Hubungan Antara Insider Dan Ownership, Kebijakan Debt Dan Dividend Perusahaan (Studi Kasus Perusahaan-perusahaan yang Terdaftar di Bursa Efek Jakarta)  

Oleh:

Nupikso, Gunoro

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Jurnal Studi Indonesia vol. 11 no. 1 (Mar. 2001)
Topik: Kebijakan Debt dan Dividend; Insider; Ownership
Fulltext: Gunoro Nupikso.pdf (163.57KB)

Isi artikel

This study evaluates two parts of agency theory examination. First, explaining interdependency relation between insider ownership, debt and dividend policy. Second, explaining direct effect of exogenous variables (business risk, profitability, corporate growth and the amount of divisions) to insider ownership, debt and dividend policy, and how the direct effect change of the exogenous variables. Interdependency relation between insider ownership, debt and dividend policy is examined by three stage least square (3SLS) simultan equation model. To study how the direct effect of the change of the exogenous variables is used sensitivity test in three stage least square (3SLS). The simultan equation is evaluated before performing the sensitivity test. The 111 corporate samples are collected by pooling data during three-year research period. The study results supports Jensen's, et al (1992) finding that there is interdependency relation between insider ownership, debt and dividend policy, but this study find that debt variables is not significant. The effect of corporate real characteristics show that the relation between insider ownership and the amount of division is negative significant, and between corporate growth and dividend payout is negative significant.

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