MEKANISME BONDING DAN NILAI PERUSAHAAN
M. Budi Widiyo Iryanto
Institut Bisnis dan Informatika Indonesia
Jl. Yos Sudarso Kav 87 Jakarta 14350.
Fakultas Ekonomi Universitas Diponegoro
Jl. Erlangga Tengah 17 Semarang.
Korespondensi dengan Penulis:
Sugeng Wahyudi: Telp.+ 62 24 845 2269, Fax. +62 24 845 0310
This study aimed to analyze the role of agency costs mediating the relationship between the mechanism of bonding and the company values, and analyze the role of the corporate environment moderating the relationship between the mechanism of bonding and the value of the company. Industrial sector non-financial companies listed on the Indonesia Stock Exchange as an object of research for the period 2006-2008. Based on purposive sampling method, it obtained samples of 46 companies or 138 units of analysis. Completion estimated path model approach Partial Least Square (PLS) through Smart PLS software version 2.0 M3. The findings of this study are the remuneration as a bonding mechanism had a significant positive effect on firm value. Equity agency costs mediated the influence of bonding mechanisms of corporate value, while the agency costs of debt did not mediate the effect of bonding mechanism to value the company. It moderated the relationship between corporate environmental and bonding mechanism to value the company. Finally, the study found evidence of practices of public companies control agency problem in Indonesia supported the integration of contingency theory and agency theory.
Key words: mechanism of bonding, equity agency costs, agency costs of debt, corporate value, agency theory, contingency theory.