PENGARUH KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, KEBIJAKAN DIVIDEN TERHADAP KINERJA KEUANGAN DAN BIAYA AGENSI (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia
DOI:
https://doi.org/10.20527/jwmthemanagementinsightjournal.v2i2.170Keywords:
Managerial ownership, debt policy, dividend policy, financial performance, agency costsAbstract
This study aims to analyze and explain the effect of managerial ownership, debt policy, dividend policy on financial performance and agency costs in manufacturing companies in Indonesia. This study used quantitative methods with positivism approach. 20 research object manufacturing company. Collecting data using secondary data from annual reports and financial statements. Data were analyzed using path analysis.
The analysis showed that managerial ownership, debt policy, dividend policy affect the financial performance; managerial ownership, debt policy, dividend policy, and financial performance affects the agency costs. The implication of this research is a manufacturing company needs to continue to pay attention to the shares owned by the portion of managerial control in the company, debt management and distribution of large dividends. Thirdly it will lead to improved financial performance so that conflicts of interest and agency costs will decrease.
managerial ownership, debt policy, dividend policy, financial performance, agency costs
Downloads
References
Adediran, S. A., Alade S. O. 2013. Dividend Policy and Corporate Performance in Nigeria.
American Journal Of Social And Management Sciences, 4 (2): 71-77
Alfadhl, Moayad Mohammad Ali Fadhl., Tariq Tawfeeq Yousif Alabdullah. 2013.
Determinants of the Managerial Behavior of Agency Cost and its influential extent on Performance: A study in Iraq. International Journal of Humanities and Social Science, Vol. 3No. (6) [Special Issue – March 2013]
Al-Kuwari, Duha. 2012. Are Large Shareholders Conducting Influential Monitoring in Emerging Markets? An Investigation into the Impact of Large Shareholders on Dividend Decisions: The Case of Kuwait. Research in World Economy, Vol. 3, No. (2): pp. 52-57
Amran, Noor Afza., Ayoib Che Ahmad. 2011. Board Mechanisms and Malaysian Family Companies’ Performance. Asian Journal of Accounting and Governance, 2: 15–26 (2011)
Ang, J.S., Cole, R.A., dan Lin, J.W. 2002. Agency costs and ownership structure. the Journal of Finance, 55 (1): 81-106
Antoniadis, I., Lazarides T., Sarrianidis N., Goupa H. 2008. The impact of Agency Problem in Firm value and the Greek Stock Exchange MarketFinancial Crisis. International Conference on Applied Economics – ICOAE 2008. Pp. 27-33
Boediono, Gideon SB. 2005. Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governancedan Dampak Manajemen Laba Dengan Menggunakan Analisis Jalur. SNA VIII Solo, 15 – 16 September 2005
Bathala, C.T., Moon K.R., and Roa R.P. 1994. Managerialownership, debt policy and the impact of institutionalholding: an agency perspective. Financial Management.23: 38-
Chahkhoii, Fahimeh., Bijan Abedini., Afshin Armin. 2013.Study of Relationship between
Agency Theory and ManagementOwnership in Tehran Stock Exchange during 2006-
Years. Journal of Life Science and Biomedicine,3 (2): 129-134
Christiawan, Yulius Jogi., Josua Tarigan. 2007. Kepemilikan Manajeral: Kebijakan Utang, Kinerja dan Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, Vol. 9 (1), Mei 2007:
-8
Crutchley, C.E. dan Hansen, R.S. 1989. ATest of the Agency Theory ofManagerial
Ownership, CorporateLeverage, and Corporate Dividends.Financial Management,
, pp. 36-46
Djumahir. 2009. Pengaruh Biaya Agensi, Tahap Daur Hidup Perusahaan, dan Regulasiterhadap Kebijakan Dividen pada Perusahaan Manufaktur di Bursa Efek Indonesia.Jurnal Manajemen Dan Kewirausahaan, Vol.11, No. (2) September 2009:
-153
Erkaningrum, Indri F. 2013. Interactions Among Insider Ownership, Dividend Policy, Debt Policy, Investment Decision, And Business Risk. Journal of Indonesian Economy and Business, Volume 28, Number (1): 132 – 148
Fauzi, Fitriya., Stuart Locke. 2012. Board Structure, Ownership Structure AndFirm Performance: A Study Of New Zealand Listed-Firms. Asian Academy Of Management Journal Of Accounting And Finance, Vol. 8, No. (2): 43–67
Gill, Amarjit., Nahum Biger., Rajendra Tibrewala. 2010. Determinants of Dividend Payout
Ratios: Evidence from United States. The Open Business Journal, 3: 8-14
Hatfield, Gay B., Louis T.W. Cheng., Wallace N. Davidson. 1994. The Determination Of OptimalCapital Structure: The Effect Of Firm AndIndustry Debt Ratios On Market Value.Journal Of Financial And Strategic Decisions, Volume 7 Number (3) Fall 1994
Hayatbakhsh, Adineh., Ali Esmaeilzade Maghariee. 2013. A study on relationship between asymmetric information on dividend polices of companieslisted in Tehran Stock Exchange. Management Science Letters, 3 (2013) 2089–2094
Husnan, Suad dan Enny Pujiastuti, 1998. Dasar-Dasar Manajemen Keuangan, Edisi 2, Cetakan ke 1, UPP AMP YKPN, Yogyakarta
Indahningrum, Rizka Putri dan Ratih Handayani. 2009. Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Dividen, Pertumbuhan Perusahaan, Free Cash Flow, dan Profitabilitas terhadap Kebijakan Hutang Perusahaan. Jurnal Bisnis dan Akuntansi, Vol. 11 (3) Desember 2009 Hal. 189-207
Jensen, M and Meckling W. 1976.Theory of The Firm: Managerial Behavior, Agency Cost, and Ownership Structure.Journal of Financial Economics, Vol. 3, pp. 305-360
Kieschnick.R, LaPlante M., Moussawi.R. (2008). Working capital management, agency costs, and firm value. [Online] Available: http://www.fma.org/Texas/Papers/valnowc_ fma2008.pdf.
