Kekuatan Monitoring Internal Dan Eksternal, Biaya Keagenan Serta Dampaknya Terhadap Kebijakan Deviden
Keywords:
Partial Least Square, LQ 45, BEI
Abstract
Some of the results of previous studies related to agency costs and dividend policy found any contradictory results, so that the study was designed as a development of previous research that aims to determine how the influence of internal and external monitoring of the agency costs, and how the influence of these variables on dividend policy. Object of the study is a company registered in the Indonesia Stock Exchange in 2011. The sampling method was purposive sampling is included in the list of 45 companies that make up the LQ and does not include financial institutions as well as share dividend. Total sample used 38 companies. The method of analysis is the Partial Least Square (PLS). The results showed internal and external monitoring variables significantly influence agency costs. Internal monitoring variables affect the dividend policy while monitoring external variables and agency costs are not significant.
References
Ang, J.S., Cole, R.A., Lin, J.W., 2000, Agency costs and ownership structure. Journal Finance. 55 (1)
Ang. J.S., Cox dan Don R., 1997, Controlling the agency cost of insider trading. Journal of financial and strategic decisions, 10 (1)
Anthony, N., dan Vijay Govindarajan, 2005, Management Control System, edisi kesebelas, Salemba Empat, Jakarta
Bathala, C.,T., Moon, Kenneth P. Mash dan Roo, Ramesh P. 1994, Managerial Ownership, Debt Policy, and the Impact of Institusional and Agency Perspective, Financial Management , Vol. 23. No. 3 Autumn
Brigham, E.,F, dan Houston, J.F,. 2006, Dasar-Dasar Manajemen Keuangan. Buku Kedua, Edisi Kesepuluh, Penerbit Salemba Empat, Jakarta
Brochman, P., dan Unlu, E.,. 2009, Dividend Policy, Creditor Rights, and the Agency Costs of Debt, Journal of Financial Economics. Volume 92. (2)
Brown, L.,D., Caylor, Marcus L., 2006, Corporate Governance and Firm Valuation. Journal Accounting and Public Policy. 25
Bryan, Stephen., Nash, Robert., Patel, Ajay. 2006, Can the Agency Cost of Debt and Equity Explain the Changes In Executive Compensation During the 1990s?, Journal of Corporate Finance, 12
Byrd, J,. 2010, Financial Policies and the Agency Costs of Free Cash Flow: Evidence from the Oil Industry, International Review of Accounting, Banking and Finance, 2(2)
Chiang., Yi Chein., Ko, Chun Lein, 2009, An Empirical Study of Equity Agency Cost and Internationalization: Evidence from Taiwanese Firms, Research in International Business and Finance, 23
Fatma, B.M. 2010, Interaction between Free Cash Flow, Debt Policy and Structure of Governance: Three Stage Least Square Simultan Model Approach, Journal of Management Research, 3 (2)
Fleming, Grant., Heaney, Richard., McCosker, Rochelle, 2005, Agency Cost and Ownership Structure in Australia, Pasific Basin Finance Journal,13
Florackis, C. dan Ozkan, A. 2004, Agency Cost and Corporate Governance Mechanisms: Evidence for UK Firms. University of York, United Kingdom.
Ghozali, I., 2002, Aplikasi analisis multivariate dengan program IBM SPSS 19. Badan Penerbit Universitas Diponegoro.
Gul, Sajid., Sajid, Muhammad., Razzaq, Nasir., Afzal Farman, 2012, Agency Cost, Corporate Governance and Ownership Structure, 3 (9)
Godfrey, J., Jayne Maree Godfrey, 2010, Accounting Theory. 7th edition. John Wiley
Hadianto, Bram., Herlina. 2011, Faktor Penentu Biaya Keagenan Studi Empirik pada Emiten Pembentuk LQ 45. Manajemen & Bisnis, 10, (1)
Hendry, Darren, 2010. Agency Costs, Ownership Structure and Governance Compliance: A Private Contracting Perspective, Pasific Basin Finance Journal, 18
Huang, Wei., Jiang, Fuxiu., Liu, Zhibiao., Zhang, Min. 2011, Agency Cost, Top Executive's Overconfidence, and
Investment-Cashflow Sensitivity- Evidence from Listed Companies in China. Pasific- basin Finance Journal. 19
Jensen, M., 1986, Agency Cost of Free Cashflow, Corporate Finance, and Takeovers, Am. Econ. Rev. Pap. Proc. 3
Jensen, M., 1993, Presidential Address: The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. Journal of Finance, 48, 831-880.
