Pengaruh Penerapan Mekanisme Good Corporate Governance dan Ukuran Perusahaan terhadap Agency Cost

Muhamad Abdul Gonie Al-Kahfi, Dwi Jaya Kirana, Ranti Nugraheni

Abstract


This study examined the effect of implementation good corporate governance mechanism and firm size on agency cost of listed manufacturing companies in Indonesia Stock Exchange. The Study period is 2017 – 2019. The type of this research is quantitative research that uses secondary data based on annual report. A sample of this research consisted of 150 manufacturing companies. Agency cost is measured by ratio of operating expense to sales. Institutional ownership is measured by ratio from institutional ownership stock to total stock issued, independent board of commissioner measured by ratio from independent board of commissioner to total board of commissioner, dan company size measured by natural logarithm from total asset. Analysis of the data in this study used regression model selection test, classical assumption test, multiple linear regression, and partial hypothesis testing (t test). Based on the result of data analysis, it can be concluded that (1) institutional ownership has no effect on agency cost, (2) independent board commissioners has a positive significant effect on agency cost, (3) firm size has a negative significant effect on agency cost, and control variable (4) firm age has a positive significant effect on agency cost.


Keywords


Institutional Ownership; Independent Board of Commissioner; Firm Size; Firm Age; Agency Cost.

Full Text:

PDF

References


Alli, K. L., Khan, A. Q., & Ramirez, G. G. (1993). Determinants of Corporate Dividend Policy: A Factorial Analysis. Financial Review. https://doi.org/10.1111/j.1540-6288.1993.tb01361.x

Ang, J. S., Cole, R., & Lin, J. W. (2007). Agency costs and ownership structure. Corporate Governance and Corporate Finance: A European Perspective, LV(1), 111–131. https://doi.org/10.4324/9780203940136

Damayanti, N. P. D., & Dana, I. M. (2017). Pengaruh Ukuran Perusahaan, Profitabilitas, dan Risiko Bisnis terhadap Struktur Modal pada Perusahaan Manufaktur di BEI. E-Jurnal Manajemen UNUD, 6(10), 5775–5803.

Destriana, M., Gusriani, N., & Irianingsih, I. (2019). Klasifikasi Status Kinerja Bank yang Terdaftar di BEI dengan Pendekatan Winsorized Modified One-step M-estimator. Jurnal Matematika Integratif, 14(2), 133. https://doi.org/10.24198/jmi.v14i2.18543

Dharmastuti, C. F. (2013). Analisis Pengaruh Mekanisme Internal dan External Corporate Governance Terhadap Profitabilitas dan Kebijakan Dividen Perusahaan (Studi Empiris Pada Perusahaan Go Publik di Pasar Modal Indonesia). Jurnal Organisasi Dan Manajemen.

Diati, M. H., Hernawati, E., & Ajengtias, A. (2017). Analisis Mekanisme Corporate Governance terhadap Integritas Informasi Laporan Keuangan melalui Financial Distress. 110(9), 1689–1699.

Fachrudin, K. A. (2011). Analisis Pengaruh Struktur Modal, Ukuran Perusahaan, dan Agency Cost Terhadap Kinerja Perusahaan. Jurnal Akuntansi Dan Keuangan, 13(1), 37–46. https://doi.org/10.9744/jak.13.1.37-46

Fadillah, A. R. (2017). Analisis Pengaruh Dewan Komisaris Independen, Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Kinerja Perusahaan Yang Terdaftar Di Lq45. Jurnal Akuntansi, 12(1), 37–52. http://jurnal.unsil.ac.id/index.php/jak

Fama, E. F., & Jensen, M. C. (1983). Agency Problems and Residual Claims. The Journal of Law and Economics. https://doi.org/10.1086/467038

Gul, S., Sajid, M., Razzaq, N., & Afzal, F. (2012). Agency cost, corporate governance and ownership structure. International Journal of Business and Social Sciences, 3(9), 268–277. http://mpra.ub.uni-muenchen.de/42418/

Hadiprajitno, P. B. (2014). Pengaruh Mekanisme Tata Kelola Perusahaan dan Struktur Kepemilikan terhadap Agency Cost (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2010-2012). Diponegoro Journal of Accounting, 3(2), 669–681.

Harjito, D. A., & Nurfauziah. (2006). Hubungan Kebijakan Hutang, Insider Ownership Dan Kebijakan Dividen Dalam Mekanisme Pengawasan Masalah Agensi Di Indonesia. Jurnal Akuntansi & Auditing Indonesia.

Hatang, D. J., & Hapsari, D. W. (2020). Kepemilikan Manajerial, Kepemilikan Institusional, Dewan Komisaris, dan Agency Cost. ATESTASI: Jurnal Ilmiah Akuntansi, 2(2), 61–73.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(76)90026-X

Kirana, D. J. (2019). Peranan Corporate Governance Dalam Meningkatkan Kinerja Perusahaan Family Ownership Di Indonesia. Management & Accounting Expose, 1(2), 493–499.

Krisna, A. M. (2019). Pengaruh Kepemilikan Institusional dan Kepemilikan Manajerial pada Tax Avoidance dengan Kualitas Audit sebagai Variabel Pemoderasi. Jurnal Ekonomi, Bisnis Dan Akuntansi, 18(2), 82–91.

