Analisis Dampak Biaya Keagenan Terhadap Kinerja Perusahaan
Galih Abdul Rauf (adv.: Dra.Sri Handaru Yuliati,M.B.A), Dra.Sri Handaru Yuliati,M.B.A
Penelitian ini menguji pengaruh biaya keagenan pada kinerja perusahaan. Biaya keagenan diproksikan dengan 3 variabel: free cash flow ratio, total asset turnover ratio, dan administrative expense ratio. Kinerja perusahaan diproksikan dengan ROA dan ROE. Penelitian ini juga menggunakan 2 variabel kontrol: total asset dan leverage. Menggunakan 54 perusahaan sampel yang terdaftar di Indonesian Stock Exchange, pada penelitian ini ditemukan hubungan positif signifikan antara free cash flow ratio dengan kinerja perusahaan baik ROA dan ROE. Total asset turnover ratio juga menunjukkan hubungan positif signifikan pada kinerja perusahaan. Sedangkan administrative expense ratio menunjukkan hubungan negatif signifikan dengan kinerja perusahaan baik ROA dan ROE.
This paper examine about the effect of agency cost to firm performance. Agency cost proxied by 3 variable: free cash flow ratio, total asset turnover ratio, and administrative expense ratio. Firm performance proxied by ROA and ROE. This paper also using 2 control variable: total asset and leverage. Using 54 firms that is listed in the Indonesian Stock Exchange as sample, this paper finds out that free cash flow ratio have a positive significant impact towards determining firm performance both ROA and ROE. Total asset turnover ratio also holds a positive significant impact towards determining firm performance. While administrative expense ratio holds a negative significant correlation toward firm performance.
Kata Kunci : Teori Keagenan, Biaya Keagenan, Agency Theory, Agency Cost, Free Cash Flow Ratio, Total Asset Turnover Ratio, Administrative Expense Ratio, ROA, ROE.
