Struktur Kepemilikan, Karakteristik Dewan dan Biaya Keagenan: Analisis Hubungan Simultan

2008 ◽  
Vol 3 (1) ◽  
pp. 1
Author(s):  
Evlin Handayani ◽  
Elok Pakaryaningsih
Keyword(s):  
Manufacturing Industry ◽  
Stock Exchange ◽  
Agency Cost ◽  
Managerial Ownership ◽  
Corporate Ownership ◽  
Outside Directors ◽  
Board Size ◽  
Board Characteristics

The obiective of this research is to examine the interdependent relationship between agency cost and board characteristics.. ising two ways i measurement, namely, ratios of OPEX and ATO, agency cost is hypothesized to have a simultaneous relationship with board characteristics miasured by board size and the proportion of outside directors. Farthermore, the variabieof corporate ownership measured by managerial ownership and blockholder ownership is used to examine its ffict on both agency cost and board characteristics. (Ising manufacturing industry listed at Jakarta Stock Exchange as the sample, the result shows the interdependent relationship issupported as well as the effect of corporate ownership on agency cost and board characteristics. Moreover the result also shows that agency cost measured by OPEX, robustly explain the interdependent relationship compare to ATO.Keywords: Corporate ownership, agency cost, board characteristics

scholarly journals Financial Distress, Company Size, and Ownership to Tax Avoidance in the Listed Indonesia Stock Exchange Companies

2021 ◽  
Vol 8 (2) ◽  
Author(s):  
Purnamawati P
Keyword(s):  
Financial Distress ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Tax Avoidance ◽  
Corporate Ownership ◽  
Financial Condition ◽  
Food And Beverage ◽  
Business Size ◽  
Tax Payments ◽  
The Right

This paper assesses the effect of financial distress, business size, and institutional ownership affect tax avoidances in the Food and Beverage Sub-Sector Manufacturing Industry Registered at Listed Indonesia Stock Exchange Companies, IDX in 2016-2020. With a quantitative analysis approach, this study finds that the financial distress affects tax avoidance due to the decline in financial condition as experienced by the company. The right of large companies has a tendency to maintain its image to the public so that they will try to comply with the terms of tax payments. Meanwhile, corporate ownership has no influence on tax avoidance due to pressure on owners to implement aggressive tax policies in order to increase profits.

scholarly journals A Comparative Study of Initial Public Offerings in Hong Kong, Singapore and Malaysia

2016 ◽  
Vol 4 (1) ◽  
pp. 1-12
Author(s):  
Horace Ho
Keyword(s):  
Hong Kong ◽  
Comparative Study ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Agency Cost ◽  
Managerial Ownership ◽  
Public Offerings ◽  
Subscription Rate ◽  
Highly Correlated ◽  
The Relationship

Abstract This paper presents the findings of a comparative study on the performance of the initial public offerings (IPOs) of shares listed on the Hong Kong Stock Exchange (HKX), Singapore Exchange (SGX) and Bursa Malaysia (MYX). One indicator of the success of an IPO is its subscription rate, which can be used as a proxy for the level of investor confidence in the stock being offered. This paper examines the relationship between the performance of an IPO and its subscription rate, and the corporate factors that may affect an investor’s decision to subscribe to an IPO. A previous study conducted in Hong Kong (Ho, 2013) did not find support for the effect of the four corporate factors, namely size, managerial ownership prior to the IPO, industry differences and company age, on the subscription decision. However, managerial ownership prior to the IPO was found to be highly correlated with good performance, which could be attributed to a low agency cost in situations where managerial ownership is substantial. Further evidence from Singapore and Malaysia can help to shed light on the importance of agency cost in the pricing of IPOs.

scholarly journals Effects of Capital Structure and Managerial Ownership on Profitability: Experience from Bangladesh

2016 ◽  
Vol 11 (9) ◽  
pp. 218
Author(s):  
Md. Imran Hossain
Keyword(s):  
Capital Structure ◽  
Service Providers ◽  
Stock Exchange ◽  
Agency Cost ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Technological Support ◽  
Critical Success ◽  
Telecom Service ◽  
Research Findings

