Pengaruh Struktur Kepemilikan, Struktur Modal, Dan Kebijakan Dividen Pada Nilai Perusahaan
DOI:
https://doi.org/10.26486/jpsb.v6i2.655Kata Kunci:
Institutional Ownership, Leverage, Dividend Policy, Company Value, Agency Conflict, Multiple Regression.Abstrak
This study aims to examine agency theory in the Indonesian capital market. Agency conflict in this study is proxied by firm value (Tobins Q), while the agency conflict control mechanism is proxied by institutional ownership, leverage, and dividend policy. In this study the researchers examined the effect of the three endogenous variables. The data used in this study are secondary data sourced from the Indonesia Stock Exchange, Osiris, IDX, and Blommberg, namely all non-financial companies that meet the screening criteria and are listed on the Indonesia Stock Exchange in the 2010-2014 observation period. The analytical tool used in this study is multiple regression.Referensi
Ang, J.S., Cole, RA dan Lin, J.W. 2000. “Agency cost and ownership structureâ€. Journal of finance. 55/1, 81-106.
Chen, Carl. R., dan Steiner, Thomas. L. 1999. “Managerial Ownership and Agency Conflict: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy, and Dividend Policyâ€. Financial Review, Vol. 34, Pp. 119-137.
Cheng, Jiang, Elyasiani, Elyas dan Jingyi (Jane) Jia. 2011. “Institutional Ownership Stability and Risk Taking: Evidence from the Life—Health Insurance Industryâ€. The Journal of Risk and Insurance. Vol. 78, No. 3, Pp. 609-641.
Crutchley, E. Claire, Jensen, Marlin R.H, Jahera, John S. dan Raymond, Jennie E. 1999. Agency Problems and the Simultaneity of Financial Decision Making: The Role of Institutional Ownership.International review of financial analysis, Vol.8, No. 2, pp.177-197
Jehsen, M.C.,and Meckling, W.H. 1976. “Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structureâ€. Journal of financial economics, pp 305-360.
Jensen, G.R., Solberg, D.P., and Zorn, T.S., 1992. “Simultaneous Determination of Insider Ownership, Debt, and Dividen Policiesâ€, Journal of Fiancial and Quantitative Analysis 27, 247-263.
Kale, J.R. and T.H. Noe, “Dividend, Uncertainty, and Underwriter Cost Under Asymmetric Informationâ€, Journal of Financial Research, 13, 1990, hlm 256-277.
Rosidi, Achmad Fauz. 2007. Pengaruh Aliran Kas Bebas, Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Hutang dan Collateral Asset terhadap Kebijakan Dividen. Jurnal Ekonomi dan Manajemen. 8 (2) : 259-267.
Shleifer, A., dan Vishny R.W., 2000, “Large Shareholders and Corporate Controlâ€, Journal of Political Economy 94, 461-488
Sugeng, Bambang.2009 Pengaruh Struktur Kepemilikan dan Struktur Modal terhadap Kebijakan Inisiasi Dividen Di Indonesia.Jurnal Ekonomi Bisnis. 1(3) : 37- 48.
Wardhana, Leo Indra. 2011. Kepemilikan Institusional dan Mekanisme Pengendali Konflik Keagenanâ€. Thesis.Universitas Gadjah Mada.
Zhuang, J. 1999. Some conceptual issues of corporate governance. EDRC Briefing Notes Number 13.Diakses pada 10 Mei 2017, dari www.adb.org/Documents/Books/Corporate_Governance/Vol1/chapter2.pdf.
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Authors who publish with (JPSB) Jurnal Perilaku dan Strategi Bisnis agree to the following terms:
Authors retain copyright and grant the JPSB right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material) the work for any purpose, even commercially with an acknowledgement of the work's authorship and initial publication in JPSB. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in JPSB.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
