PENGARUH JUMLAH PERTANGGUNGAN ASURANSI TANGGUNG GUGAT DIREKTUR DAN KARYAWAN TERHADAP EFISIENSI INVESTASI DENGAN KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN KARAKTERISTIK PERUSAHAAN PENJAMIN ASURANSI SEBAGAI VARIABEL MODERASI

Abstract

The aim of this study is to examine the influence total coverage of directors’ and officers’ liability insurance on investment efficiency with managerial ownership, institutional ownership, and characteristics of the company’s insurer as a moderating variable. This study also uses two control variables such as asset tangibility and financial slack. The population used in this study consist of firms listed on the Indonesia Stock Exchange in 2014 who bought the directors’ and officers’ liability insurance. The sampling method used in this study is purposive sampling and obtained 32 samples. This study uses multiple regression analysis technique. The results of this study show that total coverage of directors’ and officers’ liability insurance has negatively significant influenced on investment efficiency. Managerial ownership and institutional ownershipreduce the negative influence total coverage of directors’ and officers’ liability insurance on investment efficiency. While, the characteristics of the company’s insurer does not moderate significantly the influence totalcoverage of directors’ and officers’ liability insurance on investment efficiency.