Effendi, S., & Prima, A. P. (2023). Analysis of The Influence of Institutional Ownership, Managerial Ownership, and Ownership Structure on Company Financial Performance: Case Study of Manufacturing Companies In Indonesia. Global Financial Accounting Journal, 7(2), 169. https://doi.org/10.37253/gfa.v7i2.8596
Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. In Source: The Academy of Management Review (Vol. 14, Issue 1). https://www.jstor.org/stable/258191
Firdaus, D., Anshari, R., & Jamal, S. W. (2024). Pengaruh Kepemilikan Manajerial Terhadap Kesulitan Keuangan Perusahaan Sektor Industri Dasar Dan Kimia. Value: Jurnal Manajemen Dan Akuntansi, 19(3), 758–771.
Hair Jr, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Classroom Companion. https://doi.org/https://doi.org/10.1007/978-3-030-80519-7_1
Harahap, N. A. P., Qadri, F. Al, Harahap, D. I. Y., Situmorang, M., & Wulandari, S. (2023). Analisis Perkembangan Industri Manufaktur Indonesia. El-Mal Jurnal Kajian Ekonomi & Bisnis Islam, 4(6), 1444.
Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS Path Modeling in New Technology Research: Updated Guidelines. Industrial Management and Data Systems, 116(1), 2–20. https://doi.org/10.1108/IMDS-09-2015-0382
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. http://hupress.harvard.edu/catalog/JENTHF.html
Kaplan, R. S., & Norton, D. P. (1992, January). The Balanced Scorecard-Measures that Drive Performance Harvard Business Review. Harvard Business Review, 79.
McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612. https://doi.org/10.1016/0304-405X(90)90069-C
Mintzberg, H. (1989). The Structuring of Organizations. In C. Asch David and Bowman (Ed.), Readings in Strategic Management (pp. 322–352). Macmillan Education UK. https://doi.org/10.1007/978-1-349-20317-8_23
Nathanael, V. N., & Paramitha, M. (2024). PENGARUH STRUKTUR KEPEMILIKAN DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN MANUFAKTUR SEKTOR BARANG KONSUMSI. Jurnal Analisa Akuntansi Dan Perpajakan, 8(2), 207–215.
Njiru, J. N., & Nyamute, W. (2018). THE EFFECT OF ORGANIZATIONAL STRUCTURE ON FINANCIAL PERFORMANCE OF COMMERCIAL STATE CORPORATIONS IN KENYA. In International Journal of Finance and Accounting (Vol. 3, Issue 2). www.iprjb.org
Nuri, S. F., Ilham, R. N., Akhyar, C., & Ristati, R. (2024). THE EFFECT OF FINANCIAL PERFORMANCE, CAPITAL STRUCTURE AND MANAGERIAL OWNERSHIP ON COMPANY VALUE IN NON-CYCLICALS CONSUMER SECTOR COMPANIES LISTED ON THE IDX. Journal of Accounting Research, Utility Finance and Digital Assets, 3(2), 296–305. https://www.idx.co.id
Pertiwi, A., Fiyelex Selmury, R., Mujanah, S., Yanu, A., & Fianto, A. (2024). ANALYSIS OF THE IMPACT OF CAPITAL STRUCTURE AND PROFITABILITY ON FINANCIAL PERFORMANCE WITH MANAGERIAL OWNERSHIP AS A MODERATING VARIABLE IN THE BANKING SECTOR FOR THE PERIOD. COSTING: Journal of Economic, Business and Accounting, 7(6), 9687–9697.
Pradana, F. A., Dabo, M. El, Ricardo, W., Lestari, H. S., & Margaretha, F. (2024). The Influence of Ownership Structure, Board Composition and Financing Decisions on the Performance of Manufacturing Companies in the Consumer Goods Sector.
Prashar, A., & Gupta, P. (2020). Corporate boards and firm performance: a meta-analytic approach to examine the impact of contextual factors. International Journal of Emerging Markets, 16(7), 1454–1478. https://doi.org/10.1108/IJOEM-10-2019-0860
Raharjo, E. (2007). TEORI AGENSI DAN TEORI STEWARSHIP DALAM PERSPEKTIF AKUNTANSI. Fokus Ekonomi, 2(1), 37–46.
Robbins, S. P. (1994). Essentials of Organizational Behavior. Prentice Hall. https://books.google.co.id/books?id=3Ye1GwAACAAJ
Siburian, E. R., Trisnadewi, E., & Kawisana, P. G. W. P. (2024). Studies Management and Finance Economics, of Journal The Influence of the Board of Commissioners, Board of Directors, Audit Committee, and Managerial Ownership on Financial Performance in Manufacturing Companies in 2020-2022. Journal of Economics, Finance and Management Studies, 7(9), 6053–6060. https://doi.org/10.47191/jefms/v7
Siddiqui, R. (2022). A SYSTEMATIC LITERATURE REVIEW OF THE IMPACT OF ORGANIZATIONAL STRUCTURE ON FIRM PERFORMANCE. Universitat de Barcelona.
Slevin, D. P., & Pinto, J. K. (2007). AN OVERVIEW OF BEHAVIORAL ISSUES IN PROJECT MANAGEMENT - The Wiley Guide to Project Organization & Project Management Competencies.
Stank, T. P., Daugherty, P. J., & Gustin, C. M. (1994). Organizational Structure: Influence on Logistics Integration, Costs, and Information System Performance. The International Journal of Logistics Management, 5(2), 41–52. https://doi.org/10.1108/09574099410805199
Sujarweni, V. (2019). Metodologi Penelitian Bisnis & Ekonomi. Pustaka Baru Press.
Waheed, A., & Malik, Q. A. (2019). Board characteristics, ownership concentration and firms’ performance: A contingent theoretical based approach. South Asian Journal of Business Studies, 8(2), 146–165. https://doi.org/10.1108/SAJBS-03-2018-0031
Wahyuni, M. (2020). STATISTIK DESKRIPTIF UNTUK PENELITIAN OLAH DATA MANUAL DAN SPSS VERSI 25. Percetakan Bintang.
Wari, A. Z., & Rosdiyati, R. (2022). Pengaruh Struktur Kepemilikan dan Kinerja Keuangan terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020). 53(62214), 233–249.
Wiranthie, I. K., & Putranto, H. (2020). Analisis Pengaruh Capital Adequancy Ratio (CAR), Loan To Deposit Ratio (LDR) dan Non Performing Loan (NPL) terhadap Return On Asset (ROA). Jurnal Ekonomi, Manajemen Dan Perbankan, 6(1), 13–23.
Yumi, P., Dewi, C., Bagus, I., & Sedana, P. (2024). Pengaruh Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Sektor Industri Barang Konsumsi di BEI. Journal of Business Finance and Economic (JBFE), 5(1). https://journal.univetbantara.ac.id/index.php/jbfe
Published
2025-08-15
How to Cite
Amelia, C., Heniwati, E., & Helmi, S. M. (2025). KEPEMILIKAN DAN STRUKTUR MANAJERIAL : PERAN MEDIASI KOMPLEKSITAS TERHADAP KINERJA PERUSAHAAN MANUFAKTUR KONSUMSI PRIMER INDONESIA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 2691-2714. https://doi.org/10.31955/mea.v9i2.6015
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