KONFLIK KEAGENAN: HUBUNGAN SIMULTAN KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, DAN KEBIJAKAN DIVIDEN
Prodi Manajemen Fakultas Ekonomi Universitas PGRI Yogyakarta
Jl. PGRI No.117 Sonosewu, Yogyakarta 55182, Indonesia.
- Korespondensi dengan Penulis:
- Fitri Susilowati: Telp. +62 274 376 808
- E-mail: firstname.lastname@example.org
The main purpose of this research was to determine the agency theory in Indonesia capital market. The variable of agency conflict was represented by asset utility variable, while controlling the agency conflicts mechanism was represented by the managerial ownership, leverage, and dividend. The secondary data used in this research was drawn from the Indonesia Capital Market Directory (ICMD) and Blommberg. The sample data were limited at the manufacture companies and non-financial services, and they were listed on the Indonesia Stock Exchange (BEI). The research method approach used was quantitative method. The time period of the data was year to year from 2000 to 2011. The instrument of analysis was seemingly unrelated regression (SUR), with panel data and simultaneous model regression techniques. The result of this research was that the managerial ownership had a positive and significant effect on performance. Debt policy had a positive effect but not significant to performance, so 1b hypothesis was not accepted. Dividend policy had a positive and significant effect on performance. Simultaneously there was a substitution and interdependence relationship between the managerial ownership and debt policy. The relationship between two variables namely the managerial ownership and dividend policy could not be concluded.
Keywords: agency conflict, dividend, leverage, managerial ownership, Seemingly Unrelated Regression (SUR)
KEPEMILIKAN MANAJERIAL TERHADAP PAJAK PENGHASILAN TERUTANG MELALUI DISCRETIONARY ACCRUALS
Jurusan Akuntansi Fakultas Ekonomi Universitas Negeri Semarang
Gd.C6 Lt.2 Kampus Sekaran, Gunungpati, Semarang, 50229.
Korespondensi dengan Penulis:
Kiswanto: Telp./Fax.+62 24 850 8015
Government’s efforts to boost revenue from the tax sector brought considerable consequences for businessmen. This made businessmen try to do tax planning, one of which was to conduct earnings management to reduce payable taxes. This study examined whether managerial ownership influenced the amount of payable income tax of corporate taxpayers through discretionary accruals. This study used path analysis approach (Path Analysis) by taking sample of companies listed on the Indonesia Stock Exchange in 2009. The results showed that managerial ownership directly influenced the payable income tax. Furthermore, it could be seen that managerial ownership had a direct effect on earnings management. Besides, earnings management had a direct effect on payable income tax. Thus, the Sobel test was used to prove the ability of earnings management variables in mediating the effect of managerial ownership on income tax. Future research was expected to expand the main object of observation payable income tax as an tax obligation to ensure that the behavior of the company in doing profit or income management for lowering profit or income could lower or raise the payable income tax.
Keywords: managerial ownership, payable taxes, discretionary accruals
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KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN LEVERAGE MELALUI PENDEKATAN KESEMPATAN BERTUMBUH DAN RISIKO PERUSAHAAN
Program Studi International Business Management
Fakultas Ekonomi Universitas Ciputra
Waterpark Boulevard, Citra Raya Surabaya, 60219.
Korespondensi dengan Penulis:
Cliff Kohardinata: Telp.+62 31 745 1699; Fax. 62 31 745 1698
The main purpose of company was to increase company’s value through increased prosperity of owner or shareholders. However, the management often had other objectives that caused conflicts of interest between management and shareholders of the company, in which the conflict was referred to as Agency Problem (Jensen & Meckling, 1976). To minimize the differences between the interests of owners and managers, the owner could give shares to managers or increased stock ownership by institutional in order to monitor managers. If the owner of the company wanted to reduce agency conflicts by increasing managerial ownership and institutional ownership, they will affect corporate leverage policy because managerial ownership and institutional ownership could reduce the financial risk that occurred from leverage. This study aimed to analyze the effect of managerial ownership and institutional ownership on leverage policy. This study used the entire population of companies listed in Indonesia Stock Exchange. Sampling was purposive sampling, and analytical techniques used was ordinary least squares. The control variables were structure of assets, return on assets, financial distress, asset utilization, asset growth. Furthermore, this paper considered growth opportunities and risks of the company. This study found that managers considered risk factors more than growth opportunities, and the institutional shareholders considered growth opportunities more than company risk.
