INSTITUTIONAL OWNERSHIP, DIVIDEND, GROWTH OPPORTUNITIES DAN LEVERAGE (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA)

KEZIA CAROLINA, Tandelilin Eduardus, Prof., Dr., M.B.A.,

2020 | Tesis | MAGISTER MANAJEMEN (KAMPUS JAKARTA)

Penelitian ini bertujuan untuk menguji pengaruh institutional ownership terhadap leverage serta menguji pengaruh dividend terhadap leverage. Penelitian ini juga menguji apakah pengaruh negatif institutional ownership terhadap leverage dapat berubah saat perusahaan memilik growth opportunities tinggi dan begitu juga pada dividend. Penelitian ini menggunakan teori keagenan sebagai grand theory. Proksi yang digunakan di dalam penelitian ini antara lain: leverage menggunakan long term debt to equity ratio, institutional ownership menggunakan jumlah kepemilikan saham institusi dibagi jumlah saham yang beredar, dividend dan growth opportunities menggunakan variabel dummy, firm size menggunakan logaritma natural (ln) dari total aset, serta profitability menggunakan return on assets. Hasil regresi menunjukkan bahwa dividend berpengaruh negatif terhadap leverage dan pengaruh negatif dividend terhadap leverage dapat berubah saat perusahaan memiliki growth opportunities tinggi, namun tidak terbukti pada institutional ownership. Untuk variabel kontrol, penelitian ini menemukan bahwa firm size berpengaruh positif terhadap leverage serta profitability berpengaruh negatif terhadap leverage.

This study aims to test the influence of institutional ownership to leverage and the influence of dividend to leverage. This study also tests if the negative influence of institutional ownership to leverage can change when company has higher growth opportunities and also dividend to leverage. This study uses agency theory as grand theory. The proxies in this study are: leverage measured by long term debt to equity ratio, institutional ownership measured by amount of a company’s available stocks owned by institute divides outstanding shares, dividend and growth opportunities used dummy variables, firm size measured by natural logarithm (ln) on total assets, and profitability measured by return on assets. Regression result indicates that dividend has a negative effect on leverage and the negative influence of dividend to leverage can change when company has higher growth opportunities but not to institutional ownership. This study also finds that firm size has a positive effect on leverage and profitability has a negative effect on leverage.

Kata Kunci : Leverage, institutional ownership, dividend, growth opportunities, firm size, profitability, teori keagenan