Hubungan interdependensi antara kebijakan hutang, kebijakan dividen dan kepemilikan insider dalam mengontrol konflik keagenan

PRIHANDOKO, FX, Eduardus Tandelilin, Prof.Dr.,MBA

2007 | Tesis | Magister Manajemen

Konflik keagenan dapat terjadi antara pemegang saham dan manajemen maupun, antara pemegang saham mayoritas dan pemegang saham minoritas.Tujuan penelitian ini adalah untuk membuktikan pengaruh kebijakan hutang dan kebijakan dividen terhadap kepemilikan insider dan untuk membuktikan hubungan interdependensi antara kepemilikan insider, kebijakan hutang dan kebijakan dividen untuk mengurangi terjadinya konflik keagenan. Perusahaan yang dijadikan objek penelitian ini adalah perusahaan yang termasuk dalam industri manufacture dan service dan telah terdaftar dalam Bursa Efek Jakarta dengan periode pengamatan 2003 sampai 2005. Penelitian ini menggunakan metode Two Stage Least Square (TSLS) untuk mengetahui hubungan interdependensi antara ketiga faktor tersebut. Metode TSLS dilakukan melalui tiga tahap, yaitu TSLS antara kepemilikan insider dan kebijakan hutang, TSLS antara kepemilikan insider dan kebijakan dividen dan TSLS antara kebijakan hutang dan kebijakan dividen. Melalui uji Two Stage Least Square dapat disimpulkan bahwa terdapat pengaruh signifikan dan negatif antara kebijakan hutang dan kepemilikan insider, antara kebijakan dividen dan kepemilikan insider tidak terdapat hubungan yang signifikan. Penelitian ini juga tidak dapat membuktikan adanya hubungan interdependensi antara kepemilikan insider, kebijakan hutang dan kebijakan dividen. Penelitian ini menemukan bahwa kebijakan dividen tidak relevan digunakan sebagai pengganti variabel kepemilikan insider dan kebijakan hutang untuk mengontrol terjadinya konflik keagenan pada kasus perusahaan yang terdaftar di Bursa Efek Jakarta.

The agency conflict can occur between shareholder and management, even between the majority of shareholders and the minority of shareholders. The aims of this research is to prove the influence of the debt policy and dividend policy towards the insider ownership and to prove interdependent correlation between indsider ownership, debt policy and dividend policy to lessen the occurence of the agency conflict. Enterprises that were appointed to be this research object are the enterprises that were included in the manufacture and service industry and that had been listed in the Jakarta Effect Exchange during the survey period of 2003 up to 2005. This research used Two Stage Least square method to know the interdependent correlation among those three factors. The TSLS method was done through three stages, those are the TSLS between the insider ownership and the debt policy, the TSLS between the insider ownership and the the divednd policy and the TSLS between the debt policy and the dividend policy. Through the Two Stage Least Square examination it could be concluded that there was a significant and negative influence between the debt policy and the insider ownership, between the dividend policy and there was no significant correlation between the dividend policy and the insider ownership. This research could not also prove the occurence of the interdepent correlation between the insider ownership, the debt policy and the dividend policy. This research found that the dividend policy was not relevantly used as a compensation of the insider ownership variable and debt policy to control the occurence of the agency conflict on the entreprise cases that were listed in Jakarta Effect Exchange.

Kata Kunci : konflik keagenan, kepemilikan insider, kebijakan hutang, kebijakan dividen, Two Stage Least Square, agency conflict, insider ownership, debt policy, dividend policy