Indri Erkaningrum_Abstract_1712013

INTERDEPENDENSI ANTARA INSIDER OWNERSHIP, KEPUTUSAN INVESTASI, DAN RISIKO BISNIS   

Indri Erkaningrum Florentina
ASMI Santa Maria Yogyakarta Jl. Bener No.14 Yogyakarta, 55243

Korespondensi dengan Penulis:
Indri Erkaningrum Florentina: telp. +62 274 585 836; Fax. +62 274 585 841            E-mail : indri_erkaningrum@yahoo.co.id    

Abstract:

Asymmetric information and agency issues made stockholders need to control business activities through optimalization insider ownership and investment decision. Optimalization of insider ownership and investment decision were expected to make business risk controlled. This research aimed at verifying empirically the influencing factors of insider ownership, investment decision, business risk, and finding the interdependency among insider ownership, investment decision, and business risk. The samples of this research were 90 real estate and property companies listed at Indonesia Stock Exchange from the year  of 2006 to 2010. Simultaneous equation model of three stage least squares (3 SLS) was applied to analyze the interdependency among insider ownership, investment decision, and business risk. The analysis result of interdependency among insider ownership, investment decision, and business risk showed that: there was interdependency between insider ownership and investment; there was interdependency between insider ownership and business risk; investment influenced business risk. The empirical evidence of interdependency among insider ownership, investment decision, and business risk helped the companies make financial policies.

Key words: business risk, insider ownership, investment decision 

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