HUBUNGAN INTERDEPENDENSI ANTARA STRUKTUR KEPEMILIKAN, RISIKO, KEBIJAKAN HUTANG DAN KEBIJAKAN DIVIDEN DALAM MENJELASKAN TEORI KEAGENAN (Studi Di Bursa Efek Indonesia)
This study examines interdependence relationship between managerial ownership structure, risks, debt policy and dividend policy in explaining agency theory. Agency theory argues that managerial ownership structure, debt policy and dividend policy can be used as a mechanism in taking control of any a...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2012
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/99178/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54784 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | This study examines interdependence relationship between managerial
ownership structure, risks, debt policy and dividend policy in explaining agency
theory. Agency theory argues that managerial ownership structure, debt policy
and dividend policy can be used as a mechanism in taking control of any agency
conflict. The sample used in the study was a manufacturer publishing and listing
its shares at Indonesia Stock Market in 2004-2009.
This study used Three Stage Least Square method to examine the
interdependence relationship between managerial ownership, risk, debt policy and
dividend policy. The findings showed that there was an interdependence
relationship between managerial ownership, risk, debt policy and dividend policy,
but no interdependence relationship between risk with debt policy and dividend
policy. Furthermore, it also revealed that there was complementary relationship
between managerial ownership with debt policy and dividend policy. On the other
hand, there was substitutional relationship between debt policy and dividend
policy in terms of controlling agency conflict. |
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