DIVIDEN, HUTANG, DAN KEPEMILIKAN INSTITUSIONAL DI PASAR MODAL INDONESIA: PENGUJIAN TEORI KEAGENAN

• Main Authors: , TEGUH PRASETYO, , Dr. Mamduh M. Hanafi, MBA.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2012
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/99257/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54582
• Institution: Universitas Gadjah Mada

This thesis aims to test the agency theory in Indonesian capital market was proxied by the variable mechanism controlling the agency conflicts. Dividends, debt and institutional ownership through a hypothesis was developed in this study. The data used in this study is secondary data drawn from the Osiris database, ICMD. It is industrial company, excepted insurance companies and financial services that meet the criterian sampling and it was listed on the Indonesia Stock Exchange (BEI). The data is in the form of pooled data with the observation period from the year 2004-2010. Variables used in this study to unity up to the third hypothesis is that the company's performance to the performance of utility assets and Tobin's q accounting for market performance as a proxy for agency conflicts as well as the dependent variable. As for dividends, debt, and institutional ownership as independent variables and firm size as a control variable. The fourth hypothesis using structural equations with endogenous variables consisting of dividends, debt and institutional ownership. While the exogenous variables consist of firm size, growth, profitability ratio both of return on equity and ratio on assets, fixed assets, investments. The method of analysis used in this study is multiple regression analysis, and Two-Stages Least Square (2SLS). The results of this study is the dividend has a positive effect on performance. Debt negatively affect performance so that the second hypotheses are not supported. Later, institutional ownership has a positive effect on performance. Simultaneously of relationship between the three models are not significant. However, the relationship between dividends and significant at the level of debt. That is, dividends can replace debt and vice versa to control the agency conflict. Thus, both have substitution relationships in the play function of binding and oversight of agency conflict.