The Influence of Managerial Ownership and Firm Size On Debt Policy

Lihard Stevanus Lumapow

Abstract


This study aims to examine and analyse the effect of managerial ownership and firm size on debt policy in the perspective of agency theory. This research uses industrial samples of manufacturing companies listed on Indonesia Stock Exchange from 2012 until 2016. Sampling technique used is purposive sampling, and data collection techniques are panel data (cross-section and time series). The analysis tool used in this research is panel data regression with fixed effect model (FEM) approach. Based on the test results show that managerial ownership has a positive and significant effect on debt policy. Company Size has a negative impact but insignificant on debt policy. The results of this study have the potential for agency conflict.

Keywords


Keywords: Agency Conflict, Agency Theory, Debt Policy, Firm Size, Managerial Ownership

Full Text:

PDF

References


Agustian, Gian G & Yuliandhari, W. S. (2014), “Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Dan Kebijakan Dividen Terhadap Kebijakan Utang Perusahaanâ€. E-proceeding Management. Vol. 1, No. 3.

Bathala, Chenchuramaiah, T., Moon, Kenneth, P., dan Rao, Ramesh. (1994), “Managerial Ownership, Debt Policies and the Impact of Institutional Holdings: An Agency Perspectiveâ€, Financial Management, Vol. 23, No. 3, p. 38-50.

Bernice, Yezia; Nugrahanti, Yeternina. Widi and Mahastanti, Linda. Ariany, (2015), “The Impact Of Managerial Ownership, Institutional Ownership And Company Size Towards Debt Policy (Studies in Property and Real Estate Companies in IDX in 2011-2013)â€, The 3rd IBEA International Conference on Business, Economics and Accounting, 15-17 April, Ho Chi Minh City, Vietnam

Brighman, E. F & Houston. (2011), “Dasar-Dasar Manajemen Keuanganâ€. Salemba Empat. Jakarta

Brealey, Richard A. Myers, Stewart C, dan Marcus, Alan J. (2008), “Dasar-dasar Manajemen Keuangan Perusahaanâ€. Jakarta: Erlangga.

Chen, Carl, R., dan Steiner, Thomas, L., (1999), “Managerial Ownership and Agency Conflict: A Non Linier Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy and Dividend Policyâ€, The Financial review, 34.

Fahmi, Irham. (2014), “Pengantar Manajemen Keuangan Teori dan Soal Jawabâ€. Alfabeta. Bandung

Fransiska Y. R, Susilawati A. E, Purwanto N. (2016), “Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial dan Kebijakan Dividen terhadap Kabijakan Hutangâ€, Jurnal Riset Mahasiswa Akuntansi. Vol. 4, No. 01

Friend, Irwin dan Lang, Larry. H. P., (1988), “An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structureâ€, The Journal of Finance, Vol. 43, No. 2.

Gusti, Bertha Firyanni. (2013), “Pengaruh Free Cash Flow dan Struktur Kepemilikan terhadap Kebijakan Hutang dengan Investment Opportunity Set sebagai variabel moderatingâ€. Jurnal Akuntansi. Vol. 1, No. 02

Hartono, J. (2013), “Teori portofolio dan analisis investasiâ€, edisi 8, BPFE, Yogyakarta.

Hastalona Dina. (2013), “Analisis Faktor-Faktor Yang Mempengaruhi Kebijkan Hutangâ€. Jurnal Keuangan dan Bisnis. Vol. 5, No 1.

Husna Refdatul, Wahyudi. (2016), “Pengaruh Ukuran Perusahaan, Profitabilitas Dan Resiko Bisnis Terhadap Kebijakan Hutangâ€. Neo-Bis. Vol. 10, No.2.

Hatem, Ben. Said, (2015), “Interdependence between Managerial Ownership, Leverage and Firm Value: Theory and Empirical Validationâ€, International Journal of Economics and Finance, Vol. 7, No. 12

Ismiyanti F, dan Hanafi M. (2003), “Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen: Analisis Persamaan Simultanâ€. Symposium Nasional Akuntansi VI.

Jensen, Michael. C dan Meckling, William, H. (1976), “Managerial Behavior, Agency Cost and Owrnership Structureâ€. Journal of Financial Economics. Vol. 3, No.4, p. 305-360

Kim, W. S., & Sorensen, E. H. (1986), “Evidence on the impact of the agency costs of debt on corporate debt policyâ€. Journal of Financial and Quantitative Analysis, Vol. 21, p. 131-144.

Kim, Yong, H., Rhim, Jong. C., dan Friesner, Daniel. L., (2007), “Interrelationships among Capital Structure, Dividends, and Ownership: Evidence from South Koreaâ€, The Multinational Business Review, Volume 15, No. 3.

