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MODEL AGENCY THEORY DALAM PENENTUAN KEBIJAKAN DIVIDEN DI INDONESIA
Agency theory merupakan salah satu teori yang melandasi bagaimana kebijakan dividen di dalam perusahaan, akan tetapi fenomena “Dividend Puzzle” terkait pengujian tersebut banyak ditemukan di berbagai penelitian. Studi ini bertujuan untuk menganalisis kebijakan dividen di Indonesia melalui Model Agency Theory, sehingga diketahui apakah model agency theory mendukung kebijakan dividen di Indonesia. Selain itu penelitian ini bertujuan juga untuk mencari bagaimana pola kebijakan dividen di Indonesia dan kemudian dibandingkan dengan pola kebijakan dividen di negara emerging market maupun dengan negara non emerging market. Peneliti melakukan penelitian explanari faktor yang merupakan variabel kunci dalam penelitian ini. Adapun variabel kunci yang diuji adalah bagaimana pengaruh kepemilikan manajerial terhadap kebijakan dividen. Selain itu dalam penelitian ini sebagai bentuk keterbaruan memasukkan tiga variabel moderasi yaitu ukuran perusahaan, likuiditas dan jenis industri. Disamping memasukkan variabel moderasi dalam penelitian ini memasukkan empat variabel kontrol yaitu kepemilikan institusional, profitabilitas, leverage dan pertumbuhan. Sampel dalam penelitian yaitu perusahaan non keuangan yang sahamnya diperdagangkan di Bursa Efek Indonesia selama periode 2002-2018. Pengambilan sampel menggunakan teknik purposive sampling, sedangkan teknik analisis menggunakan regresi data panel. Hasil penelitian menunjukkan bahwa kepemilikan manajerial berpengaruh negatif terhadap kebijakan dividen. Ukuran perusahaan dan likuiditas tidak memberikan efek moderasi terhadap hubungan kepemilikan manajerial dengan kebijakan dividen. Temuan penelitian menemukan bahwa pola kebijakan dividen di Indonesia memiliki pola hubungan negatif, sama dengan pola kebijakan dividen di negara emerging market lainnya begitu juga dengan di negara non emerging market. Hal ini menunjukkan adanya penggunaan model agency theory dalam penentuan kebijakan dividen di Indonesia. Temuan berikutnya berkenaan dengan variabel moderasi menunjukkan bahwa ukuran perusahaan dan likuiditas tidak memberikan efek moderasi, hal ini masih terjadi inkonsistensi baik di negara emerging market maupun di negara non emerging market. Temuan lainnya untuk jenis industri memberikan efek moderasi terhadap hubungan kepemilikan manajerial dengan kebijakan dividen, hal ini sesuai dengan penelitian terdahulu yang telah dilakukan baik di negara emerging market maupun di negara non emerging market. Kata Kunci : Kebijakan Dividen, Kepemilikan Manajerial, Ukuran Perusahaan, Likuiditas, Jenis Industri, Agency Theory. ABSTRACT AGENCY THEORY MODEL OF DETERMINING DIVIDEND POLICY IN INDONESIA Imas Purnamasari Promotor, co-promotor and members : Prof. Dr. H. Disman, M.S. Prof. Dr. H. Nugraha, SE., M.Si.,AKT.,CA., CTA., ACPA Dr. Ikaputera Waspada, MM Agency theory is one of the theories that underlie dividend policy in companies, however the “Dividend Puzzle” phenomenon related to this test is found in many studies. This study aims to analyze dividend policy in Indonesia through the Agency Theory Model, so it is known whether the agency theory model supports dividend policy in Indonesia. Besides this research aims also to find out how the pattern of dividend policy in Indonesia and then compared with the dividend policy pattern in emerging market countries and non-emerging market countries. The researchers conducted an explanatory research factor which is a key variable in this study. The key variable tested is how the effect of managerial ownership on dividend policy. In addition, this research as a form of renewal includes three moderation variables, namely company size, liquidity and industry type. Besides incorporating moderation variables in this study, it includes 4 control variables, namely institutional ownership, profitability, leverage and growth. The research sample was in non-financial companies whose shares were traded on the Indonesia Stock Exchange during the period 2002-2018. Sampling uses a purposive sampling technique, while the analysis technique uses panel data regression. The results showed that managerial ownership negatively influenced dividend policy. Company size and liquidity do not provide a moderating effect on the relationship between managerial ownership and dividend policy. While the type of industry gives a moderating effect that weakens the relationship of managerial ownership with dividend policy. The research findings found that the pattern of dividend policy in Indonesia has a negative relationship pattern, the same as the pattern of dividend policy in other emerging market countries as well as in non-emerging market countries. This shows the used of the agency theory model in determining dividend policy in Indonesia. The next finding regarding the moderating variable shows that company size and liquidity do not have a moderating effect, this is inconsistency in both emerging market countries and non-emerging market countries. Another finding for this type of industry has a moderating effect on the relationship between managerial ownership and dividend policy, this is consistent with previous research that has been conducted both in emerging market countries and in non-emerging market countries Keywords : Dividend policy, Managerial Ownership, Company Size, Liquidity, Industry Type, Agency Theory.
D_IMN#Doktor Ilmu Manajemen, Universitas Pendidikan Indonesia
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HD28 Management. Industrial Management
L Education (General)