PENGARUH KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

Abstract

Ownership structure on relationship with agency theory will influence debt policy. The purpose of this research is to test the effect of managerial ownership and institutional ownership to corporate policy in the perspective of agency theory. This research also tested four control variable, there are firm size, asset structure, earning volatility, and stock volatility. This research based on Wahidahwati (2001) research hypothesis, which found that managerial and institutional ownership have the negative and significant effect to debt policy. This research focused on manufacturing companies listed in Bursa Efek Indonesia for period 2003-2007. The method of data collection is done by using pooling method and give 135 firm year observation. The statistical method used in this research is multiple regression. The Result of this research shows that managerial and institusional ownership haven’t the significant effect to the debt policy. But the control variables that are firm size and earning volatility have the significant effect to the debt policy.