<p>This paper aims at investigating the effects of capital structure and managerial ownership on the profitability of the Bangladeshi companies based on a strongly balanced panel data of 81 manufacturing companies listed under 10 industries in Dhaka Stock Exchange for 2002-2014. The results of Panel Corrected Standard Error (PCSE) regression model suggest that capital structure variables negatively affect ROA but positively affect ROE of the firms. Furthermore, Short term debt influences profitability of the firms more severely compared to Long term debt. On the contrary, managerial ownership positively affects profitability conforming to the Agency cost theory. It was also found that Bangladeshi firms followed aggressive financing strategies that led to an increase in their financial &amp; bankruptcy risks to a great extent. That the financial managers should employ less leverage in the capital structure and minimize agency cost of equity in order to maximize the profitability of firms is the policy implication of this paper. EN-US style='font-size:10.0pt;font-family: "Times New Roman","serif";mso-ascii-theme-font:major-bidi;mso-fareast-font-family: 宋体;mso-hansi-theme-font:major-bidi;mso-bidi-theme-font:major-bidi;mso-ansi-language: EN-US;mso-fareast-language:ZH-CN;mso-bidi-language:AR-SA'&gt;instead of evaluating an individual chain i.e. Service provided by Original Equipment Manufacturers to Telecom Service Providers or vice versa or from Telecom Service Providers to the End Users. Questionnaires feedback was taken from comprehensive chain of services, i.e. forward and backward chain feedback was considered. Research findings suggest that technological support would improve service delivery system and service organizations shall put special emphasize on Service Quality for achieving critical success, which would improve overall Customer Satisfaction, Customer Loyalty, Operational Performance and Firm Profitability.</p>

scholarly journals Pengaruh Mekanisme Corporate Governance Terhadap Kinerja Keuangan Badan Usaha

2010 ◽  
Vol 3 (2) ◽  
Author(s):  
Filia Puspitasari ◽  
Endang Ernawati
Keyword(s):  
Corporate Governance ◽  
Firm Size ◽  
Foreign Debt ◽  
Ownership Concentration ◽  
Managerial Ownership ◽  
Governance Mechanism ◽  
Outside Directors ◽  
Board Size ◽  
Corporate Governance Mechanism ◽  
The Impact

Nowdays, most researches in corporate governance field are conducted by researchers based on rising of many firms to become public corporation. According to this situation, they have to separate their functions on ownership and control of the firm. As result, it will arise agency conflict between owners and managers. The corporation enable solve the problem by apply the corporate governance mechanism optimally. This research is a replication research is conducted by Sanda et al (2005). It’s explained the specific study about the impact of corporate governance mechanism include managerial ownership, board size, outside directors, ownership concentration, and debt toward financial performance that measured by ROA, ROE, PER, and TOBINS’Q. The samples of this research are all corporations which listed at Bursa Efek Indonesia (BEI) by all sectors that delivered financial statement on time by regulation. The period of time in this research determined on 2005-2007. The model is extended by quadratic of managerial ownership, quadratic of board size, quadratic of ownership concentration, CEO foreign and firm size as control variables, and sectoral dummy. The result of this research explained that corporate governance mechanism simultaneously influence to ROA and ROE significantly. On partially, ROA is influenced by CEO foreign, debt, and firm size significantly. And ROE is inluenced by CEO foreign, firm size, and sector of basic industry significantly.

scholarly journals CORPORATE OWNERSHIP, KARAKTERISTIK EKSEKUTIF, DAN INTENSITAS ASET TETAP TERHADAP PENGHINDARAN PAJAK

2019 ◽  
Vol 12 (3) ◽  
pp. 361
Author(s):  
Umi Sulistiyanti ◽  
R. Andro Zylio Nugraha
Keyword(s):  
Stock Exchange ◽  
Tax Avoidance ◽  
Secondary Data ◽  
Managerial Ownership ◽  
Observation Data ◽  
Corporate Ownership ◽  
Manufacturing Companies ◽  
Fixed Assets ◽  
Negative Effect ◽  
Positive Effect

