Main Article Content

Abstract

Abstrak


Tujuan utama penelitian ini yakni menganalisis pengaruh biaya agensi terhadap kebijakan dividen perusahaan  manufaktur. Sampel dalam penelitian ini adalah 29 perusahaan manufaktur di indonesia, periode 2011-2015. Penelitian ini terdiri dari variabel biaya agensi yakni kepemilikan dispersi, kepemilikan institusi, free cash flow, leverage dan profitabilitas sebagai variabel dependen dan kebijakan dividen sebagai variabel independen. Analisis regresi berganda digunakan untuk menguji pengaruh variabel biaya agensi terhadap kebijakan dividen. Hasil penelitian menunjukan bahwa kepemilikan dispersi dan profitabilitas berpengaruh positif signifikan terhadap kebijakan dividen dan leverage berpengaruh negatif signifikan terhadap kebijakan dividen. Sedangkan, variabel lain tidak berpengaruh signifikan pada kebijakan dividen dan variabel profitabilitas memiliki pengaruh yang paling dominan terhadap kebijakan dividen. Hasil penelitian ini menunjukkan bahwa pemegang saham dan manajemen harus bisa membuat keputusan yang seimbang mengenai kebijakan dividen berkaitan dengan kinerja perusahaan. Pada penelitian selanjutnya, diharapkan dapat membahas lebih komprehensif dan data free cash flow  lebih tinggi jumlahnya, adanya variasi kepemilikan atau perusahaan manufaktur yang lebih kompleks.

Keywords

kebijakan dividen, laporan keuangan tahunan, biaya agensi, perusahan manufaktur.

Article Details

How to Cite
SITI RAHAYU, Amru Sukmajati, & Yuni Pristiwati NW. (2020). PENGARUH BIAYA AGENSI TERHADAP KEBIJAKAN DIVIDEN (STUDI KASUS PERUSAHAAN YANG TERDAFTAR PADA BURSA EFEK INDONESIA TAHUN 2011—2015). JABE (Jurnal Akuntansi, Bisnis Dan Ekonomi), 8(02), 32-54. Retrieved from https://jurnal.stas.ac.id/index.php/jabe/article/view/25

References

  1. Daftar Pustaka
  2. Adaoglu, Cahit. 2000. Emerging Market Review : Instability In The Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Evidance from an Emerging Market. No. 1, pp. 252-270.
  3. Agrawal, A. and N. Jayaraman. 1994. Managerial and Economics: The Dividend Policies of All-equity Firms: A Direct Test of the Free Cash Flow Theory, 5. Pp. 139-148.
  4. Agrawal, Anup and Charles R. Knoeber. 1996. Journal of Financial and Quantilative Analysis: Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.Vol.3 1, No. 3.
  5. Aivazian, Varouji A., Jiaping Qiu, Mohammad M. Rahaman. 2015. Bank Loan Contracting and Corporate Diversification: Does Organizational Structure Matter to Lenders?. Journal of Financial Intermediation. Vol. 24, issue 2. pp 251-282.
  6. Al-Malkawi, Husam Aldin Nizar. 2008. International Journal of Business: Factors Influencing Corporate Dividend Decision: Evidence from Jordanian Panel Data. ISSN: 1083-4346, 13(2).
  7. Al-Twaijry, Abdulrahman Ali. 2007. Dividend Policy and Payout Ratio: Evidence from The Kuala Lumpur Stock Exchange. The Journal of Risk Finance. Vol. 8, No. 4. pp. 349-363.
  8. Alwathainani, Abdulaziz M. 2009. The British Accounting Review: Consistency of Firms Past Financial Performance Measures and Future Returns. 41, pp.184-196.
  9. Ambec, Stefan, Mark A. Cohen, Stewart Elgie, and Paul Lanoie. 2011. Discussion paper: The Porter Hypothesis at 20: Can Environmental Regulation Enhance Innovation and Competitiveness?.
  10. Amedeo De Cesari. 2012. The British Accounting Review: Expropriation of minority shareholders and payout policy. pp. 207-220
  11. Amidu, Mohammed and Joshua Abor. 2006. Journal of Risk Finance: Determinants of Dividend Pavout ratios in Ghana. Vol 7 No. 2, pp. 136-145
  12. Andersson, Tord, Colin Haslam, Edward Lee, George Katechos. dan Nick Tsitsianis. 2010. Accounting Forum: Corporate Strategy Financialized: Conjuncture, Arbitrage and Earnings Capacity in the S&P500. Vol. 34, pp.211-221.
  13. Annisa, Lutfi Sheilla. 2013. Analisis Corporate Governance terhadap Under Price pada Perusahaan Keuangan dan Non Keuangan (Studi pada Perusahaan yang Melakukan IPO Tahun 2004-2012).
  14. Baker, M.. and Wurgler, J. 2004. Journal of Finance: A catering theory of dividends. Vol. 59: 1125-1165.
  15. Brigham, Eugene F. & Houston. 2006. Fundamentals of Financial Management. Tenth Edition. Thomson Business India P. Ltd. ISBN 8135-0002-0.
  16. Cantemir, Dimitrie. 2012. Determinant agents Analysis of Dividend PoliciesPracticed by Companies Listed in Great Britain and France.
  17. Chen, Shenglan, Kun Wang, dan Xiaoxue Li. 2012. China Journal of Accounting Research: Product Market Competition, Ultimate Controlling Structure and Related Party Transactions. Vol 5, pp. 293-306.
  18. Chi. Wuchun and Chenchin Wang. 2008. The International Journal of Accounting: Accounting Conservatism in a setting of Information Asymmetry between Majority and Minority Shareholders. 45, pp. 465-489
  19. Chia, Siow Yue. 2013. The ASEAN Economic Community: Progress, Challenges,and Prospects. ADBI Working Paper Series.
  20. Crutchly, C., and R. Hansen. 1999. Journal Financial Management: A test of theory of managerial ownership, corporate leverage and ofthe agency corporate dividends. Vol 18, pp 36-76.
  21. Dabrowska, Justyna Franc. 2009. Managing Global Transition Journal: Does Dividend Policy Follow the Capital Structure Theory?. Vol. 7, No. 4, pp.36-382.
  22. DeAngelo, Harry, Linda DeAngelo, René M. Stulz. 2004. Dividend Policy,Agency Costs, and Earned Equity. Financial Economics Working Paper.
  23. Deeptee, Purmessur Rajshree dan Boodhoo Roshan. 2009. InternationalInterdisciplinary Journal: Signalling Power of Dividend on Firms' Future Profits a Literature Review. Nottingham University Businees School.
  24. Deitiana, Tita. 2009. Faktor - Faktor Yang Mempengaruhi Kebijakan Pembayaran Dividen Kas Jurnal Bisnis dan Akuntansi, Vol. 11, No. 1, hal 57 64.
  25. Dewi, Made Pratiwi. 2011. Pengaruh Struktur Modal dan Sruktur Kepemilikanterhadap Free Cash Flow dan Kebijakan Dividen pada Perusahaan- Perusahaan yang Go Publik di Bursa Efek Indonesia. Tesis Universitas Udayana Bali.
  26. Djumahir. 2009. Jurnal Manajemen dan Kewirausahaan: Pengaruh Biaya Agensi, Tahap Daur Hidup Perusahaan, dan Regulasi terhadap Kebijakan Dividen pada Perusahaan Manufaktur di Bursa Efek Indonesia. Vol.11, No. (2), pp.144-153.
  27. Easterbrook, F. 1984. American Economic Review: Two Agency Cost Explanations of Dividends. Vol. 74, pp. 650-659.
  28. Elizabeth. 2000. Hubungan Laba Akuntansi dan Arus Kas terhadap Kinerja Perusahaan. Jurnal Riset Akuntansi Indonesia, Vol.6. No. 2: 76-85.
  29. Francis, Rick N. 2011. Advances in Accounting, Incorporating Advances in International Accounting: Out of Sample Cash Flow Prediction and Cash Distributions to Shareholders. Vol. 27, pp. 1-9.
  30. Ghozali, I. 2011. Aplikasi Anal?sis Multivariate dengan Program IBM SPSS 19.Badan Penerbit Universitas Diponegoro: Semarang.
  31. Gill, Amarjit, Nahum Biger, and Rajendra Tibrewala. 2010. The Open Business Journal: Deteminants of Dividend Payour Ratios: Evidence from United States. Vol. 3, pp 8-14.
  32. Godirey, Jayne, Hodgson, Alln, Tarca, Ann Hamilton, Jane dan Scott Holmes.2010. Accounting Theory (7" edition). Australia: John Wiley & Sons.
  33. Gugler, Klaus, dan B. Burcin Yurtoglu. 2002. European Economic Review:Corporate governance and dividend pay-out policy in Germany. Vol. 47,Pp. 731-758.
  34. Gwilyn, Owain Ap, James Seaton, and Stephen Thomas. 2004. Working Paper:Dividends aren't disappearing: Evidence from the UK. ISSN: 1356-3548.
  35. H. Kent Baker and Gary H. Powell. 1999. Managerial Finance: Dividend Policyissues in regulated and unregulated firms: a managerial perspective. Vol 25 issue 6, pp.1-20.
  36. Habib, Y.; Kiani, Z. I. Dan Khan M. A. 2012. Dividend Policy and Share Price Volatility: Evidence From Pakistan. Global Journal of Management and Business Research. Vol. 12, No. 5, pp. 249-256.
  37. Han, K., S. Lee, and D. Suk. 1999. Journal of Financial and Strategic Decisions:Institutional Shareholders and Dividends, 12. pp.53-62.
  38. Haye, Eric. 2014. International Journal of Economics and Finance: Dividend Policy and gency Effects: A look at Financial Firms. Vol. 6, No. 2.
  39. Hermuningsih, Sri. 2013. Pengaruh Profitabilitas, Growth Opportunity, StrukturModal Terhadap Nilai Perusahaan pada Perusahaan Publik di Indonesia. Buletin Ekonomi Moneter dan Perbankan.
  40. Hikmah. Khoirul. 2010. Jurnal Manajemen: Analisis Faktor-Faktor yangMempengaruhi kebijakan Dividen: Pendekatan Teori Stakeholder. Vol. 4 No. 2, pp. 91-105.
  41. Huang. G. 2006. The determinants of capital structure: Evidence from uang.fromG.China.China Economic Review, 17(1), 14-36.
  42. Imran. Kashif. 2011. 7he Romanian Economic Journal: Determinants of DividendPayout Policy: A case of Pakistan Engineering Sector.
  43. Indahningrum, R. P., & Handayani, R. 2009. Pengaruh Kepemilikan Manajerial,Kepemilikan Institusional, Dividen, Pertumbuhan Perusahaan, Free Cash Flow dan Profitabilitas terhadap Kebijakan Hutang Perusahaan. Jurnal Bisnis dan Akuntamsi, 11(3), 189-207.
  44. Jensen. M. C.1986. American Economic Review: Agency Costs of Free CashFlow, Corporate Finance and Takeovers, Vol. 76, pp. 323-339.
  45. Jensen, M., D. Solberg, and T. Zorn. 1992. Journal of Financial and QuantilauveAnalysis: Simultaneous Determination of nsider Ownership, Debt andDividend Policies, 27. pp.247-261.
  46. Jiang, Haiyan, Ahsan Habib, dan Baiding Hu. 2011. British Accounting Review:Ownership Concentration, Voluntary Disclosure, and InformationAsymmetry in New Zealand. Vol. 43, pp. 39-53.
  47. Kania, S. L., & Bacon, F. W. 2005. What factors motivate the corporate dividenddecision? ASBBS E-Journal, 1(1). 97-107.
  48. Kevin C.K. Lam, Heibatollah Sami, and Haiyan Zhou. 2012. China Journal ofAccounting Research: The role of cross listing, foreign ownership, and state ownership in dividend policy in an emerging market. Vol. 5, pp. 199- 216.
  49. Kieso,Kieso, D.E., Jerry J. Weygandt. and Paul D. Kimmel. 2011. IntermediateAccounting Volume 1 IFRS Edition. US: John Wiley and Sons.
  50. Kuwari, Duha Al. 2009. Global Economy and Finance Journal: Determinants ofthe Dividend Policy in Emerging Stock Exchanges: The Case of GCCCountries. Vol. 2 No. 2, pp. 38-63.
  51. Leventis, Stergios, Pauline Weetman, and Constantinos Caramis. 2011. BritishAccounting Review: Agency Cost and Product Market Competition: The Case of Audit Pricing in Greece. Vol. 43, pp. 112-119.
  52. Lewis. Mervyn K. 2010. Accounting Forum: Did Berle and Means get it WrOUERellections on Thorstein Veblen. Paul Samuel son, and Corporate Stratee Financialized, 34, pp. 222-227.
  53. Lin, Chiun Sin dan Chih Pin Huang. 2011. African Journal of BusinessManagement: Measuring Competitive Advantage with an Asset-light Valuation Model. Vol 5 (13). pp 5100-5108.
  54. Lorek, Kenneth S. dan G. Lee Willinger. 2010. Advances in Accounting,Incorporating Advances in International Accounting: Time Series versusCross-Sectionaly derived Predictions of Future Cash. Vol. 26, pp. 29-36.
  55. Manos, Ronny. 2002. Dividend Policy and Agency Theory: Evidence on IndianFirms. Working Paper Series No. 41
  56. Miller, M. H., and Modigliani, F. 1961. Journal of Business: Dividend policy,growth and the valuation of shares, October, 411-433.
  57. Myers. S. C. 1977. Journal of Financial Economics: Determinants of CorporateBorrowing. Vol. 5, pp. 147-175.
  58. Nagel, P. Julius F. 2013. Peluang Dan Tantangan Ukm Indonesia MenghadapiMasyarakat Ekonomi Asean 2015. Sustainable Competitive Advantage(SCA) 3.1.
  59. Nuraeni, D., & Chariri, A. 2010. Pengaruh Struktur Kepemilikan TerhadapKinerja Perusahaan (Studi Kasus pada Perusahaan Manufaktur yang Listing di Bursa Efek Indonesia). Doctoral dissertasi, Perpustakaan FEUNDIP.
  60. Nuringsih, Kartika. 2005. Jurnal Akuntansi dan Keuangan Indonesia: AnalisisPengaruh Kepemilikan Manajerial, Kebijakan Hutang, ROA dan Ukuran Perusahaan terhadap Kebijakan Dividen: Studi: 1995-1996. Vol. 2, No.2,
  61. Pp. 103-123.
  62. Pawestri, Hartini Prasetyaning. 2006. Implikasi Struktur Kepemilikan terhadapNilai Perusahaan: Dengan Keputusan Keuangan sebagai Variabel Intervening. Simposium Nasional Akuntansi IX, Padang.
  63. Petersen, Michael J. 2011. Advances in Accounting, Incorporating Advances inInternational Accounting: Structural and Executional Drivers of Downstream Revenue. Vol. 27, pp. 54-61.
  64. Putri, Imanda Firmantyas dan Mohammad Nasir. 2006. Analisis PersamaanSimultan Kepemilikan Manajerial, Kepemilikan Institusional. Risiko, Kebijakan Hutang, dan Kebijakan Dividen dalam Perspektif Teori Keagenan. Simposium Nasional Akuntansi IX, Padang.
  65. Rosdini. D. 2009. Accounting and Finance Journal: Pengaruh free cash flowterhadap dividend policy, Oktober 2009, 1-9.
  66. Santoso, H. D., & Prastiwi, A. 2012. Analisis Faktor-Faktor Yang MempengaruhiKebijakan Dividen (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2007-2009) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).
  67. Sari Wahyuni dan Kwan Kee Ng. 2012. International Business Journal: HistoricalOutlook of Indonesian Competitivenenss: Past and Current Performance,Vol. 22, issue 3, pp. 207-234.
  68. Sari, D. 2004. Hubungan Antara Konservatisme Akuntansi Dengan KonflikBondholders-Shareholders Seputar Kebijakan Dividen Dan Peringkat Obligasi.Jurnal Akuntansi dan Keuangan Indonesia, 1(2).
  69. Saunders, Mark, Philip Lewis, and Adrian Thornhill. 2009. Research Methods forBusiness Student Fifth Edition. England: Pearson.
  70. Sawicki, J. 2005. An Investigation into the Dividend of Firms in East Asia.Working Paper. Nanyang Technological University of Singapore.
  71. Setiaji, B. 2012. Panduan Riset dengan Pendekatan Kuantitatif. UMS.
  72. Setiawati, Prihandini Ayu. 2014. Analisis PengaruhStruktur Kepemilikan,Deviden, Struktur Aset dan Profitabilitas terhadap Kebijakan Hutang Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar didi Bursa Efek Indonesia Tahun 2010-2012). Semarang: Universitas
  73. Diponegoro.
  74. Shadeva, Ade Swadana. 2015. Pengaruh Biaya Agensi: Struktur kepemilikan,Dispersion of Ownership, dan Struktur Modal terhadap Kebijakan Dividen
  75. Perusahaan Manufaktur yang terdaftar di BEI Tahun 2007-2011. Yogyakarta: Universitas Negeri Yogyakarta.
  76. Sularso, Andi. R. 2003. Jurnal Akuntansi Keuangan: Pengaruh PengumumanDividen Terhadap Perubahan Harga Saham (Relurn) Sebelum dan Sesudah Ex-Dividend Date Di Bursa Efek Jakarta (BEJ).
  77. Syafi'I, Imam. 2011. Media Mahardika: Managerial Ownership, Free Cash Flow dan Growth Opportunity terhadap Kebijakan Hutang. Vol. 10, No. 01.
  78. Thompson, A. et al. (2010). Crafting and Executing Strategy: The quest forcompetitive advantage, 17" Edition, New York, Mc Graw-Hill.
  79. Utami, Siti Rahmi and Eno L. Inanga. 2011. Europe an Journal of Economics,Finance and Administrative Sciences: Agency Costs of Free Cash Flow, Dividend Policy, and Leverage of Firms in Indonesia. ISSN 1450-2275
  80. Issue 33.
  81. Utami, Siti Rahmi. 2012. Determinants of Capital Structure of Firms in theManufacturing Sector of Firms in Indonesia. Doctoral Dissertation of Business Administration, Maastricht School of Management, The Netherland.
  82. Victor A. Puleo, Jr. Frank S. Smith and K. Michael Casey. 2009. ManagerialFinance: Insurance Company Dividend Policy Decisions. Vol. 35, Issue 6,pp. 493-500.
  83. Wang, Xi, David Manry and Scott Wandler. 2011. Advances in Accounting, incorporating Advances in International Accounting: The Impact of Government Ownership on Dividend Policy in China. Vol. 27, pp. 366-372.
  84. Wasan, Sonia and Jeff P. Boone. 2010. Advances in Accounting, Incorporating Advances in International Accounting: Do Accruals ExacerbateInformation Asymmetry in the market?, 26. pp. 66-78.
  85. Wei, Gang and Jason Zezhong Xiao. 2009. The British Accounting Review: Equityownership segregation, shareholder preferences, and dividend policy inChina, 41, pp. 169-183.
  86. Wei, Zhihua, Shinong Wu, Changqing Li, and Wei Chen. 2011. China Journal pAccounting Research: Family Control. Institutional Environment and Cash Dividend Policy: Evidence from China. Vol. 4, pp. 29-46.
  87. Werner, Murhadi. 2008. Studi Kebijakan Deviden: Anteseden dan DampaknyaTerhadap Harga Saham. Jurnal Manajemen dan Kewirausahaan, 10 (1),Pp-1.
  88. Wiranata, Yulius Ardy. 2013. Pengaruh Struktur Kepemilikan terhadap KinerjaPerusahaan Manufaktur di Indonesia. Salatiga: UKSW
  89. Yanming., Cao. 2008. Simultaneous Determination of Managerial Ownership,Financial Leverage &Firm Value. School of Accounting, ShanxiUniversity of Finance & Economics.
  90. Yu, Wen. 2007. Managerial Opportunism & Earnings Surprise: An Investigationof Insider Trading and Perceived Market Valuation Divergence. Doctoral
  91. Dissertasion of Doctor Accounting, Case Western Reserve University.Philosopy in Management,Departement