Uji Model Keseimbangan Teori Keagenan: Pengaruh Kebijakan Utang dan Kebijakan Dividen Terhadap Kepemilikan Manajerial [Testing a Model of Balance Agency Theory: The Influence of Policy Liabilities and Dividend Policy towards Managerial Ownership]

Shiela Liviani, Putu Anom Mahadwartha, Liliana Inggrit Wijaya

Abstract


This study aims to analyze the balancing model of agency theory in the effect of debt policy and dividend policy to managerial ownership in manufacture sector companies, which are listed in Indonesia Stock Exchange. Companies in Indonesia tend to have concentrated ownership structure. This condition is contradictory to the previous studies which mostly done in the widely ownership-dispersed countries. Balancing model argues that there is a trade-off between each monitoring and controlling mechanism, i.e. the effect of debt policy to managerial ownership and dividend policy to managerial ownership. This study uses a quantitative approach with fixed effect logistic regression model to analyze the data. Total sample of this study is 1,060 observations of 106 listed Indonesian manufacture firms during the period of 2004-2014. This study found debt policy to be a significant and negative determinant of the level of managerial ownership, as predicted by balancing model of agency theory. This study also found dividend policy has an insignificant positive effect to the level of managerial ownership, which rejected the balancing model of agency theory in the effect of dividend policy to managerial ownership.

Penelitian ini bertujuan untuk menguji model keseimbangan teori keagenan pada pengaruh kebijakan utang dan kebijakan dividen terhadap kepemilikan manajerial dalam perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia. Struktur kepemilikan dalam perusahaan-perusahaan di Indonesia cenderung terkonsentrasi. Kondisi ini berbeda dengan penelitian terdahulu yang banyak dilakukan di negara yang struktur kepemilikannya cenderung tersebar. Model keseimbangan menyatakan bahwa terdapat trade-off antar suatu mekanisme pengawasan dan pengendalian dengan mekanisme lainnya, yaitu pengaruh kebijakan utang terhadap kepemilikan manajerial dan kebijakan dividen terhadap kepemilikan manajerial. Penelitian ini menggunakan pendekatan kuantitatif dengan fixed effect logistic regression model untuk menganalisis data. Jumlah sampel yang digunakan dalam penelitian ini adalah 1.060 observasi dari 106 perusahaan sektor manufaktur di Indonesia selama periode 2004-2014. Penelitian ini menemukan bahwa kebijakan utang berpengaruh negatif signifikan terhadap tingkat kepemilikan manajerial, seperti yang diprediksi oleh model keseimbangan teori keagenan. Penelitian ini juga menemukan bahwa kebijakan dividen memiliki pengaruh positif tidak signifikan terhadap tingkat kepemilikan manajerial, yang mana menolak model keseimbangan teori keagenan dalam pengaruh kebijakan dividen terhadap kepemilikan manajerial.


Keywords


Balance Model Agency Theory, Managerial Ownership, Debt, Dividends

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DOI: http://dx.doi.org/10.19166/derema.v11i1.191

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