KEPEMILIKAN MANAJERIAL: KEBIJAKAN HUTANG, KINERJA DAN NILAI PERUSAHAAN

Authors

  • Yulius Jogi Christiawan Faculty of Economics, Petra Christian University
  • Josua Tarigan Faculty of Economics, Petra Christian University

DOI:

https://doi.org/10.9744/jak.9.1.pp.%201-8

Keywords:

managerial ownership, policy of debt, company value and company performance.

Abstract

The objective of this research is to examine whether there is a significant difference between the managerial ownership and non-managerial ownership companies in term of their business decision making process. The business decision mentioned in this paper includes financial decision which is indicated by debt policies (capital structure), operational decision reflected in company's performance, and business decision implied in company's value.The research observes 137 of 336 companies which had been listed in the Jakarta Stock Exchange until the year of 2005. The examination results in the fact that the debt policies and the company's value of the managerial ownership companies are significantly different with non-managerial ownership companies. In contrast, the managerial ownership companies statistically have the same performance with non-managerial ownership companies. Abstract in Bahasa Indonesia : Penelitian ini bertujuan mengetahui apakah terdapat perbedaan pengambilan keputusan bisnis antara perusahaan dengan kepemilikan manajerial dan perusahaan tanpa kepemilikan manajerial. Keputusan bisnis yang dimaksud meliputi: keputusan keuangan yang diproksikan dengan kebijakan hutang (struktur modal), keputusan operasional yang diproksikan dengan kinerja perusahaan, dan keputusan bisnis secara keseluruhan yang diproksikan dengan nilai perusahaan.Penelitiaan dilakukan atas 137 dari 336 perusahaan yang terdaftar di Bursa Efek Jakarta sampai dengan tahun 2005. Penelitian ini membuktikan bahwa terdapat perbedaan kebijakan hutang dan nilai perusahaan antara perusahaan dengan kepemilikan manajerial dan perusahaan tanpa kepemilikan manajerial. Sedangkan kinerja antara perusahaan dengan kepemilikan manajerial dan perusahaan tanpa kepemilikan manajerial tidak terdapat perbedaan. Kata kunci: kepemilikan manajerial, kebijakan hutang, nilai perusahaan dan kinerja perusahaan.

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How to Cite

Christiawan, Y. J., & Tarigan, J. (2008). KEPEMILIKAN MANAJERIAL: KEBIJAKAN HUTANG, KINERJA DAN NILAI PERUSAHAAN. Jurnal Akuntansi Dan Keuangan, 9(1), pp. 1–8. https://doi.org/10.9744/jak.9.1.pp. 1-8

Issue

Vol. 9 No. 1 (2007): MAY 2007

Section

Articles

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