{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, RISIKO, KEBIJAKAN UTANG DAN

KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, RISIKO, KEBIJAKAN UTANG DAN

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
260 SIMPOSIUM NASIONAL AKUNTANSI VI Surabaya, 16 – 17 Oktober 2003 KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, RISIKO, KEBIJAKAN UTANG DAN KEBIJAKAN DIVIDEN: ANALISIS PERSAMAAN SIMULTAN FITRI ISMIYANTI Surakarta MAMDUH M. HANAFI Universitas Gajah Mada Yogyakarta Abstract The research explores the use of simultaneous regression, to examine the interdependence relationship between managerial ownership, risk, dividend policy, institutional ownership, and leverage policy for Indonesian capital market. The research tries to explain how the relationships in financial policy for manufacture firms in Indonesia. We use five models of regression to represent five different policies in firms that reflect the agency issues and conflict of interest between agent (manager), and principal (insider and outsider shareholders). Jensen and Meckling (1976) argued that agency problem arise from separation of ownership and control. Each of five policies in this research is represent conflict of interest between agent and principal. The research combined models from Crutchley, Jensen, Jahera and Raymond (1999), and Chen and Steiner (1999) to construct five-regression policies model. We find interdependence relationship between managerial ownership, risk, dividend policy, institutional ownership, and leverage policy. The relationship is linear. We also find substitution effect between dividend policy and managerial ownership and between managerial ownership and institutional ownership as predicted by agency theory. The substitution effect showed that ownership structure effectively used to reduce the agency problem between agent and principal. We failed to proof non-linearity relationship between policies to risk. Keyword: Agency theory; managerial ownership; risk; dividend policy; institutional ownership; leverage policy 1. LATAR BELAKANG Pemegang saham, debtholders dan manajemen adalah pihak-pihak yang mempunyai kepentingannya masing-masing dalam perusahaan. Penyatuan kepentingan pihak-pihak ini seringkali menimbulkan masalah-masalah yang dalam bidang keuangan dibahas melalui teori keagenan. Pemegang saham menginginkan imbal hasil yang sesuai dengan risiko yang ditanggungnya yang terkait juga dengan biaya yang dikeluarkannya. Pihak debtholders atau bondholders menginginkan dana yang dipinjamkannya mendapat imbal hasil yang sesuai dengan kesepakatan, risiko serta pengembalian yang tepat waktu. Manajemen juga mempunyai kepentingan untuk memperoleh imbalan yang sesuai dengan kemampuan yang sudah dikeluarkannya. Manajemen diharapkan dalam mengambil kebijakan perusahaan terutama kebijakan keuangan yang menguntungkan pemegang saham dan debtholders . Bila keputusan manajemen merugikan bagi pemegang saham dan debtholders maka akan terjadi yang disebut masalah keagenan.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern