PENGARUH KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KINERJA KEUANGAN DENGAN KEBIJAKAN UTANG SEBAGAI VARIABEL MEDIASI
Dublin Core
Title
PENGARUH KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KINERJA KEUANGAN DENGAN KEBIJAKAN UTANG SEBAGAI VARIABEL MEDIASI
Subject
managerial ownership, institutional ownership, debt policy, financial performance
Description
Agency problems can trigger an increase in agency
costs which will later cause a decrease in financial
performance. Bathala et al. (1994) states that there are a number of efforts to limit agency disputes, for example by increasing managerial and institutional stock ownership in companies so as to improve financial performance. This study aims to examines the effect of managerial ownership, pressure-resistant institutional ownership and pressure-sensitive institutional ownership on financial performance by using debt policy as a mediating variable. Debt policy is measured using Debt to Equity Ratio (DER) and financial performance
is measured using Return on Equity (ROE). The sample of this study was taken from companies listed on the Indonesia Stock Exchange in 2014-2018. The sample selection uses a purposive sampling method. Data analysis was performed using the Structural Equation Model. The results showed that managerial ownership had a significant positive effect on debt policy,
while pressure-resistant institutional ownership and pressure-sensitive institutional ownership had no effect on debt policy. On the other hand, debt policy, pressure resistant institutional ownership and pressure-sensitive institutional ownership have a significant positive effect on financial performance but managerial ownership has no effect on financial performance. Thus, it can be concluded that debt policy can mediate the effect
of managerial ownership on financial performance but cannot mediate the effect of pressure-resistant institutional ownership and pressure-sensitive institutional ownership on financial performance.
costs which will later cause a decrease in financial
performance. Bathala et al. (1994) states that there are a number of efforts to limit agency disputes, for example by increasing managerial and institutional stock ownership in companies so as to improve financial performance. This study aims to examines the effect of managerial ownership, pressure-resistant institutional ownership and pressure-sensitive institutional ownership on financial performance by using debt policy as a mediating variable. Debt policy is measured using Debt to Equity Ratio (DER) and financial performance
is measured using Return on Equity (ROE). The sample of this study was taken from companies listed on the Indonesia Stock Exchange in 2014-2018. The sample selection uses a purposive sampling method. Data analysis was performed using the Structural Equation Model. The results showed that managerial ownership had a significant positive effect on debt policy,
while pressure-resistant institutional ownership and pressure-sensitive institutional ownership had no effect on debt policy. On the other hand, debt policy, pressure resistant institutional ownership and pressure-sensitive institutional ownership have a significant positive effect on financial performance but managerial ownership has no effect on financial performance. Thus, it can be concluded that debt policy can mediate the effect
of managerial ownership on financial performance but cannot mediate the effect of pressure-resistant institutional ownership and pressure-sensitive institutional ownership on financial performance.
Creator
Niken Dewi Mandarsari
Source
http://jam.stieykpn.ac.id/index.php/jam/issue/view/131
Publisher
STIE YKPN Yogyakarta
Date
Agustus 2020
Contributor
Sri Wahyuni
Rights
P ISSN 2621-7031
E ISSN 2621-704X
E ISSN 2621-704X
Format
PDF
Language
Indonesian
Type
Text
Coverage
Jurnal Akuntansi dan Manajemen STIE YKPN Yogyakarta 2020
Files
Collection
Citation
Niken Dewi Mandarsari, “PENGARUH KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KINERJA KEUANGAN DENGAN KEBIJAKAN UTANG SEBAGAI VARIABEL MEDIASI,” Repository Horizon University Indonesia, accessed March 14, 2025, https://repository.horizon.ac.id/items/show/5689.