Keywords: institutional ownership, leverage, managerial ownership
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CORPORATE GOVERNANCE DAN ETNISITAS TERHADAP PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY
Trudy Maryona Nussy
Politeknik Negeri Ambon
Jl. Ir. Putuhena Wailela Ambon, 97234.
Korespondensi dengan Penulis:
Trudy Maryona Nussy: Telp. +62 911 322 609; Fax. +62 911 343 591
The objective of research was to examine the effect of corporate governance and ethnicity on the disclosure of Corporate Social Responsibility (CSR). Corporate governance mechanisms used in this research were managerial ownership, institutional ownership, independent commissioner, and audit committee. Research was conducted against the companies listed in Indonesia Stock Exchange in the period of 2005 and 2011. Sampling technique was purposive sampling. Hypothesis testing was conducted by independent sample t-test and multiple regressions. Test and analysis were carried out separately in 2005 and 2011. The result of research indicated that there was a difference in the CSR disclosure rate. The use of CSR in Indonesia in 2011 was higher than that in 2005. The managerial ownership and the institutional ownership influenced CSR disclosure in 2005, while independent commissioner, audit committee and ethnicity did not influence CSR disclosure in 2005. The disclosure of CSR in 2011 was affected by institutional ownership, independent ownership and audit committee. The managerial ownership and ethnicity did not influence CSR disclosure in this year.
Key words: audit committee, CSR disclosure, ethnicity, independent commissioner, institutional ownership, managerial ownership
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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
KEPEMILIKAN MANAJERIAL DAN RISIKO KREDIT, SEBAGAI PEMICU BIAYA KEAGENAN PADA LEMBAGA KEUANGAN MIKRO
I Nyoman Nugraha Ardana Putra
Jurusan Manajemen Fakultas Ekonomi Universitas Mataram
JL. Majapahit No.62, Mataram, Nusa Tenggara Barat, 83125
Korespondensi dengan Penulis:
I Nyoman Nugraha Ardana Putra: Telp. +62 370 631 935
This study aimed to examine and to explain the influence of managerial ownership and credit risks toward agency costs and performance. The study was also intended to enrich the empirical evidence of agency theory in financial management of the Microfinance Institutions (MFIs), especially managerial ownership of society credit bank (BPR) in West Nusa Tenggara province. Secondary data used was derived from financial statements and primary data obtained from interviews with the director of bank samples. Partial Least Square technique Programs (PLS) was applied to test the research model in term of variables relationship structure in quantitative methods The results. The results showed that managerial ownership had a positive influence on credit risks and also had a positive impact on agency costs. In addition to managerial ownership and agency costs, this research found that there was a negative effect of company performance.
Key words: managerial ownership, credit risk, efficiency, agency cost
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FAKTOR-FAKTOR YANG MEMENGARUHI KEBIJAKAN UTANG PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
Christine Dwi Karya Susilawati
Fakultas Ekonomi Jurusan Akuntansi Universitas Kristen Maranatha
Jl. Suria Sumantri No.65 Bandung, 40164.
In the last several years, there had been an increase on the research emphasized on the agent-principal concept at financial corporation. The objective of this research was to test empirically the agency concept and their relation toward the debt policy of corporations. This research analyzed the factors influencing debt policy at manufacturing firms in Indonesia. Analyzing instruments in this research was multiple regression analysis. The result of this research showed that firm size, profitability and free cash flow had significant influence to debt policy while managerial ownership, institutional ownership, dividend policy and structure asset did not have significant influence to debt policy. However, simultaneously the seven variables had significant influence to debt policy.
Key words: debt policy, managerial ownership, institutional ownership, structure asset, firm size, free cash flow