Learmount, S. (2003). Theorizing Corporate Governance: Organizational Alternatives. Journal of Interdisciplinary Economics. https://doi.org/10.1177/02601079x03001400205

Lukviarman, N. (2016). Corporate Governance: Menuju Penguatan Konseptual dan Implementasi di Indonesia. In PT Era Adicitra Intermedia. https://doi.org/10.20885/jsb.vol2.iss9.art2

Maryam, D. (2018). Pengaruh Struktur Modal dan Ukuran Perusahaan Terhadap Agency Cost dan Kinerja Perusahaan (Studi Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Akuntansi Dan Pajak, 18(2), 196. https://doi.org/10.29040/jap.v18i2.155

Matore, E. M., & Khairani, A. Z. (2020). The Pattern of Skewness And Kurtosis Using Mean Score And Logit In Measuring Adversity Quotient (AQ) For Normality Testing. International Journal of Future Generation Communication and Networking, 13(1), 688–702.

Maziyya, P. A., Sukarsa, I. K. G., & Asih, N. M. (2015). Mengatasi Heteroskedastisitas Pada Regresi. E-Jurnal Matematika, 4(1), 20–25.

Nurfitriana, Hardi, & Anisma, Y. (2015). Pengaruh Ukuran Perusahaan, Aktivitas, dan Leverage terhadap Profitabilitas pada Perusahaan Wholesale and Retail Trade di Bursa Efek Indonesia. XX(03), 463–478.

Pratiwi, F. L. (2019). Analisis Pengaruh Good Corporate Governance terhadap Manajemen Laba pada Perusahaan Perbankan yang terdaftar di BEI. Owner, 3(2), 226. https://doi.org/10.33395/owner.v3i2.144

Pratiwi, N. I., Tandika, D., & Nurdin. (2017). Pengaruh Struktur Modal dan Ukuran Perusahaan Terhadap Agency Cost pada Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia (BEI) 2012-2015. Jurnal Akuntansi Dan Pajak, 18(2), 200–205. https://doi.org/10.29040/jap.v18i2.155

Pratiwi, R., & Yulianto, A. (2016). Pengaruh Struktur Kepemilikan dan Komisaris Independen terhadap Biaya Keagenan Perusahaan yang Masuk dalam Indonesia Most Trusted Companies. Management Analysis Journal, 5(3), 215–228. https://doi.org/10.15294/maj.v5i3.11119

Pujawati, P., & Surasni, N. K. (2019). Pengaruh Capital Structure dan Firm Size terhadap Agency Cost dan Kinerja Keuangan. Jurnal Magister Manajemen Unram. 8(3).

Rahman, F., & Sunarti. (2017). Pengaruh Marketing Expense, Ukuran Perusahaan dan Umur Perusahaan terhadap Tingkat Profitabilitas Perusahaan (Studi Empiris Pada Industri Sektor Perbankan Indonesia yang Listing di BEI Periode 2011-2015). Jurnal Administrasi Bisnis, 52(1), 146–153. administrasibisnis.studentjournal.ub.ac.id

Rosa Dewinta, I., & Ery Setiawan, P. (2016). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Profitabilitas, Leverage, Dan Pertumbuhan Penjualan Terhadap Tax Avoidance. E-Jurnal Akuntansi Universitas Udayana, 14(3), 1584–1615.

Sambharakreshna, Y. (2010). Pengaruh size of firm, growth dan profitabilitas terhadap struktur modal perusahaan. Jurnal Akuntansi, Manajemen Bisnis Dan Sektor Public.

Shael, E. (2017). Pengaruh Mekanisme Ownership Structure, Free Cash Flow, dan Corporate Governance Terhadap Biaya Keagenan di Sektor Consumer Goods Periode 2009-2014. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya Vol.5 No.1 (2016), 2(2), 1–12.

Singh, M., & Davidson, W. N. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking and Finance, 27(5), 793–816. https://doi.org/10.1016/S0378-4266(01)00260-6

Wasilaine, T. L., Talakua, M. W., & Lesnussa, Y. A. (2014). Model Regresi Ridge untuk Mengatasi Model Regresi Linier Berganda yang Mengandung Multikolinieritas ( Studi Kasus : Data Pertumbuhan Bayi di Kelurahan Namaelo RT 001 , Kota Masohi ) Ridge Regression Model to Overcome Multiple Linear Regression with Multic. 8(1), 31–38.

Wijayati, F. L. (2015). Analisis Pengaruh Kepemilikan Manajerial , Kepemilikan Institusional , Ukuran Dewan Direksi , Dan Ukuran Dewan Komisaris Terhadap Biaya Keagenan. Jurnal EBBANK, 6(2), 1–16.

Zhang, L., Zhang, Z., Jia, M., & Ren, Y. (2020). A tiger with wings: CEO–board surname ties and agency costs. Journal of Business Research, 118(February 2019), 271–285. https://doi.org/10.1016/j.jbusres.2020.06.026


Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 Konferensi Riset Nasional Manajemen Akuntansi dan Ekonomi

Diterbitkan oleh: 

Fakultas Ekonomi dan Bisnis, Universitas Pembangunan Nasional Veteran Jakarta

Jl. RS Fatmawati No. 1, Pondok Labu, Jakarta Selatan, Indonesia 12450

Prosiding BIEMA is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.