SIMULTANITAS STRUKTUR KEPEMILIKAN, KEBIJAKAN DIVIDEN, DAN UTANG

2012 ◽  
Vol 8 (2) ◽  
pp. 159
Author(s):  
Krisna Mutiara Wati
Keyword(s):  
Ownership Structure ◽  
Institutional Ownership ◽  
Manufacturing Firms ◽  
Least Square ◽  
Managerial Ownership ◽  
Two Stage ◽  
Dividend Policies

The purpose of this study is to examine the simultaneity of four financial variable, i.e. institutional ownership, managerial ownership, dividend policies, and Debt. This study analyzes a sample of IDX-listed manufacturing firms over the period 2006 – 2010. The  coefficients of model are estimated using two stage least square model. The results show a number of important findings. Firstly, institutional ownership was determined simultaneously with managerial ownership, and the coefficient support agency hypothesis. Secondly, institutional ownership was determined simultaneously with dividend, but the coefficient does not support agency hypothesis. Thirdly, institutional ownership was not determined simultaneously with debt. Fourthly, dividend was determined simultaneously with dividend with debt.Keywords: ownership structure, dividend, debt

scholarly journals PENGARUH KARAKERISTIK PERUSAHAAN DAN STRUKTUR KEPEMILIKAN TERHADAP PENGHINDARAN PAJAK / TAX AVOIDANCE PADA PERUSAHAAN BUMN YANG TERDAFTAR PADA BEI TAHUN 2013-2016

2020 ◽  
Vol 7 (1) ◽  
pp. 28-46
Author(s):  
Arviyanti Arviyanti ◽  
Enong Muiz
Keyword(s):  
Ownership Structure ◽  
Tax Avoidance ◽  
Institutional Ownership ◽  
Capital Intensity ◽  
Least Square ◽  
Managerial Ownership ◽  
Effective Tax Rate ◽  
Tax Rate ◽  
Significant Negative Effect ◽  
Negative Effect

This study was conducted to determine empirical evidence of the influence of company characteristics and ownership structure on tax avoidance / tax avoidance in state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange (BEI) in 2013-2016. The samples used were 15 companies for 4 years so the total sample of 60 company data. Analysis of the data used is GLS (General Least Square) with the help of Eviews version 9. For independent variables, variable company characteristics are proxied on profitability (Return on Assets / ROA), leverage (Debt to Equity Ratio / DER), company size (Size) , capital intensity (Capital Intensity Ratio / CIR). The ownership structure variable is proxied to managerial ownership (OWNMANAG) and institutional ownership (OWNINS). As for the dependent variable tax avoidance is proxied at the effective tax rate (ETR / Effective Tax Rate). The results of this study are the influence of company characteristics which are proxied on ROA, DER, Size, CIR, only ROA which has a significant negative effect on tax avoidance. DER and Size have no significant negative effect, while and CIR have positive but not significant effect on tax avoidance. Effect of Proposed Ownership Structure on managerial ownership does not have a significant positive effect on tax avoidance and institutional ownership does not have a significant negative effect on tax avoidance

Does Hotel Ownership Structure Influence Capital Expenditures?

2018 ◽  
Vol 59 (4) ◽  
pp. 325-338 ◽  
Author(s):  
Hong Soon Kim ◽  
SooCheong (Shawn) Jang
Keyword(s):  
Empirical Evidence ◽  
Ownership Structure ◽  
Causal Effect ◽  
Hotel Industry ◽  
Institutional Ownership ◽  
Least Square ◽  
Managerial Ownership ◽  
Firm Investment ◽  
Effective Measure ◽  
Firm Ownership

