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Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate Governance, Chief Executive Officer Compensation, and Firm Performance. Journal of Financial Economics, 51(3), 371–406. http://doi.org/10.1016/S0304-405X(98)00058-0
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Firth, M., Fung, P. M. Y., & Rui, O. M. (2008). Ownership , Governance Mechanisms, and Agency Costs in China’s Listed Firms. Jurnal of Asset Management, 9(2), 90–101. http://doi.org/10.1057/jam.2008.13
Ghozali, Imam. 2013. Analisis Multivariat dan Ekonometrika (Teori, Konsep, dan Aplikasi dengan Eviews 8). Semarang: Badan Penerbit Universitas Diponegoro.
Gul, S., Sajid, M., Razzaq, N., & Afzal, F. (2012). Agency Cost , Corporate Governance and Ownership Structure (The Case of Pakistan). International Journal of Business and Sosial Science, 3(9), 268–277.
Hadiprajitno, P. B. (2013). Struktur Kepemilikan, Mekanisme Tata Kelola Perusahaan, dan Biaya Keagenan di Indonesia (Studi Empirik pada Perusahaan di Bursa Efek Indonesia). Jurnal Akuntansi & Auditing, 9(2), 97–127.
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Jelinek, K., & Stuerke, P. S. (2009). The Nonlinear Relation Between Agency Costs and Managerial Equity Ownership : Evidence of Decreasing Benefits of Increasing Oenership. International Journal of Managerial Finance, 5(2), 156–178. http://doi.org/10.1108/17439130910947886
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Finance Economics, 3, 305–360.
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Mahdavi, G., Maharlouie, M. M., Sarikhani, M., & Ebrahimi, F. (2012). The Impact of Institutional Ownership on Risk-Taking Behaviors. African Journal of Business Management, 6(12), 4488–4495. http://doi.org/10.5897/AJBM11.1361
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Sanjaya, I. P. S., & Christianti, I. (2012). Corporate Governance and Agency Cost: Case in Indonesia. In 2nd International Conference on Business, Economics, Management and Behavioral Sciences (pp. 112–118).
Sari, O. T. (2013). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan. Management Analysis Journal, 2(2), 1–7.
Siregar, S. V., Diyanty, V., Christiningrum, M., & Yuniasih, R. (2014). Efek Entrenchment dan Alignment Pemegang Saham Pengendali pada Strategi Diversifikasi dan Kinerja Perusahaan dan Peran Corporate Governance. Simposium Nasional Akuntansi 17 Mataram (pp. 1–33).
Sudana, I Made. 2015. Teori & Praktik Manajemen Keuangan Perusahaan. Jakarta: Penerbit Erlangga.
Yegon, C., Sang, D. J., & Kirui, J. (2014). The Impact of Corporate Governance on Agency Cost: Empirical Analysis of Quoted Services Firms in Kenya. Research Journal of Finance and Accounting, 5(12), 145–154.
Yulianto, A. (2013). Keputusan Struktur Modal dan Kebijakan Dividen sebagai Mekanisme Mengurangi Masalah Keagenan. Jurnal Dinamika Manajemen, 4(2), 164–183.
Ahmad, A. W., & Septriani, Y. (2008). Konflik Keagenan: Tinjauan Teoritis dan Cara Menguranginya. Jurnal Akuntansi & Manajemen, 3(2), 47–55.
Atmaja, Lukas Setia. 2008. Teori & Praktik Manajemen Keuangan. Yogyakarta : Penerbit ANDI.
Brigham, Eugene F. dan Joel F. Houston. 2006. Dasar-Dasar Manajemen Keuangan. Jakarta : Salemba Empat.
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate Governance, Chief Executive Officer Compensation, and Firm Performance. Journal of Financial Economics, 51(3), 371–406. http://doi.org/10.1016/S0304-405X(98)00058-0
Ehrhardt, Michael C. and Eugene F. Brigham. 2011. Financial Management: Theory and Practice. USA: South Western Cengage Learning.
Firth, M., Fung, P. M. Y., & Rui, O. M. (2008). Ownership , Governance Mechanisms, and Agency Costs in China’s Listed Firms. Jurnal of Asset Management, 9(2), 90–101. http://doi.org/10.1057/jam.2008.13
Ghozali, Imam. 2013. Analisis Multivariat dan Ekonometrika (Teori, Konsep, dan Aplikasi dengan Eviews 8). Semarang: Badan Penerbit Universitas Diponegoro.
Gul, S., Sajid, M., Razzaq, N., & Afzal, F. (2012). Agency Cost , Corporate Governance and Ownership Structure (The Case of Pakistan). International Journal of Business and Sosial Science, 3(9), 268–277.
Hadiprajitno, P. B. (2013). Struktur Kepemilikan, Mekanisme Tata Kelola Perusahaan, dan Biaya Keagenan di Indonesia (Studi Empirik pada Perusahaan di Bursa Efek Indonesia). Jurnal Akuntansi & Auditing, 9(2), 97–127.
Hastori, Siregar, H., Sembel, R., & Maulana, T. N. A. (2015). Agency Costs , Corporate Governance and Ownership Concentration: The Case of Agro-industrial Companies in Indonesia. Asian Social Science, 11(18), 311–320. http://doi.org/10.5539/ass.v11n18p311
Jelinek, K., & Stuerke, P. S. (2009). The Nonlinear Relation Between Agency Costs and Managerial Equity Ownership : Evidence of Decreasing Benefits of Increasing Oenership. International Journal of Managerial Finance, 5(2), 156–178. http://doi.org/10.1108/17439130910947886
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Finance Economics, 3, 305–360.
