Pengaruh Konsentrasi Kepemilikan, Pergeseran Risiko dan Pentransferan Sumber Daya Terhadap Ekspropriasi Pemegang Saham Minoritas Perusahaan Pengakuisisi: Pengujian Empiris Terhadap Pergeseran Konflik Keagenan  

Oleh:

Kresnawati, Etik

Jenis: Article from Journal - ilmiah internasional - terdaftar di DIKTI
Dalam koleksi: The Indonesian Journal of Accounting Research (Jurnal Riset Akuntansi Indonesia) vol. 10 no. 2 (May 2007), page 147-161.
Topik: Agency conflict shifting; Internal aquisition; Expropriation; Ownership concentration; Risk Shifting; Tunneling

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: RR17.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study provides empirical evidence of agency conflict shifting (La Porta et al.1998, 1999) by investigates the influence of ownership concentration, risk shifting and tunneling on expropriation of acquires' minority shareholders. Sample in this study consists of 40 non financial and banking companies which perform internal aquisition during 1993-2002. Consistent with earlier prediction, the higher risk shifting, the higher expropriation of acquires' minority shareholders. Conversly, the evidences that ownership concentration does not significantly influence on, and tunneling has significantly negative influence on expropriation of aquirers' minority shareholders are not consistent with earlier predictions. Additional test of dividend payment show that firm decreased the paid dividend to shareholders after performing internal aquisition. One of cause the decreasing is the existence of specific boundaries in debt contract to fund internal aquisition. These support agency conflict shifting prediction.

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