Analisis Agency Cost, Struktur Kepemilikan dan Mekanisme Corporate Governance

Faisal Faisal

Abstract


This paper examines the relationship between ownership structure, corporate governance and agency costs measured in terms of asset utilization and operating expense. This paper based on the previous research by Ang et al. (1999) and Singh et al. (2003). I utilize a sample of 96 firms from Jakarta Stock Exchange for periods of 1999-2001. Univariate results show that firms with  high managerial ownership are more efficient in their asset utilization than firms with low managerial ownership, but the difference is insignificant. Firms with high institutional ownership and large size of boards are significantly more efficient than low those of  institututional ownership and small size of boards. Multivariate results fail to confirm that managerial and institutional ownership  have potential  effect to agency costs (asset utilization and operating expense). However, I  find there is a positive relationship between board size and asset utilization and negative relationship to operating expense. This evidence is consistent with the notion that large boards are  effective to monitor firm performance.

Keywords


Agency Costs; Ownership Structure; Board of Directors.



DOI: http://doi.org/10.33312/ijar.135

Refbacks

  • There are currently no refbacks.


-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Indonesian Journal of Accounting Research (IJAR)

Editorial Secretariat

Master of Science and Doctoral Programs
Faculty of Economics and Business, Gadjah Mada University

Jl. Nusantara, Bulaksumur Yogyakarta 55281
CP : Novita
Phone  : +62 812-2848-2829
Fax    : +62 274 524606
Website: http://ijar-iaikapd.or.id/
Email  : sekretariat@ijar-iaikapd.or.id

Marketing and Sales Office

Ikatan Akuntan Indonesia
Graha Akuntan, Jl. Sindanglaya No.1 Menteng, Jakarta Pusat 10310
CP : Reza Fauzi
Divisi Pelayanan, Keanggotaan dan Mitra IAI.
Grha Akuntan, Jl. Sindanglaya No.1, Menteng.
Telp.021-31904232 Ext.324/321

 

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ISSN 2086-6887 (Print)
ISSN 2655 - 1748 (online)

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

 

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------