Analisis Dampak Agency Cost dan Transaction Cost Terhadap Rasio Pembayaran Dividen Pada Perusahan Go Public di Indonesia
Otniel Safkaur (Pemb : Prof. Dr.Mas'ud Machfoedz, MBA), Prof. Dr.Mas'ud Machfoedz, MBA
Teori agensi terfokus pada dua individu yaitu prinsipal dan agen. Prinsipal mendelegasikan responsibility decision making kepada agen. Baik prinsipal maupun agen diasumsikan sebagai orang-orang ekonomi yang rasional yang semata-mata termotivasi oleh kepentingan pribadi, tetapi mereka kesulitan membedakan penghargaan atas preferensi, kepercayaan dan infonnasi. Hak dan kewajiban dari prinsipal dan agen dijelaskan dalam sebuah perjanjian kerja yang saling menguntungkan. Menurut teori keagenan, pembayaran dividen dapat digunakan sebagai salah satu mekanisme untuk menurunkan masalah keagenan, namun disisi yang lain pembayaran dividen akan menimbulkan biaya transaksi pada saat perusahaan harus memenuhi kebutuhan dananya dari pihak ekstemal.
Penelitian ini dibangun dari hubungan antara kebijakan dividen, masalah keagenan, dan biaya transaksi dengan melihat pengaruh dari insider ownership, institusional ownership, tingkat pertumbuhan pendapatan, tingkat risiko perusahaan terhadap rasio pembayaran dividen. Faktor-faktor keagenan dalam penelitian ini diwakili oleh insi insider ownership dan institusional ownership, sedangkan faktor-faktor biaya transaksi diwakili oleh tingkat pertumbuhan pendapatan dan tingkat risiko perusahaan.
Dengan menggunakan analisis regresi berganda terhadap data cross sectional,
. hasil penelitian menunjukan bahwa secara bersama-sama semua variabel independen di atas mempunyai pengaruh yang signifikan terhadap rasio pembayaran dividen perusahaan atau dapat dikatakan bahwa insider ownership, institusional ownershi, pertumbuhan perusahaan, risiko perusahaan dan ukuran perusahaan secara bersama-sama berpengaruh terhadap rasio pembayaran dividen. Namun pengujian secara individual hanya salah satu variabel yang signifikan yaitu institusional ownership.
Agency theory focused on two individuals including principal and agent. The principal is delegating their responsibility on decision making to the agent. Both of principal and agent are assumed as the rational economic peoples which is only motivated by their self interest, but they faced by difficulties to make differential of responsibility on preference, believe and information. Ownership and responsibility of the principal is explained on a profitable agreement. According to agency theory, dividend payment can be used as one of mechanism to decline agency problem, but in the other side, dividend payment will increase transaction cost when the firm must fulfill their fund needed from the external side.
This research was build from relationship between dividend policy, agency problem and transaction cost, with reveal influence of insider ownership, institutional ownership, growth level, risk level to dividend payment ratio. Agency factors in this research are presented by insider ownership and institutional ownership, while transaction cost factor is presented by growth level and risk level of the firm.
The multiple regression was used on cross sectional data. Research result revealed that as simultaneously, all independent variables has significantly influence to dividend payment ratio or it can be said that insider ownership, institutional ownership, firm's growth, firm's risk and fir's size as simultaneously influenced on dividend payment ratio. Meanwhile, in individually testing, only one variable is statistically significant which is institutional ownership.
Kata Kunci : agency problems, transaction cost, dividen, insider ownership, institutional ownership, firm growth and firm risk, Masalah keagenan, biaya transaksi, dividen, insider ownership, institutional ownership, pertumbuhan perusahaan dan risiko perusahaan
