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Jurnal

Jurnal Ekonomi & Bisnis Indonesia

Keyword

Insider ownership, dividend, debt, investment, business risk.

Pengarang

Indri Erkaningrum F.

Subject

  1. ECONOMIC
  2. BUSINESS

    [Abstrak]



     The studyof interaction
    among insider ownership, dividend policy, debt policy, investment decision, and
    business risk is still conducted. This research aims at investigating the
    influencing factors of insider ownership, dividend policy, debt policy,
    investment decision, business risk, and the interaction among insider
    ownership, dividend policy, debt policy, investment decision, and business
    risk. The samples of the research are 137 manufacturing companies listed in the
    Indonesia Stock Exchange from the year 2006 to 2010. The three stages least
    square simultaneous equation model is used to analyze the interaction among
    insider ownership, dividend policy, debt policy, investment decision, and
    business risk. The analysis result of insider ownership equation shows that
    investment, business risk, and size have negative influence on insider
    ownership. Insider ownership, debt and business risk give negative impact to
    dividend that is shown on equation of dividend. Negative impact of dividend,
    business risk, and profitability to debt is shown on equation of debt. The
    analysis result of investment equation shows that insider ownership and
    business risk have negative influence on investment, whereas profitability and
    sales growth have positive influence on investment. The analysis result of
    business risk equation shows that insider ownership, dividend, investment, and
    size have negative influence on business risk, whereas variability of earnings
    has positive influence on business risk. The analysis result of the interaction
    among insider ownership, dividend policy, debt policy, investment decision, and
    business risk shows that: 1) there are reciprocal interactions among insider
    ownership, investment, and business risk; 2) there are reciprocal interactions
    between dividend and debt; 3) there are reciprocal interactions between
    dividend and business risk; 4) insider ownership influences dividend; 5)
    business risk influences debt. The empirical evidence of interaction among insider
    ownership, dividend policy, debt policy, investment decision, and business risk
    helps the companies to make financial policy minimize agency problem.



     






    Periode

    Vol 28, Nomor 01, Tahun 2013

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