集中制度所有权的代理成本:来自印度尼西亚的证据

IF 1.2 Q3 ECONOMICS Montenegrin Journal of Economics Pub Date : 2023-07-15 DOI:10.14254/1800-5845/2023.19-3.16
S. Martono, Arief Yulianto, A. Wijaya
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引用次数: 1

摘要

本文的目的是分析管理层持股公司中机构持股对降低印尼上市公司代理成本的作用。调查数据来自印尼证券交易所上市公司的年报,并汇集了2008年至2020年949家公司的数据。我们通过回归分析了因变量是代理成本,独立管理层所有权,年销售额,总资产,独立专员和控制变量是负债率的数据。总销售额与总资产的比率被用作代理成本的代表。结果是,较高的代理成本证明在利用资产产生年销售额方面更有效(超过1)。四分位数分析被用来确定管理层持股的区间,结果是较低水平(34%-59%)和较高水平(60%-74%)的管理层持股对代理成本有显著影响。反之,当没有管理层持股时,代理成本低得多(74%),对代理成本影响不显著。我们的研究结果支持Jensen & Meckling(1976)的预测,即作为投票权和监督的所有权结构是协调股东利益的机制。管理层持股比例较低导致管理者没有足够的权力产生代理成本。没有什么不同,当管理层的低所有权处于更高的水平时,他们也没有产生代理成本的潜力,因为机构投资者可以监控更多的机会主义管理行为。两种级别的管理层所有权都能更有效地利用资产来创造年销售额。原创性/价值是一项针对最大的新兴经济体之一,即印度尼西亚的研究。
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The Agency Cost of Concentrated Institutional Ownership: Evidence From Indonesia
The purpose is to analyze the role of institutional ownership in firms with managerial ownership in reducing agency costs for the Indonesian listed firm. The polled data from the annual report of companies listed on the In-donesia Stock Exchange and data obtained are pooled from 949 units from 2008 to 2020. We have analyzed through regression of data from dependent is agency cost, independent managerial ownership, annual sales, total assets, independent commissionaires, and control variable is debt ratio. The total sales to total assets ratio has been used as a proxy for agency costs. The result is that higher agency cost proves more effectively (more than 1) in us-ing assets to generate annual sales. Quartile analysis has been used to determine the interval of managerial ownership, the result is that managerial ownership at the lower level (34%-59%) and higher (60%-74%) is significant to agency costs. Inverse, when none of the managerial ownership, much lower (<33%), and much higher (>74%) is insignificant to agency cost. Our results support the predictions of Jensen & Meckling (1976), which state that ownership structure as voting power and monitoring are mechanisms for aligning the interests of shareholders. The presence of much lower of managerial ownership results in managers not having enough power to produce agency costs. No different, when managerial ow-nership is at a much higher level, they also do not have the potential to produce agency costs because institutional investors can monitor more op-portunistic management behavior. Both levels of managerial ownership pro-ve more effectively use assets to generate annual sales.Originality/value is a study focusing on one of the largest emerging economies, i.e. Indonesia.
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来源期刊
CiteScore
3.90
自引率
0.00%
发文量
69
审稿时长
17 weeks
期刊介绍: “Montenegrin Journal of Economics” is an international scientific periodical, issued by NGO “Economic Laboratory for Transition Research” (ELIT) Podgorica, Montenegro. It publishes theoretical, empirical and applicative articles from all the areas of Economics. The journal is issued four times a year. Montenegrin Journal of Economics aspires to educate the widest public on contemporary research and achievements in various areas of economics and to expend the boundaries of economic knowledge. Montenegrin Journal of Economics aims to publish innovative, straightforward, challenging, analytical and review articles on economic phenomena, events and changes . The journal''s content aspires to be actual, relevant and interesting to a wide readership of economic specialties,. This includes publishing the articles of authors from various universities and schools of economics worldwide and their mutual cooperation. Areas of research include, but are not limited to, the following: Economic Theory, International Economics, and Transition Issues.
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