SIMULTANITAS AKTIVISME INSTITUSIONAL, STRUKTUR KEPEMILIKAN, KEBIJAKAN DIVIDEN DAN KEBIJAKAN UTANG DALAM MENGURANGI MASALAH KEAGENAN (Stud i Empiris pada Perusahaan Manufaktur Go Publik di Indonesia)
| Main Author: | Mursalim, Mursalim |
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| Format: | Thesis NonPeerReviewed application/pdf |
| Terbitan: |
, 2007
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| Subjects: | |
| Online Access: |
http://eprints.undip.ac.id/28129/1/072-D-PDIE-2007.pdf http://eprints.undip.ac.id/28129/ |
Daftar Isi:
- This research tested simultaneous relationship of five endogenous variables which were institutional activism, institutional ownership, managerial ownership, dividend and debt policy in decreasing agency problem. Moreover, this research tested the influence of institutioncd activism, institutional ownership, managerial ownership on dividend and deb policy. In order to test simultaneous relationship and influen e between endogenous variables, it used 70 manufacture companies listed 1m Jakarta Stock Exchange for the period of 1999-2004 which were determind by using c,7 purposive sampling method. Hausman's Specification test result S owed that institutional activism, institutional ownership, managerial ownership, dividend and debt policy were simultaneously able to decrease agency problOn. Two Stage Least Squares test result showed that institutionalownership had influenced on dividend and debt policy. Empirical evidence ct(so showed that institutional ownership was a substitute of managerial ownership. This research found reciprocal relationship between managerial :!ownership, institutional activism and institutional ownership. On the other : hand, this research did not .find influence of institutional activism and 'Managerial ownership on dividend and debt policy. Empirical evidence also sl owed that there was no influence between dividend and debt policy. Key words: agency problem, institutional activism, institutional ownership, managerial ownership, dividend policy and debt pohc)1 Penelitian ini menguji hubungan simultanitas lima variab 1 endogen yaitu aktivisme institusional, kepemilikan institusional, k pemilikan manajerial, kebijakan dividen dan kebijakan utang dalam mengurangi masalah keagenan. Lebih lanjut, penelitian ini menguji pengaruh aktivisme institusional, kepemilikan institusional, kepemilikan manajerial terhadap kebijakan dividen dan kebijakan utang. Untuk menguji hubungan simultanitas dan pengaruh antara variabel endogen digunakan 70 sampel perusahaan manufaktur yang terdaft,,r di Bursa Efek Jakarta dari tahun 1999-2004 yang ditentukan dengan metod purposive sampling Hasil uji Spesifikasi Hausman's menunjukkan bahwa1 aktivisme institusional, kepemilikan institusional, kepemilikan manajerial, kebijakan dividen dan kebijakan utang secara simultan dapat menguran,,i masalah keagenan. Hasil uji Two Stage Least Squares menunjukkan bahwa kepemilikan institusional berpengaruh terhadap kebijakan dividen dan kebijakan utang. Bukti empiris menunjukkan pula bahwa kepemilikan institusional rerupakan substitusi kepemilikan manajerial. Penelitian ini menemukan pengaruh reciprocal antara kepemilikan manajerial, aktivisme institusional dan kepemilikan institusional. Sementara itu, penelitian ini tidak berhasil menemukan pengaruh aktivisme institusional dan kepemilikan manajerial terhadap kebijakan dividen dan kebijakan utang. Bukti empiris menunjukkan pula bahwa tidak ada pengaruh antara kebijakan dividen dengai 1 kebijakan utang. Kata kunci: masalah keagenan, aktivisme institusional, kepemilikan institusional, kepemilikan manajerial, kebijakan dividen dan kebijakan utang.