Pengaruh Pemisahan Hak AliranKas dan Hak Kontrol terhadap Dividen



The expropriation of minority shareholders by those of controlling shareholders is the main agency conflict in firms with concentrated ownership. The expropriation is obvious when cash flow and control rights are separated through pyramiding and cross-holdings. The ultimate ownership concept is used to identify the separation and investigate its implications on dividend. By using sample of firms listed in the Jakarta Stock Exchange for the period from 2000 to 2004, empirical evidence shows that cash flow and control rights do not go together but have different implications. The cash flow right concentration is an incentive to avoid expropriation. This can be seen from evidences of positive effects of cash flow rights on dividend. On the other hand, control right concentration is an incentive to generate private benefits through expropriation. This conclusion is supported by evidence of negative effects of control rights on dividend. When control rights exceed cash flow rights, the controlling shareholders have higher incentive to expropriate by participating in firm's management. The controlling shareholders' participation in management makes them more free to generate private benefits. The incentive, how ever is lower when a firm has the second controlling shareholder. The second controlling shareholder can mitigate the controlling shareholder's incentive to expropriate.


expropriation; cash flow rights; control rights; cash flow right leverage; pyramiding; cross-holding; immediate ownership; ultimate ownership; dividend.



  • 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
Email  :

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.