PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN HUTANG PERUSAHAAN PADA INDUSTRI MANUFAKTUR DI BURSA EFEK JAKARTA
Faisal (Adv.Dr. Jogiyanto HM., MBA,), Dr. Jogiyanto HM., MBA.
Penelitian ini bertujuan untuk mengetahui pengaruh struktur kepemilikan terhadap kebijakan hutang perusahaan. Penelitian ini di dasarkan atas hasil studi Moh"d, et al. (1998) yang berbasis pada teori keagenan Jensen dan
Meckling (1976) yang menemukan bahwa struktur kepemilikan saham oleh insiders dan institutional investors berhubungan negatif dengan debt ratio, dan institutional investors mempunyai peranan dalam mengurangi biaya keagenan, karena dapat menggantikan peranan hutang dalam mendisiplinkan tindakan insiders dalam struktur modal perusahaan. Pemilihan sampel dilakukan dengan menggunakan purposive sampling terhadap seluruh perusahaan pada industri manufaktur yang listing di Bursa Efek
Jakarta selama tahun 1991 sampai dengan 1996 dan terpilih sebanyak 157 perusahaan-tahun. Pengujian hipotesis dilakukan dengan menggunakan regresi berganda. Hasil analisis data terhadap asumsi klasik menunjukkan bahwa tidak terdapat gejala multikolinieritas. Gejala autokorelasi dan heterokedatisitas diobati dengan menggunakan transformasi lag melalui metode Lochran-Orcutt dan metode Weighted Least Squares. Hasil pengujian secara simultan dengan uji F menunjukkan bahwa variabel struktur kepemilikan yaitu insiders ownership, institutional investors dan shareholders dispersion serta variabel kontrol yaitu dividend payments, firm growth, firm size, asset structure, firm profitability, dan tax rate secara simultan mempengaruhi debt ratio. Dengan tingkat koefisien determinasi 0,308, maka variabel-variabel tersebut mampu menjelaskan variasi di dalam perubahan debt ratio perusahaan sebesar 30,8%. Pengujian secara parsial menunjukkan bahwa struktur kepemilikan yang diwakili oleh institutional investors mempunyai pengaruh yang signifikan terhadap debt ratio. Sementara untuk variabel di luar
struktur kepemilikan, terdapat lima variabel yang mempunyai pengaruh yang signifikan terhadap debt ratio yaitu firm size, asset structure, firm profitability, firm
growth dan tax rate. Kesimpulan dari penelitian ini mendukung hasil studi Moh"d, et al. (1998), bahwa struktur kepemilikan saham oleh institutional investors merupakan
monitoring agents yang efektif, dan institutional investors dapat mendisiplinkan tindakan insiders dalam struktur modal perusahaan, sehingga akan mengurangi
masalah keagenan dan biaya keagenan
This study intends to identify the impact of ownership structure on corporate debt policy. Based on study from Moh"d, et al. (1998), found that distribution of equity ownership is important in explaining overall capital structure and that managers do reduce the level of debt as their own wealth is increasingly tied to the firm. Their finding was consistent to agency theory by Jensen and
Meckling (1976) that insiders' shareholdings and institutional investors are inversely related to level of debt in the capital structure, and institutional investors
may substitute for the disciplinary role of debt in capital structure. Samples is selected using purposive sampling to all companies at the manufacture industry which listing during year 1991 to 1996. In order to achive
that purposes, the multiple regression model was used by analysing 157 firm year observations from manufacture companies. Classical assumption test shows that there is no multicollinearity among those independent variables, but there are autocorrelation, and heteroskedasticity in the regression model. The equation was cleared up from
deviation of classical assumption by using Lochran-Orcutt dan Weighted Least Squares methodes. The test of F-statistic shows that variables of ownership structure
consisted of insiders ownership, institutional investors, and shareholders dispersion and control variable consisted of dividend payment, firm growth, firm size, asset structure, firm profitability, and tax rate simultaneously influenced debt ratio change. Other result shows that after regression equation was transformed, those variables are able to describe debt ratio change by 30,8%. Individually, variables of ownership structure, institutional investors significant affect on debt ratio. In addtion, control variable consisted of firm size, asset
structure, firm profitability, firm growth and tax rate significant affect on debt ratio change. The results supports what Moh"d, et al. (1998) found that variable of
ownership structure, institutional investors are effective monitoring agents and institutional investors may substitute for the disciplinary role of debt in capital
structure. And also, it can mitigate the agency problem and reduce the attendant costs (agency costs).
Kata Kunci : Struktur kepemilikan, teori keagenan, biaya keagenan, dan kebijakan hutang (struktur modal)
