Analisis leverage, kepemilikan manajerial, dan kebijakan dividen dalam perspektif agency theory

Situmorang, Stevanie (2020) Analisis leverage, kepemilikan manajerial, dan kebijakan dividen dalam perspektif agency theory. Masters thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh leverage, kepemilikan manajerial, dan kebijakan dividen terhadap konflik keagenan serta hubungan interdependensi antara ketiga variabel ini dalam menurunkan konflik keagenan pada perusahaan. Konflik keagenan pada penelitian ini diproksikan dengan nilai perusahaan yang diukur melalui Tobin’s Q Ratio, sedangkan variabel independen yang digunakan adalah leverage, kepemilikan manajerial, dan kebijakan dividen. Analisis uji parsial pada penelitian ini menggunakan regresi Ordinary Less Square (OLS) dan analisis hubungan simultan menggunakan regresi Two-Stage-Least Squares (2-SLS) pada 87 perusahaan yang terdaftar di Bursa Efek Indonesia selama periode 2013-2018. Hasil penelitian ini adalah leverage berpengaruh negatif dalam menurunkan konflik keagenan pada perusahaan, kepemilikan manajerial tidak memiliki pengaruh terhadap nilai perusahaan, dan kebijakan dividen berpengaruh positif dan signifikan dalam menurunkan konflik keagenan pada perusahaan. Secara simultan, terdapat hubungan interdependensi antara leverage, kepemilikan manajerial, dan kebijakan dividen dalam menurunkan konflik keagenan pada perusahaan. Dengan kata lain, ketiga variabel ini tidak dibutuhkan secara bersama-sama untuk menurunkan konflik keagenan yang ada pada sebuah perusahaan. / The purpose of this research is to test the effect of leverage, managerial ownership, and dividend policy on agency conflict. This research also examines the interdependency relationship between these variables to reducing agency conflict in the company. The agency conflict in this study is proxied by the value of the company measured through Tobin's Q Ratio, while the independent variables uses leverage, managerial ownership, and dividend policy. The partial analysis tools in this study used Ordinary Less Square (OLS) and simultaneous relationship analysis using Two-Stage-Least Squares (2-SLS). Samples are 87 companies listed on Indonesia Stock Exchange during 2013-2018. The results of this study are leverage has negative relationship in reducing agency conflict in companies, managerial ownership does not affect the firm value, and dividend policy has a positive and significant effect in reducing agency conflict in companies. Simultaneously, there is interdependence relationship between leverage, managerial ownership, and dividend policy in reducing agency conflict in the company.

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