Keown, Arthur J., David F. Scott, John D. Martin, J. William Petty. 2000. Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Keputusan Direksi PT Bursa Efek Jakarta No Kep.315/BEJ/06-2000 tanggal 30 Juni 2000. Peraturan Pencatatan Efek Nomor 1-A : Tentang Ketentuan Umum Pencatatan Efek Bersifat Ekuitas di Bursa.
Komite Nasional Kebijakan Governance. 2006. Pedoman Umum Good Corporate Governance. Kementerian Koordinator Bidang Perekonomian Republik Indonesia.
Laporan Keuangan Perusahaan Tercatat Periode 2007-2015. Diunduh di http://www.idx.co.id. Diakses pada bulan Agustus 2015- Maret 2016.
Maftukhah, I. (2013). Kepemilikan Manajerial, Kepemilikan Institusional, dan Kinerja Keuangan sebagai Penentu Struktur Modal Perusahaan. Jurnal Dinamika Manajemen, 4(1), 69–81.
Mahdavi, G., Maharlouie, M. M., Sarikhani, M., & Ebrahimi, F. (2012). The Impact of Institutional Ownership on Risk-Taking Behaviors. African Journal of Business Management, 6(12), 4488–4495. http://doi.org/10.5897/AJBM11.1361
Mustapha, M., & Ahmad, A. C. (2011). Agency Theory and Managerial Ownership : Evidence From Malaysia. Managerial Auditing Journal, 26(5), 419–436. http://doi.org/10.1108/02686901111129571
Nekounam, J., Hossini, H. R. M., & Ahmadi, M. (2013). Relationship Between Institutional Ownership and Agency Cost in Investing Market of Iran. Life Science Journal, 10(6s), 34–38.
Ningsih, E. R., & Cahyaningdyah, D. (2014). Reaksi Pasar Modal Indonesia terhadap Pengumuman Kenaikan Harga BBM 22 Juni 2013. Management Analysis Journal, 1(3), 1–5.
Peraturan Otoritas Jasa Keuangan Nomor 33 /POJK.04/2014 Tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik. 2014. Jakarta: Lembaran Negara Republik Indonesia Tahun 2014 Nomor 375.
Prasetyo, T. (2013). Dividen, Hutang, dan Kepemilikan Institusional di Pasar Modal Indonesia: Pengujian Teori Keagenan. Jurnal Dinamika Manajemen, 4(1), 10–22.
Rashid, A. (2015). Managerial Ownership and Agency Cos : Evidence from Bangladesh. Jurnal Business Ethics. http://doi.org/10.1007/s10551-015-2570-z
Riset SWA. Majalah SWA Tahun 2007-2015. Jakarta : PT Swasembada Media Bisnis.
Sanjaya, I. P. S., & Christianti, I. (2012). Corporate Governance and Agency Cost: Case in Indonesia. In 2nd International Conference on Business, Economics, Management and Behavioral Sciences (pp. 112–118).
Sari, O. T. (2013). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan. Management Analysis Journal, 2(2), 1–7.
Siregar, S. V., Diyanty, V., Christiningrum, M., & Yuniasih, R. (2014). Efek Entrenchment dan Alignment Pemegang Saham Pengendali pada Strategi Diversifikasi dan Kinerja Perusahaan dan Peran Corporate Governance. Simposium Nasional Akuntansi 17 Mataram (pp. 1–33).
Sudana, I Made. 2015. Teori & Praktik Manajemen Keuangan Perusahaan. Jakarta: Penerbit Erlangga.
Yegon, C., Sang, D. J., & Kirui, J. (2014). The Impact of Corporate Governance on Agency Cost: Empirical Analysis of Quoted Services Firms in Kenya. Research Journal of Finance and Accounting, 5(12), 145–154.
Yulianto, A. (2013). Keputusan Struktur Modal dan Kebijakan Dividen sebagai Mekanisme Mengurangi Masalah Keagenan. Jurnal Dinamika Manajemen, 4(2), 164–183.
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Affiliations
Rafika Pratiwi
Jurusan Manajemen Fakultas Ekonomi Universitas Negeri Semarang
Arief Yulianto
Jurusan Manajemen Fakultas Ekonomi Universitas Negeri Semarang
How to Cite
1.
Pratiwi R, Yulianto A. Pengaruh Struktur Kepemilikan dan Komisaris Independen terhadap Biaya Keagenan Perusahaan yang Masuk dalam Indonesia Most Trusted Companies. MAJ [Internet]. 25Apr.2017 [cited 24Nov.2024];5(3). Available from: https://journal.unnes.ac.id/sju/maj/article/view/11119
Pengaruh Struktur Kepemilikan dan Komisaris Independen terhadap Biaya Keagenan Perusahaan yang Masuk dalam Indonesia Most Trusted Companies
Vol 5 No 3 (2016): Management Analysis Journal
Submitted: Jun 22, 2016
Published: Apr 25, 2017
Abstract
The divergences between shareholder and manager take agency cost. This study aims to investigate the influence of managerial ownership, institutional ownership, and independent commissoner on agency cost. Population of this study is firms that occur to Indonesia Most Trusted Companies Based on Investor 2007-2015, published by SWA business megazine. The number of sample is 106 observation data through purposive sampling method. Based on linier regression model, the result is managerial ownership and institutional ownership have no significant affect on agency cost, whereas independent commissioner has positif and significant affect on agency cost. So, if proportion of independent commissioner increase, agency cost will increase.