Pengaruh Stuktur Kepemilikan Terhadap Kebijakan Hutang Perusahaan: Bukti Empiris dari Bursa Efek Jakarta
WICAKSONO, ADITYA (Adv.: Eduardus Tandelilin, Prof., Dr., M.B.A.), Eduardus Tandelilin, Prof., Dr., M.B.A.
Tujuan penelitian ini adalah untuk menganalis is pengaruh struktur kepemilikan yang terdiri dari tiga aspek yaitu insiders ownership, shareholders dispersion dan institutional investors terhadap kebijakan hutang perusahaan. Variabel kontrol yang digunakan dalam penelitian ini adalah dividend payments, growth opportunities, firm size, asset structure, firms profitability, and tax rate. Penelitian ini dilakukan berdasarkan penelit ian sebelumnya yang dilakukan oleh MohÂ’d, et al. (1998) yang meneliti pengaruh biaya keagenan dan struktur kepemilikan (insiders ownership, shareholders dispersion, and institutional investors) terhadap struktur modal perusahaan berdasarkan teori keagenan. Sampel yang digunakan dalam penelitian ini adalah perusahaan yang secara terus-menerus terdaftar di Bursa Efek Jakarta di dalam sektor manufaktur selama periode 2002 sampai 2006. Metode yang digunakan dalam mengambil sampel dalam penelitian ini adalah purposive sampling. Diperoleh 135 perusahaan yang dinilai memenuhi persyaratan selama periode pengamatan. Hasil penelitian menunjukkan bahwa institutional investors mempunyai pengaruh signifikan terhadap kebijakan hutang perusahaan dan berhubungan positif. Insiders ownership dan shareholder dispersion tidak mempunyai pengaruh signifikan terhadap kebijakan hutang perusahaan dan keduanya mempunyai hubungan negatif dengan kebijakan hutang perusahaan
The purpose of this research is to analyze the effect of ownership structure which consists of three aspect i.e. insiders ownership, shareholders dispersion, and institutional investors to firms debt policy. The controlling variables employed in this research are dividend payments, growth opportunities, firm size, asset structure, firms profitability, and tax rate. This research is based on previous research conducted by Mohd, et al. (1998) which examine the influence of agency cost and ownership structure (insiders ownership, shareholders dispersion, and institutional investors) on the capital structure of the firm based on the agency theory. Samples in this research are firms that are continuously listed in Bursa
Efek Jakarta during period of 2002 to 2006 under manufacturing sector. Sampling method employed in this research is purposive sampling. There are 135 firms considered fulfill the requirements during the observation period. The research findings are institutional investor has significant effect to the firms debt policy with positive relationship. Insiders ownership and shareholders dispersion do not have significant effect to firms debt policy and both have negative relationship with firms debt policy.
Kata Kunci : ownership structure, insiders ownership, shareholders dispersion,institutional investors, debt policy, agency cost, agency theory, struktur kepemilikan, kebijakan hutang, biaya keagenan, teori keagenan..
