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研究生:Joshua Antonio Adiputro
研究生(外文):Joshua Antonio Adiputro
論文名稱:The Effect of Ownership Structure and Ownership Concentration on Firm Performance in Construction Firms: Mediating Roles of Board Diversity, Capital Structure, and Product Diversification
論文名稱(外文):The Effect of Ownership Structure and Ownership Concentration on Firm Performance in Construction Firms: Mediating Roles of Board Diversity, Capital Structure, and Product Diversification
指導教授:洪嫦闈洪嫦闈引用關係
指導教授(外文):Chang-Wei Hung
口試委員:陳介豪陳必晟楊亦東
口試委員(外文):Jieh-Haur ChenPi-Cheng ChenI-Tung Yang
口試日期:2022-01-18
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:營建工程系
學門:工程學門
學類:土木工程學類
論文種類:學術論文
論文出版年:2022
畢業學年度:110
語文別:英文
論文頁數:72
中文關鍵詞:Ownership structureOwnership concentrationBoard diversityCapital structureProduct diversificationConstructionStructural equation modelingMediator
外文關鍵詞:Ownership structureOwnership concentrationBoard diversityCapital structureProduct diversificationConstructionStructural equation modelingMediator
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The study empirically examines the influence of a firm's ownership structure and concentration on multiple dimensions of its financial performance. Recent studies stated that different ownership structures and ownership concentration would lead to different firm strategies and corporate governance, which are proven to directly and indirectly affect organizational performance based on the agency theory and resource dependency theory. Little attention has been paid to potential mediating factors affecting these relationships, especially for construction-related firms in transitional economies. To address the gap, this study uses Structural Equation Modeling (SEM) to test the mediating effect of board diversity, capital structure, and product diversification on the relationships between ownership and firm performance. Using data collected from 71 listed construction, developer, and real estate firms at the Indonesian Stock Exchange from 2015 to 2019. The result shows that the partial government ownership and concentrated ownership have a better financial performance compared to their counterparts. Board diversity, capital structure, and product diversification play a mediating role, but the effect varies depending on ownership structure and ownership concentration. Implications are discussed, and future research directions are provided.
The study empirically examines the influence of a firm's ownership structure and concentration on multiple dimensions of its financial performance. Recent studies stated that different ownership structures and ownership concentration would lead to different firm strategies and corporate governance, which are proven to directly and indirectly affect organizational performance based on the agency theory and resource dependency theory. Little attention has been paid to potential mediating factors affecting these relationships, especially for construction-related firms in transitional economies. To address the gap, this study uses Structural Equation Modeling (SEM) to test the mediating effect of board diversity, capital structure, and product diversification on the relationships between ownership and firm performance. Using data collected from 71 listed construction, developer, and real estate firms at the Indonesian Stock Exchange from 2015 to 2019. The result shows that the partial government ownership and concentrated ownership have a better financial performance compared to their counterparts. Board diversity, capital structure, and product diversification play a mediating role, but the effect varies depending on ownership structure and ownership concentration. Implications are discussed, and future research directions are provided.
ABSTRACT i
ACKNOWLEDGEMENT ii
TABLE OF CONTENTS iii
LIST OF FIGURES v
LIST OF TABLES vi
Chapter 1 Introduction 1
1.1 Research Background 1
1.2 Research Scope 3
1.3 Research Objective 3
1.4 Thesis Structure 4
Chapter 2 Literature Review 5
2.1 Theoretical Framework and Hypotheses Development 5
2.1.1 Ownership and Firm Performance 5
2.1.2 Ownership and Board Diversity 7
2.1.3 Board Diversity and Firm Performance 9
2.1.4 Ownership and Capital Structure 11
2.1.5 Capital Structure and Firm Performance 12
2.1.6 Ownership and Product Diversification 13
2.1.7 Product Diversification and Firm Performance 14
2.2 Hypothesis Framework 16
2.3 Structural Equation Modeling 17
Chapter 3 Methodology 19
3.1 Data and Sample 19
3.2 Measures 22
3.2.1 Independent Variables 22
3.2.2 Dependent & Mediating Variables 22
3.3 Methods 26
Chapter 4 Results and Discussion 33
4.1 Correlation Result 33
4.2 SEM Result 35
4.2.1 Measurement Model 35
4.2.2 Structural Model 38
4.2.3 Mediation Analysis 45
Chapter 5 Conclusions 52
References 55
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