The purpose of this article was to provide an understanding of the ownership effect on firm investment in the hotel industry. Specifically, a linear relationship between institutional ownership and firm investment was investigated, while a nonlinear relationship between managerial ownership and firm investment was tested based on the convergence of interest and managerial entrenchment hypotheses. This study used two-stage least square (2SLS) regression for the model estimation because an endogenous relationship was suspected between managerial ownership and firm investment. The results of this study confirmed a positive relationship between institutional ownership and firm investment and an inverted U-shaped relationship between managerial ownership and firm investment with a maxima of 17.34%. The results of this study imply that firm investment is dependent on ownership structure. Furthermore, current shareholders should consider granting a stock ownership to managers up to 17.34% to encourage them to act in shareholders’ best interest while avoiding additional issues associated with high managerial ownership. The findings of this study provided empirical evidence that conventional short-term institutional investors hold a long-term perspective when investing in hotel firms, and managerial ownership is an effective measure to mitigate agency problems. Theoretically, this study provided empirical evidence that firm ownership has a causal effect on firm investment in the hotel industry. This finding is expected to expand our understanding of the corporate governance effect on firm behavior. Furthermore, this study confirmed the use of 2SLS regression in the presence of an endogenous relationship between firm ownership and investment.

scholarly journals Ownership Structure and Earnings Management of Listed Conglomerates in Nigeria

2017 ◽  
Vol 1 (4) ◽  
pp. 42-54
Author(s):  
Musa Adeiza Farouk ◽  
Nafiu Muhammad Bashir
Keyword(s):  
Earnings Management ◽  
Ownership Structure ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Negative Influence ◽  
Least Square ◽  
Earning Management ◽  
Annual Reports ◽  
Secondary Source ◽  
Managerial Ownership

Earnings management is a critical issue in developed and developing countries. In Nigeria, the issue is left under the disguise of business ethics. Only the financial sector of the economy is under close surveillance to check the earning management excesses. Even though earning management does not violate accounting rules, its practice is ethically questionable. Therefore, the study examines the effect of ownership structure on earnings management of listed conglomerates in Nigeria. Ownership structure is represented with managerial ownership, institutional ownership, block ownership and foreign ownership, while earnings management is measured using modified Jones model by Dechow, Sloan and Sweeney (1995). The robust ordinary least square technique was used while Stata 13 was adopted as a tool for the analysis. Data were obtained from the secondary source through the firm’s annual reports and accounts. The entire six listed conglomerates on the Nigerian Stock Exchange were used covering the period 2008-2014. The findings show that managerial ownership and ownership concentration have a significant and negative effect on earnings management of listed conglomerates in Nigeria, while foreign ownership recorded positive and significant effect on earnings management of firms, institutional ownership was however reported to have an insignificant but negative influence on earnings management. The study, therefore, recommends that management should be encouraged to have more interest through shares in the organisation as it enables them to have more sense of belonging, which in turn will help mitigate their opportunistic tendencies.

Ownership Structure and Dividend Policy in Listed Industrial and Consumer Goods Firms in Nigeria: Heckman’s Two-Stage Approach

2021 ◽  
Vol 3 (3) ◽  
pp. 288-308
Keyword(s):  
Ownership Structure ◽  
Consumer Goods ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Foreign Ownership ◽  
Two Stage ◽  
Second Stage ◽  
Negative Effect ◽  
Block Holders

The decision on the magnitude of dividend has been identified to be highly related to the decisions to pay or not to pay dividends in formulating dividend policy. However, literature seems to be homogeneous and focused on examining the effect of ownership structure on dividend level or probability of paying dividends. Therefore, the paper examines the effect of ownership structure on dividend policy using Heckman’s two-stage technique. Utilizing 304 firm-year observations from industrial and consumer goods firms listed in the Nigerian Stock Exchange for the period within 2009-2019, the result shows that in the first stage, only foreign ownership has a negative significant effect on the probability of paying dividends. However, after accounting for a possible correlation between the probability of paying dividends and dividend pay-out, the result on the second stage exhibits a significant negative effect with block-holders and foreign ownerships on dividend policy while institutional ownership reveals a positive significant effect. The overall results show that the lower the foreign ownership the higher the possibility of paying dividends. Also, higher dividend pay-out is associated with the lower level of block-holders and foreign ownerships coupled with higher institutional ownership in listed industrial and consumer goods firms in Nigeria.