Tax avoidance is a legal action carried out by corporate taxpayer to reduce, minimize, and alleviate the tax burden in the manner permitted by law. Nowdays, there are a lot of tax avoidance cases in Indonesia. Indonesia is ranked 11th largest with the highest tax avoidance cases with an estimated value of 6.48 billion US dollars. This study aims to analyze the Influence of corporate ownership, executive characteristics, and the intensity of fixed assets on tax avoidance.The research’s population of this study were 152 manufacturing companies listed in Indonesia Stock Exchange (IDX) in 2015,2016, and 2017. This research samples were 62 companies or 167 observation data selected by purposive sampling method. The data used secondary data that obtained from Indonesia Stock Exchange (IDX) and it was analyzed by multiple regression.The results of the study show that Family Ownership and Institutional Ownership have no effect on Tax Avoidance. While managerial ownership has a positive effect on Tax Avoidance. Executive characteristics and Intensity of Fixed Assets have negative effect on Tax Avoidance.

scholarly journals Faktor-Faktor Yang Mempengaruhi Kinerja Perusahaan

2019 ◽  
Vol 2 (5) ◽  
Author(s):  
Michael Hidayat
Keyword(s):  
Firm Performance ◽  
Firm Size ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statement ◽  
Board Members ◽  
Board Independence ◽  
Managerial Ownership ◽  
Board Size ◽  
Size Firm

The Purpose Of This Research Is To Analyze Determinants Of Firm Performance In Non-Financial Companies Listed On Indonesia Stock Exchange. Determinants That Are Tested In This Research Include: Board Independence, Board Size, Firm Size, Firm Age, Liquidity, Leverage, Managerial Ownership, Female Board Members. The Object In This Research Is Non-Financial Companies Listed From 2011 Until 2014. The Population Of This Research Is 378 Non-Financial Companies. Sampling Techniques That Used In This Research Is Purposive Sampling. There Are 30 Non-Financial Companies Listed From 2011 To 2014 Which Met The Criterion Used As Sample. The Data Used Is Secondary Data That Collected From Financial Statement Of The Company. Analysis Method Of This Research Is Multiple Linier Regressions. The Result Of This Research Conclude That Board Independence, Leverage, And Female Board Members Have Influence Toward Firm Performance. Other Variable Such As Board Size, Managerial Ownership, Firm Size, Liquidity, And Age Firm Don’t Have Influence To Firm Performance. 

PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS DAN RESIKO BISNIS TERHADAP KEBIJAKAN HUTANG

Equity ◽  
2016 ◽  
Vol 19 (2) ◽  
pp. 163
Author(s):  
Refdatul Husna ◽  
Wahyudi Wahyudi
Keyword(s):  
Firm Size ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Managerial Ownership ◽  
Business Risk ◽  
Financial Report ◽  
Tax Shield ◽  
Analysis Technique ◽  
Debt Policy

The purpose of this study was to examine the influence of Firm Size, Profitability and Business Risk on Debt Policy of companies manufacturing industry consumption listed in Indonesian Stock Exchange for the period from 2012 to 2014. The population in this study amounted to 37 companies which are all companies manufacturing industry consumption listed in Indonesian Stock Exchange during the period 2012 to 2014. The sample used in this study is a companies that meets the criteria as set out in this study to obtain 28 companies. The data obtained derived from the annual report and financial report of the banks published. The analysis technique used in this research is multiple linear regression to test the classical assumption first. The result showed that the Firm Size is not significantly effects on Debt Policy. While Profitability and Business Risk have a significant influence on Debt Policy. The ability of independent variables (Firm Size, Profitabilty and Business Risk) in explaining the dependent variable (Debt Policy) is 13,9%. The remaining 86,1% is explained by variable such as Non-debt Tax Shield, Tangilibity, Institusional Ownership, Free Cash Flow, Asse Structure, Managerial Ownership and Dividend Policy.

