Pengaruh Kepemilikan Institusi terhadap Kinerja Perusahaan

This study examines the effect of institutional ownership towards company performance. This study divides institutions into two categories; pressure sensitive institutions and pressure insensitive institutions, and split companies into two categories; all of listed companies in Indonesia and liquid companies. Data used in this study has been obtained from 469 listed companies in Indonesia, 80 of them categorized as LQ-45 companies, from 2010 to 2014. We find that there is a positive relation between institutional ownerships towards company performance. However, this relation is found only for liquid stocks which had been or now included as LQ-45 index. Moreover, this paper finds positive relation only for pressure insensitive institutions, those less potential to have a business relationship with the company. Overall, this study supports finding from Cornett, Marcus, Saunders, and Tehranian (2007).