How does ownership structure affect the financing and dividend decisions of firm?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tahar Tayachi ◽  
Ahmed Imran Hunjra ◽  
Kirsten Jones ◽  
Rashid Mehmood ◽  
Mamdouh Abdulaziz Saleh Al-Faryan
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Generalized Method Of Moments ◽  
Institutional Ownership ◽  
Agency Cost ◽  
Debt Financing ◽  
Policy Implications ◽  
Managerial Ownership ◽  
Content Type ◽  
The Impact

Purpose Ownership structure deals with internal corporate governance mechanism, which plays important role in minimizing conflict of interests between shareholders and management Ownership structure is an important mechanism that influences the value of firm, financing and dividend decisions. This paper aims to examine the impact of the ownership structures, i.e. managerial ownership, institutional ownership on financing and dividend policy. Design/methodology/approach The authors use panel data of manufacturing firms from both developed and developing countries, and the generalized method of moments (GMM) is applied to analyze the results. The authors collect the data from DataStream for the period of 2010 to 2019. Findings The authors find that managerial ownership and ownership concentration have significant and positive effects on debt financing, but they have significant and negative effects on dividend policy. Institutional ownership shows a positive impact on financing decisions and dividend policy for sample firms. Originality/value This study fills the gap by proving the policy implications for both firms and investors, as managers prefer debt financing, but at the same time try to ignore dividend payment. Therefore, investors may not invest in firms with a higher proportion of managerial ownership and may choose to invest more in institutional ownership, which lowers the agency cost.

Investigating the Relationship Between Ownership Structure and Investment Efficiency in Emerging Markets: Evidence From the Egyptian Stock Market

2018 ◽  
Vol 8 (4) ◽  
pp. 1
Author(s):  
Ahmed Sayed Rashed ◽  
Ebitihj Mostafa Abd ◽  
Esraa Fathi Mohamed Ismail ◽  
Doaa Mohamed Abd El Samea
Keyword(s):  
Ownership Structure ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Negative Relationship ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Investment Efficiency ◽  
Outside Director ◽  
Director Ownership ◽  
The Relationship

This paper aims to examine the relationship between Ownership Structure Mechanisms (Managerial Ownership, Institutional Ownership, Block holder Ownership and Outside Director Ownership) and Investment Efficiency by using panel data analysis. To investigate this relationship used the multiple regression models. Findings of investigation of 35 firms listed on the Egyptian Stock Exchange in the period 2006 to 2015 by balanced Panel model representative. Results indicated that Managerial Ownership isn’t related with investment efficiency. In contract, institutional ownership, block holder ownership and outside director ownership have a negative relationship with investment efficiency. In addition, the researcher found that control variables (Firm size, Debt ratio, Tobin’s Q) not related to investment efficiency. These findings imply that the Majority of Egyptians firms relies on institutional without individual ownership and then reduces much of possible from agency problems and decreasing information asymmetry and facilitating the monitoring of investment decisions.

scholarly journals KETERKAITAN MANAGERIAL OWNERSHIP DAN LEVERAGE TERHADAP NILAI PERUSAHAAN: DALAM KONTEK HUBUNGAN KEAGENAN PERUSAHAAN DI INDONESIA

2021 ◽  
Vol 5 (1) ◽  
pp. 160
Author(s):  
Margarita Ekadjaja ◽  
Rorlen Rorlen ◽  
Fanny Andriani Setiawan ◽  
Kartika Nuringsih
Keyword(s):  
Decision Making ◽  
Firm Value ◽  
Agency Costs ◽  
Least Square ◽  
Managerial Ownership ◽  
Corporate Value ◽  
Manufacturing Companies ◽  
Positive Interaction ◽  
Two Stage ◽  
The Relationship