scholarly journals Faktor-faktor yang mempengaruhi kualitas laba pada perusahaan manufaktur

2018 ◽  
Vol 19 (1) ◽  
pp. 47-55 ◽  
Author(s):  
NATASHA SOLY ◽  
NOVIA WIJAYA
Keyword(s):  
Capital Structure ◽  
Board Of Directors ◽  
Firm Size ◽  
Stock Exchange ◽  
Listed Company ◽  
Earnings Quality ◽  
Managerial Ownership ◽  
Board Size ◽  
Dividend Payment

The purpose of the study is to get empirical evidence about factors that affect earnings quality of manufacturing listed company. Eight selected variables are board of directors, board size, managerial ownership, firm size, capital structure, liquidity, dividend payment, and profitability. Multiple regression method was applied on samples of 35 manufacturing listed companies that have been listed in Indonesia Stock Exchange (BEI) from period 2012 until 2015. Samples were selected based on purposive sampling method. The results showed that dividend payment and profitability had influence on earnings quality. Meanwhile, board of directors, board size, managerial ownership, firm size, capital structure, and liquidity had no effect on earnings quality.  

scholarly journals The Influence of Board Characteristics On The Frequency of 10-K Investigations of Firms In The Financial Services Sector

1970 ◽  
Vol 22 (2) ◽  
pp. 101-118
Author(s):  
Mel Schnake ◽  
William Fredenberger ◽  
Robert Williams
Keyword(s):  
Financial Services ◽  
Board Member ◽  
Positive Relationship ◽  
Outside Directors ◽  
Board Size ◽  
Services Sector ◽  
Board Characteristics ◽  
Financial Services Sector ◽  
Negative Link

This study examined the possible impact of board member composition (numberof outside directors), board tenure, board size, and the number of other boards onwhich directors serve, on the number of investigations and/or legal proceedingsbrought against the sample firms by various individuals, groups, and federal andstate agencies. A sample of 180 firms were selected for study from the financialservices sector ofthe economy for the years 1998-2002.The results suggest that, contrary to theory, neither the proportion of outsidedirectors or board size had a significant affect on the number of investigationsbrought against the sample firms. Further, as predicted the results revealed asigntficant and negative link between board tenure and the number of 10K investigations,and a significant and positive relationship between the number of otherboards served on by directors and the number of investigations. Although contraryto theory, this last finding offers some evidence that directors who serve on severalother boards may become too distracted to properly monitor their firms.

scholarly journals Analisis Pengaruh Karakteristik Dewan Terhadap Asymmetric Cost Behavior pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018

2021 ◽  
Vol 6 (2) ◽  
pp. 205-217
Author(s):  
Supriyanto Supriyanto
Keyword(s):  
Stock Exchange ◽  
Control Variable ◽  
Institutional Ownership ◽  
Significant Variable ◽  
Board Size ◽  
Board Characteristics ◽  
Cost Behavior ◽  
Negative Effect ◽  
Asymmetric Cost ◽  
Asymmetric Cost Behavior

Analyzing the effect of the board characteristics on asymmetric cost behavior is the aim of this study. Asymmetric cost behavior is dependent variable, while board characteristics are an independent variable in which there are changes in sales, decrease dummy, interaction term, the board size, and non-executive ratios. In addition, the control variable is owned by institutional ownership. The data population was 1570 data obtained from 314 companies listed on the Indonesia Stock Exchange in 2014-2018. Data samples that had been tested and experienced deviations were 336 samples, therefore, the number of data analyzed is equal to 1234 samples. The annual financial statements were used in this study as secondary data and quantitative research. The result of the study is board characteristics have significant positive effect of changes in sales and interaction terms on asymmetric cost behavior and significant negative effect of decrease dummy on asymmetric cost behavior. The non-significant variable has negative effect on board size and institutional ownership on asymmetric cost behavior, while the ratio of non-executive has positive non-significant effect on asymmetric cost behavior.

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