KEPEMILIKAN INSTITUSIONAL DAN KONFLIK KEAGENAN DI PASAR MODAL INDONESIA

Teguh Prasetyo

Abstract


This research aims to test the agency theory in Indonesian capital
market was proxied by the variable mechanism controlling the agency
conflicts, based on institutional ownership. The data used in this study
is secondary data drawn from the Osiris database, ICMD. It is
industrial company, excepted insurance companies and financial
services that meet the criterian sampling and it was listed on the
Indonesia Stock Exchange (BEI). The data is in the form of pooled
data with the observation period from the year 2004-2010. Variables
used in this study is that the company's performance to the
performance of utility assets and Tobin's q accounting for market
performance as a proxy for agency conflicts as well as the dependent
variable. As for institutional ownership as independent variables and
firm size as a control variable. The method of analysis used in this
study is multiple regression of pooled data analysis. The results of this
study is an institutional ownership has a positive effect on
performance. That is, institutional ownership having character to
control the agency conflict. With the result that, institutional
ownership has been play function of binding and oversight of agency
conflict.


Keywords


Institutional Ownership, Agency Conflict and Performance.

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DOI: https://doi.org/10.33387/jms.v2i1.6661

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