Jensen, M.C., dan William H. Meckling, 1976, Theory of Firm: Managerial Behavior, Agency Cost and Ownership Structure, Journal of Financial Economics. No. 3
Jiao, Y., 2010, Stakeholder Welfare and Firm Value, Journal of Banking & Finance 34 (10)
Jurkus, A.F., Park, Jung Chul., Woodard, Lorraine S., 2011, Women in Top Management and Agency Cost, Journal of Business Research. 64
Li, Hongxia., Cui, Liming. 2003., Empirical Study of Capital Structure on Agency Costs in Chinese Listed Firms. Nature and Science, 1(1). : 12-20
Keown J, Arthur, Scott Jr, David F, Martin D John, Petty William J. 2010, Dasar-Dasar Manajemen Keuangan. Buku II. Edisi Pertama, Penerbit Salemba Empat. Anggota IKAPI, Jakarta
Khan, Asma., Kaleem Ahmad., Nasir, Mian Sajid. 2012, Impact of Financial Leverage On Agency Cost of Free Cashflow: Evidence from the Manufacturing Sector of Pakistan, Journal Basic and Applied Scientific Research, 2 (7)
Mcknight, Philip J., Weir. Charlie, 2009, Agency Cost, Corporate Governance Mechanisms and Ownership Structure in Large UK Publicly Quoted Companies: A Panel Data Analysis. The quarterly Review of Economic and Finance, 49
Scott, Helen., Zhang, Hao., Keasey, Kevin. 2002, The Link between Dividend Policy and Institutional Ownership, Volume 8 (2)
Singh, Manohar., Davidson III, Wallace N, 2003, Agency Costs, Ownership Structure and Corporate Governance Mechanism, Journal of Banking and Finance, 27
Sugino, 2008. Metode penelitian bisnis. Penerbit Alfabeta, Bandung
Wang, Xi., Manry, David,. Wandler, Scott. 2011, The Impact of Government Ownership on Dividend Policy in China, Advances in Accounting, Volume 27 (2)
Wu, Jianfeng, Tu Rungting. 2007, CEO Stock Option Pay and R&D Spending: A Behavioral Agency Explanation, Journal of Business Research, 60 (5)
Yammeesri, J., Lodh, S.C. 2004, Is family Ownership a Pain or Gain to Firm Performance?. Journal of American Academy of Business. Vol. 4 (1)
Yammeesri, J., Lodh, S.C. dan Herath, S.K. 2006, Influence of Ownership Structure and Corporate Governance Performance Pre Crisis: Evidence from Thailand. International Journal of Electronic Finance. Vol. 1 (2)
Zhang, Y. 2009, Are Debt and Incentive Compensation Substitutes in Controlling the Free Cashflow Agency Problem? Financial Management, 38(3)
Ang. J.S., Cox dan Don R., 1997, Controlling the agency cost of insider trading. Journal of financial and strategic decisions, 10 (1)
Anthony, N., dan Vijay Govindarajan, 2005, Management Control System, edisi kesebelas, Salemba Empat, Jakarta
Bathala, C.,T., Moon, Kenneth P. Mash dan Roo, Ramesh P. 1994, Managerial Ownership, Debt Policy, and the Impact of Institusional and Agency Perspective, Financial Management , Vol. 23. No. 3 Autumn
Brigham, E.,F, dan Houston, J.F,. 2006, Dasar-Dasar Manajemen Keuangan. Buku Kedua, Edisi Kesepuluh, Penerbit Salemba Empat, Jakarta
Brochman, P., dan Unlu, E.,. 2009, Dividend Policy, Creditor Rights, and the Agency Costs of Debt, Journal of Financial Economics. Volume 92. (2)
Brown, L.,D., Caylor, Marcus L., 2006, Corporate Governance and Firm Valuation. Journal Accounting and Public Policy. 25
Bryan, Stephen., Nash, Robert., Patel, Ajay. 2006, Can the Agency Cost of Debt and Equity Explain the Changes In Executive Compensation During the 1990s?, Journal of Corporate Finance, 12
Byrd, J,. 2010, Financial Policies and the Agency Costs of Free Cash Flow: Evidence from the Oil Industry, International Review of Accounting, Banking and Finance, 2(2)
Chiang., Yi Chein., Ko, Chun Lein, 2009, An Empirical Study of Equity Agency Cost and Internationalization: Evidence from Taiwanese Firms, Research in International Business and Finance, 23
Fatma, B.M. 2010, Interaction between Free Cash Flow, Debt Policy and Structure of Governance: Three Stage Least Square Simultan Model Approach, Journal of Management Research, 3 (2)
Fleming, Grant., Heaney, Richard., McCosker, Rochelle, 2005, Agency Cost and Ownership Structure in Australia, Pasific Basin Finance Journal,13
Florackis, C. dan Ozkan, A. 2004, Agency Cost and Corporate Governance Mechanisms: Evidence for UK Firms. University of York, United Kingdom.