Manajemen dan nilai perusahaan memiliki keterkaitan yang tidak dapat dipisahkan.  Dimana manajemen perusahaan merupakan penggerak roda perusahaan dan berorientasi pada nilai perusahaan. Peran seorang manajer adalah memaksimalkan kekayaan bagi pemegang saham.  Namun, manajer yang tidak memiliki kepemilikan saham yang signifikan di perusahaan dapat memilih untuk memaksimalkan keuntungan bersih mereka sendiri dengan mengorbankan pemilik perusahaan. Akibatnya, pemilik terpaksa mengeluarkan biaya agensi untuk memastikan bahwa manajemen perusahaan bertindak dengan cara yang tepat. Cara untuk mengurangi biaya agensi adalah memaksa perusahaan untuk meningkatkan hutang. Tujuan penelitian adalah  menguji hubungan simultan pertukaran antara ownership, leverage, dan nilai perusahaan sehubungan dengan keagenan pada perusahaan manufaktur di Indonesia dari tahun 2012-2018. Penelitian ini menambah pemahaman mengenai keterkaitan antara ownership dengan leverage, dan nilai perusahaan. Analisis data untuk argumen tentang keterkaitan simultan antara  ownership, leverage, dan nilai perusahaan melalui data panel regresi berganda 2 SLS (Two Stage Least Square). Bidang penelitian ini diperluas dengan mempertimbangkan model empiris di mana ownership dan leverage masing-masing diperlakukan sebagai variabel endogen atau ditentukan bersama.  Dalam metode 2 SLS ada 2 kali variabel yang diobservasi secara simultan untuk menghindari bayes sehingga variabel tersebut tidak bias, di mana variabel managerial ownership dan Leverage merupakan determinan non linier nilai perusahaan sebagai bagian integral dari pengambilan keputusan perusahaan dalam kerangka keagenan.  Persamaan Regresi hasil uji 2SLS memunjukkan keterkaitan nilai perusahaan dengan managerial ownership dan leverage. Hasil menunjukkan interaksi positif  tidak signifikan antara managerial ownerhip dengan nilai perusahaan, interaksi positif signifikan antara nilai perusahaan dengan leverage, dan interaksi yang negatif signifkan antara managerial ownership dengan leverage. Management and corporate value have an inseparable relationship. Where the company management is the driving force of the company and oriented to corporate values. The role of a manager is to maximize wealth of shareholders. However, managers who do not have a significant share in the company may choose to maximize their own net profits at the expense of the company owners. As a result, the owners are forced to incur agency costs to ensure that company management acts in an appropriate manner. The way to reduce agency costs is to force the company to increase debt. The research objective is to examine the exchange simultaneous relationship between ownership, leverage, and corporate value with respect to agency in manufacturing companies in Indonesia from 2012-2018. This study adds to the understanding of the relationship between ownership and leverage, and corporate value. Data analysis for arguments about the simultaneous relationship between ownership, leverage, and firm value through 2 SLS (Two Stage Least Square) multiple regression panel data. This field of research is extended by considering empirical models in which ownership and leverage are treated as endogenous or co-determined variables, respectively. Ownership and Leverage as an integral part of corporate decision making within an agency framework, which in turn will affect the value of the company. In the SLS 2 method, there are 2 variables that are observed simultaneously to avoid bayes so that the variable is not biased, in which the managerial ownership and leverage variables are nonlinear determinant corporate value as an integral part of corporate decision making within the agency framework, which in turn will affect firm value. The 2SLS regression equation results show the relationship between firm value and managerial ownership and leverage. The results prove that there is a positive interaction between managerial ownership between firm value, a significant positive interaction between firm value and leverage, and a significant negative interaction between managerial ownership and leverage.

scholarly journals Ownership Structure and Dividend Policy of Listed Deposit Money Banks in Nigeria: A Tobit Regression Analysis

2016 ◽  
Vol 6 (1) ◽  
pp. 1 ◽  
Author(s):  
Idris Ibrahim ◽  
Hussaini Shuaibu
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Institutional Ownership ◽  
Free Cash Flow ◽  
Ownership Concentration ◽  
Managerial Ownership ◽  
Tobit Regression ◽  
Diverse Range ◽  
Dividend Payment ◽  
Ex Post

