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Jurnal Keuangan dan Perbankan


KEYWORD : institutional ownership, leverage, managerial ownership


  1. Cliff Kohardinata
  2. Christian Herdinata


    1. FINANCE
    2. BANKING



      ABSTRACT :

      The main purpose
      of company was to increase company’s value through increased prosperity of
      owner or shareholders. However, the management often had other objectives that
      caused conflicts of interest between management and sahreholders of the
      company, in which the conflict was referred to as agency problem (jensen &
      making 1967). To minimize the differences between the interest of owners and
      managers, the owner could give shares to managers of increased stock ownership
      by institutional in order to minitor managers. If the owner of the company
      wanted to reduce agency conflict by increasing managerial ownership and
      institutional ownerhip could reduce the financial risk that occured from
      leverage. This study aimed to analyze the effect of managerial ownership and
      institutional ownership on leverage policy. This study used the entire
      population of companies listed in indonesia stock exchange. Sampling was
      purposive sampling, and analytical techniques used was ordinary least squares.
      The control variables were structure of assets, return on assets, financial
      distress, asset utilization, asset growth opportunities and risk of the
      company. This study found that managers considered risk factors more than
      growth opportunities and the institutional shareholders considered growth
      opportunities more than company risk.


      Vol 17, Nomor 03, Tahun 2013


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