Analisis Pengaruh Faktor-Faktor Pada Agency Problems dan Keputusan Stock Repurchase di Indonesia

Christian Yendi Kurniawan
Submission Date: 2016-01-27 09:19:11
Accepted Date: 2016-04-28 10:46:38

Abstract


Agency problems merupakan suatu permasalahan karena adanya perbedaan kepentingan antara manajemen perusahaan dan shareholder maupun debtholder. Salah satu alternatif untuk memitigasi agency problems, yaitu stock repurchase di mana perusahaan membeli kembali saham yang sudah beredar di pasar modal. Dalam melakukan stock repurchase, perusahaan perlu mempertimbangkan managerial discretion, ownership structure, agency problem, dan valuation, sehingga mampu menunjukkan signal positif dan tingkat kebaikan fundamentalnya kepada pasar. Penelitian ini menggunakan aktivitas stock repurchase pada listed company di Indonesia dari tahun 2002 hingga 2014.

Penelitian ini bertujuan untuk membuktikan hubungan antar variabel yang mempengaruhi agency problems dan pengaruhnya terhadap keputusan stock repurchase antara perusahaan milik swasta dan negara. Metode yang digunakan dalam penelitian ini berbeda dengan penelitian sebelumnya, yaitu partial least square (PLS-SEM). Penelitian ini menggunakan 108 aktivitas stock repurchase. .

Penelitian ini menunjukkan bahwa agency problems pada perusahaan di Indonesia dipengaruhi oleh managerial discretion dan ownership structure khususnya dominasi institutional holdings. Sedangkan stock repurchase pada perusahaan milik negara dipengaruhi oleh managerial discretion. Penelitian ini juga memberikan suatu fakta bahwa perusahaan di Indonesia melakukan stock repurchase di saat harga saham overvalue karena perusahaan ingin memaksimalkan kesejahteraan shareholder.

Kata Kunci : Agency Problems, Partial Least Square, Overvalue, Stock Repurchase.

Keywords


Partial Least Square

References


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