Analisis Dampak Struktur Kepemilikan Terhadap Kebijakan Finansial dalam Perspektif Teori Keagenan

Abstract

The aims of the research are: (1) to analyze effects of stock ownership structure by insider ownership and institutional investor on debt policy and dividend policy at the public companies in Indonesia, (2) to obtain empirical evidences that control mechanism through stock ownership by the insider ownership and the institutional investor will decrease the problems of agency, which then minimizes the cost of agency.The samples of the research which included 66 manufacturing companies registered at the Jakarta Stock Exchange. The samples were taken by using a purposive sampling technique.The hypotheses were then tested by means of a simultaneous analysis of Two Stage Least Square.The results of the research show that (1) the insider ownership has a significant effect on the debt policy and, there is a substitutional or negative causal relation between the insider ownership and debt policy; (2) he institutional investor does not have a significant effect on the debt policy, and there is not any substitutional relation between the institutional investor and the debt policy, but the institutional investor has a negative effect on the insider ownership