Pengaruh private benefit dan kebijakan dividen terhadap konflik keagenan antara majority shareholders dan minority shareholders sebelum dan sesudah peraturan Bapepam tahun 2004

ALISTYANING, Widyasita, Prof. Dr. Eduardus Tandelilin, MBA

2009 | Tesis | S2 Manajemen

Di Indonesia kebanyakan konflik keagenan yang terjadi adalah antara majority shareholders dan minority shareholders. Dengan adanya konflik keagenan tersebut mengakibatkan adanya eksploitasi yang dilakukan majority shareholders terhadap minority shareholders. Penelitian ini bertujuan untuk menguji pengaruh private benefit (eksploitasi) dan kebijakan dividen terhadap konflik keagenan antara majority shareholders dan minority shareholders selama periode tahun 2002-2008. Pengujian menggunakan uji regresi linier dan regresi dummy untuk melihat pengaruh peraturan Bapepam tahun 2004. Hasil pada penelitian ini menyatakan bahwa eksploitasi yang dilakukan majority shareholders terhadap minority shareholders mengakibatkan adanya konflik keagenan antara majority shareholders dan minority shareholders tanpa adanya peraturan maupun adanya peraturan Bapepam tahun 2004 dan kebijakan dividen dengan menggunakan teori rent extraction hypothesis dapat digunakan sebagai mekanisme untuk mengurangi konflik keagenan antara majority shareholders dan minority shareholders. Peraturan Bapepam hanya mampu mengurangi konflik keagenan pada perusahaan dengan dividen turun.

Most of the agency conflicts that happened in Indonesia are between majority shareholders and minority shareholders. The presence of those agency conflicts has brought exploitations by majority shareholders towards minority shareholders. This research is aimed to test the effect of private benefit (exploitation) and dividend policy toward agency conflict between majority shareholders and minority shareholders during the period of 2002 – 2008. This study used linier regression and dummy regression to see the effect of the Bapepam Regulation on 2004. The result of this research shows that exploitation conducted by majority shareholders towards minority shareholders has resulted the presence of agency conflict between majority shareholders and minority shareholders in or without the Bapepam Regulation on 2004, and dividend policy that use the rent extraction hypothesis could be as a mechanism in reducing agency conflict between majority shareholders and minority shareholders. The Bapepam Regulation could only reduce agency conflict on companies with a decreasing dividend.

Kata Kunci : Private benefit (eksploitasi),Majority shareholders dan minority shareholders,Rent extraction hypothesis,Peraturan bapepam 2004,Private benefits (exploitation),Majority shareholders and Minority shareholders,Rent Extraction Hypothesis,Bapepam Regulation o