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Abstract
Abstract
The objective of this study is to investigate the simultaneous relationship between managerial ownership, institutional ownership, debt policy and dividend policy in reducing agency problem mechanism in the Family Business in Indonesia. If there is a negative relationship between the mechanisms of reducing agency problems means there is an interchangeable (substitution) relationship between the mechanisms of reducing the agency problems that agency costs can be reduced. However, if there is a positive relationship means that the increasing use of one of the mechanisms reducing agency problems will increase the use of other mechanism reducing agency problems. The populations of this study are all companies listed on the Indonesia Stock Exchange from 2001 to 2011 except for companies from the financial sector, banking, and the dominant firm is owned by the government. The sample in this study are 46 companies that obtained by the method of purposive sampling. To analyze the relationship between variables simultaneously, this study uses two-stage least squares (2SLS). The result shows that there is significant relationship exists between debt policy and dividend policy. But, there is no significant relationship between insider ownership and debt policy, and between insider ownership and dividend policy in reducing agency problems in the Family Business in Indonesia although the firm performances proxied by Tobin’s Q are increase.
Keywords: agency problems, firm performance and family business.
Abstrak
Penelitian ini bertujuan untuk mengkaji hubungan agensi yang ditunjukkan oleh variabel-variabel pengawasan masalah agesi dengan kinerja pada perusahaan keluarga di Indonesia. Variabel-variabel pengawasan masalah agensi yang digunakan sebagai variabel dependen dan sekaligus juga sebagai variabel independen meliputi kebijakan hutang, kepemilikan insider dan kebijakan dividen, sedangkan kinerja perusahaan keluarga diproksi dengan nilai Tobin’s Q yaitu nilai yang diperoleh dari hasil bagi antara nilai buku total hutang ditambah nilai pasar ekuitas dibagi dengan nilai buku total aset. Adapun variabel independen lainnya yang digunakan meliputi kepemilikan institusi, risiko bisnis, ukuran perusahaan, tingkat profitabilitas, dan tingkat pertumbuhan. Jumlah populasinya sebanyak 59 perusahaan keluarga, sedangkan jumlah sampel penelitian sebanyak 46 perusahaan keluarga yang sudah go public atau terdaftar di Bursa Efek Indonesia mulai tahun 2001 sampai 2011. Data dianalisis dengan metode Two-Stage Least Square (2SLS). Hasil penelitian menunjukkan bahwa terdapat hubungan substitusi yang signifikan antara kebijakan hutang dan kebijakan dividen dalam peranan mekanisme pengawasan masalah agensi pada perusahaan keluarga di Indonesia. Sementara itu, tidak ada hubungan substitusi antara kebijakan hutang dan kepemilikan insider, dan tidak ada hubungan substitusi antara kepemilikan insider dan kebijakan dividen dalam peranan mekanisme pengawasan masalah agensi. Terakhir, disimpulkan bahwa kebijakan hutang memiliki hubungan yang positif dan signifikan dengan kinerja perusahaan, sedangkan kepemilikan insider dan kebijakan dividen tidak memiliki hubungan yang signifikan dengan kinerja perusahaan keluarga di Indonesia.
Kata Kunci: hubungan agensi, kinerja perusahaan, perusahaan keluarga.
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