ANALISIS STRUKTUR KEPEMILIKAN, NILAI PERUSAHAAN

ANALISIS STRUKTUR KEPEMILIKAN, NILAI PERUSAHAAN - ANALISIS...

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214 SIMPOSIUM NASIONAL AKUNTANSI VI Surabaya, 16 – 17 Oktober 2003 ANALISIS STRUKTUR KEPEMILIKAN, NILAI PERUSAHAAN, INVESTASI DAN UKURAN DEWAN DIREKSI EDDY SURANTA Fakultas Ekonomi Universitas Bengkulu MAS’UD MACHFOEDZ Fakultas Ekonomi Universitas Gadjah Mada ABSTRACT The research is purposed to observe the ownership structure influence and measurement of the direction board toward value and company investment. The ownership structure which intended in this research is the ownership by managerial, institutional, and the insider ownership. The result of empirical examination using OLS indicate that the managerial ownership relationship and company value are linear and negative and using 2SLS indicate a similar result with result of the OLS regression. This result indicate that the managerial ownership constitute an exogene variable toward the company value. The next examination result in using OLS indicate that the managerial ownership has relation non-monotonically with investment after inserted a control variable and using 2SLS the result remain consistent and indicate the managerial ownership has influence toward investment. This result indicates that the managerial ownership constitute of jointly determined variable toward investment. Using OLS and 2SLS regression equation gives result that the corporate governance mechanism (institutional ownership, measurement of direction board, and leverage) influenced the value and company investment and just DPR variable which can not decrease an agency conflict. The final examination to observe if the insider ownership is influenced by value and company investment indicate that the insider ownership is not influenced by value and company investment and there is tendency that the insider ownership constitute an exogene variable. The whole result gives evidence that for the company being samples in this research; an increase of value and company investment is caused by the corporate governance mechanism. Key Word : Managerial Ownership, Institutional, Insider Ownership, Tobins'Q, Investment, OLS and Simultant Equation. Pendahuluan Beberapa penelitian telah membahas hubungan struktur kepemilikan perusahaan dengan penciptaan nilai yang akan berdampak pada nilai dan kinerja perusahaan (Jensen dan Meckling, 1976; Cho, 1998; Iturriaga dan Sanz, 1998; Cole dan Mehran, 1998; Eisenberg et al. , 1998; Barnhart dan Rosenstein, 1998, Fuers dan Kang, 2000). Morris (1987) menjelaskan bahwa manipulasi dari nilai perusahaan diasumsikan bertujuan memaksimumkan keuntungan dapat menimbulkan biaya keagenan ( agency cost ). Manipulasi terjadi karena ketidakseimbangan informasi ( asymmetri information ) yang dimiliki para manajer dan peserta pasar sehingga didalam signalling theory secara tidak langsung akan meningkatkan biaya monitoring, pemisahan kepemilikan dan pengendalian modal. Struktur kepemilikan dapat dijelaskan dari dua sudut pandang (Iturriaga dan Sanz, 2000) yaitu:
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ANALISIS STRUKTUR KEPEMILIKAN, NILAI PERUSAHAAN - ANALISIS...

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