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Analisis Pengaruh Kebijakan Hutang dan Kepemilikan Saham Manajerial terhadap Penguasaan Saham Investor Institusi

ID : 1-153-26, ISSN : 0854-4190 , PUB: Vol 15 , Desember, 2008


Managerial share ownership and share authorization by institutional investors actually influence funding decision. Agency Cost occurs because of the interest conflict between manager and shareholder. Meanwhile, agency theory explains that company ownership structure may reduce agency cost by adjusting agency conflict between management and shareholder. Data used in this research include secondary data referring to the database of manufacturing companies listed into Jakarta Stock Exchange. The manufacturing companies selected into sample from 2005 to 2006 count to 27 companies. Results of analysis indicate that simultaneously, exogenous variables affect endogenous variable. Meanwhile, partial analysis results display that in the first hypothesis (H1), only MOWN provides significant effect on DR. Second hypothesis (H2) proposes that the distribution of share authorization by institutional investor cannot affect debt decision and share ownership by manager. Third hypothesis (H3): EARNVOL (X2) has negative relationship with and significant effect on DR (Y1). STKVOL (X3) doesn?t have significant effect on MOWN (Y2). RDAD (X4) doesn?t affect the company?s debt decision, but it appears influential in determining the distribution of number of MOWN.


Keyword: Debt Policy, Share Ownership Structure, Agency Cost

Author: Sri Mintarti