Free cash flow hypothesis posit that regular paying of dividend can reduce agency conflict and through this, the range of future probable misuse of resources by management reduces. Ownership structure has been identified to have relationship with dividend policy of a firm.  Though the relationship is different for different class of owners and at different level; it does not influence dividend policy uniformly. Although, the linkage between the two has been monitored by many researchers, yet empirical researches do not provide consensus as to the direction of the relationships. Thus, the paper investigates the likelihood impact of ownership structure on dividend policy in the context of agency relation while using managerial ownership, institutional ownership, ownership concentration and foreign ownershipon dividend policy in the listed Deposit Money Banks (DMBs)in Nigeria. The research designs are Correlational and ex-post facto using secondary data extracted from the sampled companies’ annual financial reports for the period 2010-2014. Maximum likelihood (panel data tobit regression) is adopted as a technique of analysis for the study, using a sample of ten (10) out of seventeen (17) listed DMBs in Nigeria that served as population. The result shows that managerial ownership and ownership concentration are likely to have significant negative impact on dividend policy of listed DMBsin Nigeria, while institutional ownership is found to have likely significant positive impact on dividend policy of listed DMBs in Nigeria. But foreign ownership is found not to have likely significant impact on dividend policyof listed DMBsin Nigeria. Based on the findings, it is recommended among others that policy makers (Security and Exchange Commission and Corporate Affairs Commission) to design future policies where dividend payment could be facilitated and the diverse range of shareholders to be satisfied most especially minority shareholders. And that a limit should be set for managers on the proportion of shares to be held as this can facilitate dividend payment.

scholarly journals The Effect of Ownership Structure, Profitability, Firm Size and Tangibility on Capital Structure

2018 ◽  
Vol 7 (4) ◽  
pp. 494-505
Author(s):  
Tika Iswarini ◽  
Anindya Ardiansari
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Ownership Structure ◽  
Financial Management ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Company Value ◽  
Optimal Value

The important decision faced by financial management which relates to the continuity of company operations is funding decision which is capital structure. Capital structure achieves optimal value if the composition of debt and capital are able to increase company value. The purpose of this research is to examine the effect of ownership structure, profitability, firm size, and tangibility against capital structure (research on manufacturing companies listed on Indonesia Stock Exchange period 2012-2016). The population in this research were all manufacturing companies listed on the Indonesia Stock Exchange 2012-2016. This research used purposive sampling method with certain criteria to determine the sample. The sample used was 38 companies with the research period 2012-2016 at manufacturing companies listed on the Indonesia Stock Exchange. Multiple regression analysis using Eviews 8 was used to analyze the data. The result of multiple linear regression test showed that there were three independent variables that affect capital structure they were managerial ownership, firm size and tangibility. Whereas institutional ownership and profitability did not affect the capital structure of manufacturing companies in 2012-2016. The conclusion of this research is managerial ownership, firm size and tangibility have positive and significant effect on capital structure, while institutional ownership and profitability have negative and insignificant effect on capital structure.

scholarly journals Conservatism Determinants: Evidence from Indonesia Manufacturing Sector

2019 ◽  
Author(s):  
Muhammad Tesar ◽  
Lidiyawati .
Keyword(s):  
Ownership Structure ◽  
Financial Distress ◽  
Manufacturing Industry ◽  
Manufacturing Sector ◽  
Institutional Ownership ◽  
Financial Statements ◽  
Accounting Conservatism ◽  
Managerial Ownership ◽  
Regression Methods ◽  
Industry Sector

Accounting conservatism lead the preparation of financial statements which in the act of recognize cost or loss estimates, but do not immediately recognise future revenues or profits even though the probability of occurrence is large. This study aims to measure the factors that encourage companies to apply the principle of conservatism in the manufacturing industry sector with regression methods. Then it was found that; managerial ownership structure, institutional ownership structure, financial distress, and company size simultaneously and partially do not have a significant influence on the application of the principle of accounting conservatism. The existence of asymmetry information on financial statements has thought to have an impact on the difficultyofmeasuringthebasisofconservatismactions,as well as the determinants of factors beyond observation. Therefore, it was expected that the process of presenting financialstatementscouldreflectmanagementperformanceindependentlyinorderto provide information according to its occurrence

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