Ghozali, I., 2002, Aplikasi analisis multivariate dengan program IBM SPSS 19. Badan Penerbit Universitas Diponegoro.
Gul, Sajid., Sajid, Muhammad., Razzaq, Nasir., Afzal Farman, 2012, Agency Cost, Corporate Governance and Ownership Structure, 3 (9)
Godfrey, J., Jayne Maree Godfrey, 2010, Accounting Theory. 7th edition. John Wiley
Hadianto, Bram., Herlina. 2011, Faktor Penentu Biaya Keagenan Studi Empirik pada Emiten Pembentuk LQ 45. Manajemen & Bisnis, 10, (1)
Hendry, Darren, 2010. Agency Costs, Ownership Structure and Governance Compliance: A Private Contracting Perspective, Pasific Basin Finance Journal, 18
Huang, Wei., Jiang, Fuxiu., Liu, Zhibiao., Zhang, Min. 2011, Agency Cost, Top Executive's Overconfidence, and
Investment-Cashflow Sensitivity- Evidence from Listed Companies in China. Pasific- basin Finance Journal. 19
Jensen, M., 1986, Agency Cost of Free Cashflow, Corporate Finance, and Takeovers, Am. Econ. Rev. Pap. Proc. 3
Jensen, M., 1993, Presidential Address: The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. Journal of Finance, 48, 831-880.
Jensen, M.C., dan William H. Meckling, 1976, Theory of Firm: Managerial Behavior, Agency Cost and Ownership Structure, Journal of Financial Economics. No. 3
Jiao, Y., 2010, Stakeholder Welfare and Firm Value, Journal of Banking & Finance 34 (10)
Jurkus, A.F., Park, Jung Chul., Woodard, Lorraine S., 2011, Women in Top Management and Agency Cost, Journal of Business Research. 64
Li, Hongxia., Cui, Liming. 2003., Empirical Study of Capital Structure on Agency Costs in Chinese Listed Firms. Nature and Science, 1(1). : 12-20
Keown J, Arthur, Scott Jr, David F, Martin D John, Petty William J. 2010, Dasar-Dasar Manajemen Keuangan. Buku II. Edisi Pertama, Penerbit Salemba Empat. Anggota IKAPI, Jakarta
Khan, Asma., Kaleem Ahmad., Nasir, Mian Sajid. 2012, Impact of Financial Leverage On Agency Cost of Free Cashflow: Evidence from the Manufacturing Sector of Pakistan, Journal Basic and Applied Scientific Research, 2 (7)
Mcknight, Philip J., Weir. Charlie, 2009, Agency Cost, Corporate Governance Mechanisms and Ownership Structure in Large UK Publicly Quoted Companies: A Panel Data Analysis. The quarterly Review of Economic and Finance, 49
Scott, Helen., Zhang, Hao., Keasey, Kevin. 2002, The Link between Dividend Policy and Institutional Ownership, Volume 8 (2)
Singh, Manohar., Davidson III, Wallace N, 2003, Agency Costs, Ownership Structure and Corporate Governance Mechanism, Journal of Banking and Finance, 27
Sugino, 2008. Metode penelitian bisnis. Penerbit Alfabeta, Bandung
Wang, Xi., Manry, David,. Wandler, Scott. 2011, The Impact of Government Ownership on Dividend Policy in China, Advances in Accounting, Volume 27 (2)
Wu, Jianfeng, Tu Rungting. 2007, CEO Stock Option Pay and R&D Spending: A Behavioral Agency Explanation, Journal of Business Research, 60 (5)
Yammeesri, J., Lodh, S.C. 2004, Is family Ownership a Pain or Gain to Firm Performance?. Journal of American Academy of Business. Vol. 4 (1)
Yammeesri, J., Lodh, S.C. dan Herath, S.K. 2006, Influence of Ownership Structure and Corporate Governance Performance Pre Crisis: Evidence from Thailand. International Journal of Electronic Finance. Vol. 1 (2)
Zhang, Y. 2009, Are Debt and Incentive Compensation Substitutes in Controlling the Free Cashflow Agency Problem? Financial Management, 38(3)