Leland, H., and D. Pyle. 1977, “Information asymmetries, financial structure, and financial intermediationâ€, Journal of Finance, Vol. 32, p. 371-387.

Lumapow, Lihard, S. (2014), “Simultanitas Kebijakan Hutang Dan Kebijakan Dividen Yang Dimoderasi Oleh Kepemilikan Manajerial Serta Pengaruhnya Terhadap Nilai Perusahaanâ€. Indonesian Journal of Economics and Business (IJEB), Vol. 4 No.3

Morck, R., A. Shleifer and R.W. Vishny., (1988), ‘‘Management Ownership and Market Valuation: An Empirical Analysisâ€, Journal of Financial Economics, 20, pp. 293–315.

Moussa, Fatma B and Chichti, Jameleddine (2013), “A nonlinear simultaneous equation analysis of managerial ownership and debt policy: Evidence from Tunisian Stock Exchangeâ€, International Journal of Accounting and Financial Reporting, Vol. 3, No. 2

Nengsi, Widya Hesti. (2013), “Pengaruh Struktur Kepemilikan Dan Kebijakan Dividen Terhadap Kebijakan Hutang Dalam Perspektif Agency Theoryâ€. Jurmal Manajemen, Vol. 2, No. 1.

Sarwono, Jonathan. (2016), “Prosedur-Prosedur Analisis Populer Aplikasi Riset Skripsi dan Tesis dengan Eviewsâ€. Cetakan I. Penerbit Gava Media. Yogyakarta.

Sartono, Agus. (2010), “Manajemen keuangan teori dan aplikasiâ€, Edisi 4, BPFE, Yogyakarta.

Setiana, Esa. (2013), “Pengaruh Free Cash Flow dan Kepemilikan Manajerial terhadap Kebijakan Hutang pada perusahaanâ€. Jurnal Telaah Akuntansi, Vol. 15, No 01

Silitonga Albert. H. (2014), “Pengaruh Kepemilikan Manajerial, Ukuran Perusahaan dan Profitabilitas terhadap Kebijakan Hutangâ€. SRA-Economic and Business Article.

Sheisarvian R. M, Sudjana N, & Saifi M. (2015), “Pengaruh Kepemilikan Manajerial, Kebijakan Dividend an Profitabilitas terhadap Kebijakan Hutangâ€. Jurnal Administrasi Bisnis (JAB). Vol. 22. No 1. Mei 2015

Sujarweni V. W., Endang, M, dan Retnami. L,. (2014), “Faktor-Faktor yang Mempengaruhi Kebijakan Hutang (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI tahun 2009-2012â€. Jurnal Bisnis Teori dan Implementasi. Vol. 5, No. 1.

Syadeli, Moh. (2013), “Struktur Kepemilikan, Profitabilitas Dan Ukuran Perusahaan Terhadap Kebijakan Hutangâ€. Jurnal Manajemen dan Bisnis. Vol. 2, No. 2.

Tjeleni, Indra E. (2013), “Kepemilikan Manajerial Dan Institusional Pengaruhnya Terhadap Kebijakan Hutangâ€. Jurnal EMBA. Vol. 1. No. 3.

Trisnawati, Ita. (2016), “Faktor-Faktor Yang Mempengaruhi Kebijakan Hutangâ€. Jurnal Bisnis dan Akuntansi. Vol. 18, No. 1

Zuhria Siti F. (2016), “Pengaruh Profitabilitas, Free Cash Flow, Pertumbuhan Penjualan dan Ukuran Perusahaan terhadap Kebijaka Hutangâ€. Jurnal Ilmu dan Riset Akuntansi. Vol. 5, No. 11.




DOI: https://doi.org/10.32535/ijabim.v3i1.76

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Copyright (c) 2018 Lihard Stevanus Lumapow

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

International Journal of Applied Business and International Management (IJABIM)

ISSN 2614-7432 (Print) | ISSN 2621-2862 (Online)

DOI Prefix: 10.32535 by CrossRef

Published by AIBPM Publisher

JL. Kahuripan No. 9, Hotel Sahid Montana, Malang, Indonesia

Email: journal.ijabim@gmail.com

Phone: +62 341 366222

Website: https://aibpmpublisher.com/

Governed by

Association of International Business and Professional Management

Email: admin@aibpm.org

Website: https://www.aibpm.org/

Indexed by

SINTA Garuda Google Scholar Dimensions ASEAN Citation Index

Visitor Statistics

Flag Counter

Web Analytics

View IJABIM Stats

Follow Us: