PENGARUH STRUKTUR KEPEMILIKAN DAN VARIABEL KEAGENAN TERHADAP KEBIJAKAN HUTANG PERUSAHAAN DALAM MENGONTROL KONFLIK KEAGENAN

NOVITA KURNIA W, Dr. Agus Setiawan , M.Soc.Sc.,CMA.

2013 | Skripsi | MANAJEMEN

Penelitian ini bertujuan untuk meneliti pengaruh struktur kepemilikan perusahaan dan variabel keagenan yaitu dividend payment, growth opportunities, firm size, asset structure, profitability, dan tax rate terhadap kebijakan hutang perusahaan di Indonesia dengan mengambil populasi perusahaan yang terdaftar di Bursa Efek Indonesia selain sektor keuangan. Sampel yang digunakan dalam penelitian ini adalah 50 perusahaan pada periode 2007 hingga 2010. Pengujian terhadap hipotesis dilakukan dengan model regresi linier berganda. Hasil Penelitian menunjukkan bahwa secara simultan variabel struktur kepemilikan, variabel dividend payment, growth opportunities, firm size, asset structure, profitability, dan tax rate berpengaruh terhadap kebijkan hutang perusahaan. Secara individual, variabel institutional ownership, firm size, dan tax rate berpengaruh signifikan terhadap debt ratio. Sedangkan variabel profitability berpengaruh signifikan namun arah hubungannya terbalik dengan hipotesis. Dalam Penelitian ini variabel insider ownership, shareholder dispersion, dividen payment, growth opportunities, dan asset structure tidak berpengaruh signifikan terhadap debt ratio. Hal tersebut disebabkan karena jumlah pemegang saham di Indonesia terkonsentrasi pada beberapa pemegang saham saja.

The aims of this study is to investigate the influence of corporate ownership structure and agency variables that are dividend payment, growth opportunities, firm size, asset structure, profitability, and tax rate on corporate’s debt policy in Indonesia. The population are companies that listed on BEI in addition to financial sector. Sample that used in this research are 50 companies in 2007 to 2010 period. The method of hypothesis testing in this research is multiple regression method. The research show that ownership structure, dividend payment, growth opportunities, firm size, asset structure, profitability, and tax rate simultaneously influence on corporate debt policy. Partially, institutional ownership, firm size, and tax rate variables are significantly influence on debt ratio. While the profitability variable have a significant influence but reversed direction with the hypothesis. In this research, insider ownership, shareholder dispersion, dividend payment, growth opportunities, and asset structure variables has no significant influence on debt ratio because the number of shareholder in Indonesia concentrated in few shareholders.

Kata Kunci : agency conflict, debt ratio, insider ownership, institutional ownership, shareholder dispersion, dividend payment, growth opportunities, firm size, asset structure, profitability, tax rate