ANALISIS KETERKAITAN ANTARA KEBIJAKAN HUTANG, DIVIDEN, KEPEMILIKAN MANAGERIAL, DAN KEPEMILIKAN INSTITUSIONAL DALAM RANGKA MENGURANGI KONFLIK ANTARA MANAJER DENGAN PEMILIK MODAL
Fakultas Ekonomi Universitas Pekalongan
Jl.Sriwijaya No.3 Pekalongan, 51111.
The purpose of this research is to examining relation between debt policy, dividend, managerial ownership, institutional ownership. Endogenous variables in this study including debt policy, dividend, managerial ownership, institutional ownership, and exogenous variables including risk, return on assets (ROA), fixed assets, sales growth, size, beta, and economics conditions. The sample of the research is some manufacturing firm which listed in Jakarta Stocks Exchange during 1991-2002, use purposive sampling technique. With data pooling for the collection data method, this study obtaining 104 firms for the sample. This research also employing three-stage least square for statistical method. The result of this research show that debt policy and dividend have positively relation with institutional ownership, and managerial ownership have a negative relation to institutional ownership, but relation between debt policy with managerial ownership, debt policy with institutional ownership, and dividend with managerial ownership show is not significant result.
Key words: debt, dividend, managerial ownership, institutional ownership