Klapper, L., and I. Love. 2002. “Corporate Governance, Investor Protection, and Performance in Emerging Markets.” Washington, DC, United States: World Bank. Mimeographed document.
Lindrawati, Nita Felicia, dan J.Th Budianto T. 2008. Pengaruh Corporate Social
Responsibility TerhadapKinerja Keuangan Perusahaan yang Terdaftar Sebagai 100
Best Corporate Citizens Oleh Kld Research and Analytics, Majalah Ekonomi Tahun
XVIII, No.1 April 2008
Li-Ju Chen., Shun-Yu Chen. 2011. The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations, Volume 8, Issue (3): 121-129
Mardiyati, Umi., Gatot Nazir Ahmad., Ria Putri. 2012. Pengaruh Kebijakan Dividen, Kebijakan Utang Dan Profitabilitas Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2005-2010.Jurnal Riset Manajemen Sains Indonesia (JRMSI), Vol. 3, No. (1), 2012
Modigliani, Franco., and Merton Miller. 1958. The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, Vol. 48 (3): 261-297
Moussa, Fatma Ben., Jameleddine Chichti. 2014.A survey on the relationship between ownership structure, debt policy and dividend policy in Tunisian stock exchange
: Three stage least square simultaneous model approach. International Journal of
Accounting and Economics Studies, 2 (1): (2014) 1-21
Mudambi, Ram.,Carmela Ni Cosi A. 1998. Ownership structure and firm performance: evidence from the UK financial services industry. Applied Financial Economics, 8, pp. 175-180
Mursalim. 2009. Persamaan Struktural: Aktivisme Institusi, Kepemilikan Institusional Dan
Manajerial, Kebijakan Dividen Dan Utang.Jaai Volume 13 No. 1, Juni 2009: 43–59
Mustapha, Mustapha., Ayoib Che Ahmad. 2011. Agency theory and managerial ownership:
evidence from Malaysia. Managerial Auditing Journal, Vol. 26 No. (5): pp. 419-436
Sajid, Gul; Sajid Muhammad; Razzaq Nasir; AfzalFarman. 2012. Agency cost, corporate governance and ownership structure: the case of Pakistan. International Journal of Business and Social Science,Vol. 3 No. 9; May 2012 Online athttp://mpra.ub.uni- muenchen.de/42418/
Setiana, Esa., Reffina Sibagariang. 2013. Pengaruh Free Cash Flow dan Kepemilikan Manajerial Terhadap Kebijakan Utang pada Perusahaa Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Telaah Akuntansi, ISSN 1693 – 6760 Volume : 15 No
: 01 Juni 2013, pp.16-33
Siallagan, Hamonangan dan Machfoedz, Mas’ud. 2006. Mekanisme Corporate Governance,Kualitas Laba Dan Nilai Perusahaan. Simposium Nasional Akuntansi IX. Padang
Sukirni, Dwi. 2012. Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Dividen Dan Kebijakan Utang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal, 1 (2) (2012)
Uwuigbe, Uwalomwa., Jimoh Jafaru., Anijesushola Ajayi. 2012. Dividend Policy And Firm Performance: A Study Of Listed Firms In Nigeria. Accounting and Management Information Systems, Vol. 11, No. (3) pp. 442–454
Vasconcelos, Manuel Teixeira De. 2012. Agency Costs, Firm Value, and Corporate
Investment. Thesis. Erasmus University Rotterdam
Weston, J.F dan Thomas E.Copeland.1996, Manajemen Keuangan Edisi 9, Binarupa
Aksara, Jakarta.
--------. 2000, Manajemen Keuangan Edisi 10, Binarupa Aksara, Jakarta
Wang, George Yungchih. 2010. The Impacts of Free Cash Flows and Agency Costs on Firm
Performance. Journal Service Science & Management, 2010, 3, pp. 408-418
Zaroni. 2004. Pengaruh Kepemilikan Pemerintah, Kepemilikan Asing, dan Pergantian CEO terhadap Kinerja Keuangan Badan Usaha Milik Negara Sesudah Diprivatisasi. Simposium Nasional Akuntansi VII, hal.209–219
Downloads
Published
Issue
Section
License
Copyright (c) 2022 JWM (JURNAL WAWASAN MANAJEMEN)
This work is licensed under a Creative Commons Attribution 4.0 International License.
