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Hubungan Kebijakan Hutang, Insider Ownership dan Kebijakan Dividen dalam Mekanisme Pengawasan Masalah Agensi di Indonesia

Author

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  • D. Agus Harjito
  • Nurfauziah Nurfauziah

Abstract

This study investigates the substitution relationship (substitutability) among debt policy, insider ownership, and dividend policy as the agency problem control mechanism in Indonesia. If the substitution relationship exists among the agency control mechanisms, the agency problem can be reduced through this relationship. Reducing the agency problem as a result can increase the firm value proxied by Tobin’s Q. This study employs 69 firms listed on Jakarta Stock Exchange from 2001 to 2004. The results of this study indicate that the substitutability among debt policy, insider ownership, and dividend policy as agency problem control mechanism does not exist effectively in Indonesia. Actually, there is substitutability relationship among the control mechanisms, but it is not effective. Keywords: Insider ownership, debt policy, dividend policy, agency problem, substitutability

Suggested Citation

  • D. Agus Harjito & Nurfauziah Nurfauziah, 2006. "Hubungan Kebijakan Hutang, Insider Ownership dan Kebijakan Dividen dalam Mekanisme Pengawasan Masalah Agensi di Indonesia," Jurnal Akuntansi dan Auditing Indonesia, Accounting Department, Faculty of Business and Economics, Universitas Islam Indonesia, vol. 10(2).
    • Handle: RePEc:uii:jaaife:v:10:y:2006:i:2:id:393
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    Cited by:

    1. Yoga Khomaini Aditya & Husnah Nur Laela Ermaya & Ratna Hindria Dyah Pita Sari, 2020. "Free cash flow, ownership structure, and capital structure: Impact on agency cost," Journal of Contemporary Accounting, Master in Accounting Program, Faculty of Business & Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia, vol. 2(2), pages 63-71, May.
    2. Nur Mulyani Dwi Putri & Nurfauziah Nurfauziah, 2022. "The effect of ownership structure on the level of agency conflict: The moderating role of debt level," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(5), pages 314-323, July.

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