Pengaruh Kepemilikan Asing dan Corporate Governance terhadap Firm Performance yang dimediasi oleh R&D Intensity pada Perusahaan Food and Beverages

Sri Wahyuni, Ronny Malavia Mardani, Nurhidayah Nurhidayah

Abstract


This study aims to analyze the effect of foreign ownership and corporate governance on firm performance, with R&D intensity as a mediating variable in food and beverage companies listed on the Indonesia Stock Exchange for the 2021–2024 period. This study uses a quantitative approach with secondary data obtained from annual reports and company financial statements, and analyzed using the Structural Equation Modeling (SEM) method based on Partial Least Squares (PLS). The results show that foreign ownership and corporate governance have a significant positive effect on R&D intensity. In addition, foreign ownership has a significant positive effect on firm performance, while corporate governance has no significant direct effect on firm performance. The results of the mediation test indicate that R&D intensity significantly mediates the relationship between foreign ownership and firm performance, but is unable to mediate the relationship between corporate governance and firm performance. This study concludes that R&D intensity acts as a strategic mechanism that strengthens the influence of foreign ownership on improving firm performance, thus providing an empirical contribution in explaining the role of innovation as a link between ownership structure and firm performance in the food and beverage industry listed on the Indonesia Stock Exchange for the 2021–2024 period.

Keywords


Foreign ownership. Corporate governance, R&D intensity, Firm performance, Food and beverage companies.

Full Text:

PDF

References


Ali, W., Ansari, R. H., Memon, M. A. B., 2020. Corporate Governance and Firm Financial Performance: A Meta-Analysis Study. Journal of Accounting and Finance in Emerging Economies, 6(4), 917-940.

Antaranews.com, 2024, Sumbang 19,28 persen, industri pengolahan jadi penggerak ekonomi RI, https://www.antaranews.com/berita/4091175/sumbang-1928-persen-industri-pengolahan-jadi-penggerak-ekonomi-ri

Barney, J. B., 1991. Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.

Balsmeier, B., Fleming, L., Manso, G., 2016. Independent boards and innovation. Journal of Financial Economics, 123(3), 536-557.

Damodaran, A., 2015. Applied Corporate Finance, 4th ed. Wiley.

Dang, V. D., 2020. Do non-traditional banking activities reduce bank liquidity creation? Evidence from Vietnam, Research in International Business and Finance, 54, 101257

Garcia-Granero, A., Fernández-Mesa, A., Jansen, J., Vega-Jurado, J., 2017. Top management team diversity and ambidexterity: The contingent role of shared responsibility and CEO cognitive trust. Long Range Planning. 51(6)

Gaur, S. S., Bathula, H., Singh, D., 2015, Ownership concentration, board characteristics and firm performance: A contingency framework, Journal Management Decision, 53(5), 911-931

Hu, Y., Izumida, S., 2008. Ownership Concentration and Corporate Performance: A Causal Analysis with Japanese Panel Data. Corporate Governance, 16(4), 342-358

Khan, M. A., Bin, M., Wang, C., Bilal, H., Khan, A., Ullah, I., Iqbal, A., Rahman, M., 2023. Impact of R&D on Firm Performance: Do Ownership Structure and Product Market Competition Matter?. SAGE Open. 13(4), 1-17

Kotler, P., Keller, K. L., 2016. Marketing Management, 15th ed. Pearson Education Limited.

Kijkasiwat, P., Hussain, A., Nisar, U., Liew, C. Y., 2024. The Mediating Effect of Innovation on the Relationship Between Corporate Governance and Firm Performance: Evidence from Developed and Developing Countries. Asian Academy of Management Journal, 29(1), 55–93.

Lee, J., Yang, D., 2016. The Study on Effects of Foreign Ownership on Innovation. Asian Business Research, 1(2), 1-11

Lee, S., Kim, S., 2006. A Lag Effect of IT Investment on Firm Performance. IRMJ (Information Resources Management Journal), 19(1):43-69

Leung, N., Cheng, M, A., 2013. Corporate governance and firm value: Evidence from Chinese state-controlled listed firms. China Journal of Accounting Research. 6(2). 89–112

Leung, T. Y., Sharma, P., 2021. Differences in the impact of R&D intensity and R&D internationalization on firm performance – Mediating role of innovation performance. Journal of Business Research. 13(1). 81-91.

Novananda, S. W., Amanah, L., 2024, Pengaruh Kepemilikan Asing, Firm Size, Dan Leverage Terhadap Kinerja Perusahaan, Jurnal Ilmu Riset Akuntansi, 13(5), 1-17

Nofal, M., 2020. The Effect of Foreign Ownership on Firm Performance: Evidences from Indonesia, Conference: 3rd Asia Pacific International Conference of Management and Business Science (AICMBS 2019)

Pu, T., 2025. Ownership Structure and Innovation Quality: Evidence from Patenting Activities. Journal of Corporate Finance Research. 19(1). 41-53..

Putri, K. U. J., 2025, Data industri makanan & minuman Indonesia: panduan lengkap, diakses melalui website https://id.techinasia.com/data-industri-makanan-minuman-indonesia-panduan-lengkap

Rahmadani, N. C., Widjaya, 2023. Tata Kelola Perusahaan Berpengaruh Terhadap Pengeluaran Penelitian dan Pengembangan, Jurnal Akuntansi, 9(2), 139-154

Ricardo, Murhadi, W. R., Wijaya, L. I., 2023, The Effect of Corporate Governance and Ownership Structure on Company Performance. Proceedings 2023 MAG Scholar Conference in Business, Marketing & Tourism, 107-110.

Ross, S. A., Westerfield, R. W., Jordan, B. D., 2019. Corporate Finance, 12th ed. McGraw-Hill Education.

Salas, N. A., Álvarez, I., 2017. A Comparative Analysis of the Innovation Performance Between Foreign Subsidiaries and Owned Domestic Firms in Colombian Manufacturing Sector. Journal of Globalization Competitiveness and Governability. 11(2), 20-41

Silaban, L., Suhendi, Nasution, A.P., 2022). The Effect of Good Corporate Governance Implementation on Company Performance. Proceeding International Conference of Science Technology and Social Humanities November 2022, 501–506.

Setiawan, M., Effendi, N., Indiastuti, R., Fahmi, M., Budiono. 2022. Innovation and Dynamic Productivity Growth in the Indonesian Food and Beverage Industry. Resources, 11(11), 1-13

Sekaran, U., Bougie, R., 2020. Research Methods for Business: A Skill-Building Approach, 8th ed. Wiley.

Solimun, Fernandes, Nurjannah, 2017. Metode Statistika Multivariat SEM Pendekatan WarpPLS. UB Press.

Sugiyono, 2023. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.

Wijayanti, R. P., 2024. Corporate Governance and Firm Performance: Empirical Evidence From Indonesia Stock Exchange (Kompas 100 Index). International Student Conference on Business, Education, Economics, Accounting, and Management (ISC-BEAM), 2(1).




DOI: http://dx.doi.org/10.33087/ekonomis.v10i1.2813

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Ekonomis: Journal of Economics and Business Published by Lembaga Penelitian dan Pengabdian kepada Masyarakat
Adress: LPPM Universitas Batanghari, Jl.Slamet Ryadi, Broni-Jambi, Kec.Telanaipura, Kodepos: 36122, email: ekonomis.unbari@gmail.com, Phone: 0741-670700

Creative Commons License This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.