ANALISIS PERSAMAAN SIMULTAN KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, RISIKO, KEBIJAKAN HUTANG DAN KEBIJAKAN DIVIDEN DALAM PERSPEKTIF TEORI KEAGENAN
Imanda Firmantyas Putri 1
Mohammad Nasir 2
Abstract
Agency conflict appears because of contract that is made by agent as the manager and principal as the owner of the company. Agency conflict can be reduced by releasing set of policies that is used to monitor agent as the manager of the company.
This research is analizing the relationship between managerial ownership, institutional ownership, risk, debt policy and dividend policy which are included as strategic variables in companys policy making of Indonesians model market. Identification is done to examine determined variabels which related to agency theory. Investment opportunity set, free cash flow, size, profit, fixed asset, investment and value of equity is used as determined variables (exogenous variables).
This researchis focused onmanufacturing companies listed in Jakarta Stock Exchange for period 2000-2004. The method of data collection is pooling method and result 166 firm observation. The statistical method used by this research is two stage least square regression to minimize bias that is exist in ordinary least square analizing.
The result of this research shows that endogenous variables have in interdependence relationship. It is showed from fit in parameters on each variable.
Key words: Agency Theory, Managerial Ownership, Institutional Ownership, Risk, Debt Policy and Dividend Policy Investment Opportunity Set, Free Cash Flow, Size, Profit,Fixed Asset, Investment, Value of Equity.
selengkapnya...
Imanda Firmantyas Putri 1
Mohammad Nasir 2
Abstract
Agency conflict appears because of contract that is made by agent as the manager and principal as the owner of the company. Agency conflict can be reduced by releasing set of policies that is used to monitor agent as the manager of the company.
This research is analizing the relationship between managerial ownership, institutional ownership, risk, debt policy and dividend policy which are included as strategic variables in companys policy making of Indonesians model market. Identification is done to examine determined variabels which related to agency theory. Investment opportunity set, free cash flow, size, profit, fixed asset, investment and value of equity is used as determined variables (exogenous variables).
This researchis focused onmanufacturing companies listed in Jakarta Stock Exchange for period 2000-2004. The method of data collection is pooling method and result 166 firm observation. The statistical method used by this research is two stage least square regression to minimize bias that is exist in ordinary least square analizing.
The result of this research shows that endogenous variables have in interdependence relationship. It is showed from fit in parameters on each variable.
Key words: Agency Theory, Managerial Ownership, Institutional Ownership, Risk, Debt Policy and Dividend Policy Investment Opportunity Set, Free Cash Flow, Size, Profit,Fixed Asset, Investment, Value of Equity.
selengkapnya...