PENGARUH AGENCY COST TERHADAP KINERJA PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI

https://doi.org/10.37476/akmen.v21i3.4935

Authors

  • Ria Rezki Amalia Ria Universitas Nahdlatul Ulama Sulawesi Tenggara
  • Yana firana yana Politeknik Negeri Ujung Pandang
  • Edy Fitriawan Syahadat Edy Universitas Terbuka

Keywords:

agency cost, kinerja perusahaan, corporate governance.

Abstract

Agency problem (agency conflict) that occur in the company raises agency cost that could affect the firm performance. The study aimed to test the effect of (1) agency cost on company’s performance, (2) moderation of managerial ownership on the relationship between agency cost and company’s performance, (3) moderation of institutional ownership on the relationship between agency cost and company’s performance, (4) proporation moderation of independent  board of commissioners on the relationship between agency cost and company’s performance, and (5) moderation of audit committee on the relationship between agency cost and company’s performance. The samples of the study were 4 state owned enterprises (BUMN) in the fields of mining, strategic industry, energy, and telecommunication listed at the Indonesia Stock Exchange. The samples were selected by using purposive sampling technique. The data were annual report of the companies of 2010-2014 period obtained from the Indonesian Capital Exchange (IDX). The analysis used in the study was multiple linear regression. The result of the study indicate that (1) the agency cost had a negative significant effect on the company’s performance, (2) the interaction between agency cost and managerial ownership had a positive significant effect on the company’s performance, (3) the interaction between agency cost and institutional ownership had a positive significant effect on the company’s performance, (4) the interaction between agency cost and proportion of independent board of commissioners had a positive significant effect on the company’s performance, and (5) the interaction between agency cost and audit commitee had a positive significant effect on the company’s performance.

Keywords: agency cost, company’s performance, corporate governance.

References

Amyulianty R. (2012). Pengaruh Struktur Corporate Governance terhadap Kinerja Perusahaan Publik Indonesia. Jurnal Liquidity, Vol. 1, No. 2, Juli-Desember 2012, hlm, 91-98. Fakultas Ekonomi Universitas Pancasila.

Bathala et al. (1994). Managerial Ownership, Debt Policy and the Impact of Institutional Holding: an Agency Perspective. Financial Management, Vol.23. hal. 38-50.

Crutchley C &Hansen. (1989). A Test of the Agency Theory of Managerial Ownership, Corporate Leverage and Corporate Dividends.Financial Management. Hal. 34-46.

Crutchley et al. (1999). Agency Problems and The Simultaneity of Financial Decision Making The Role of Institutional Ownership. International Review of Financial Analysis, Vol. 8, No. 2, pp: 177-197.

Dharmastuti C.& Wahyudi S. (2013). The Effectivity of Internal and External Corporate Governance Mechanisms Towards Corporate Performance. Journal of Finance and Accounting.Vol.4, No.4.

Fauzi F. & Stuart L. 2012. Board Structure, Ownership Structure And Firm Performance: A Study of New Zealand Listed-Firms. Asian Academy of Management Journal of Accounting AndFinance (AAMJAF), Vol. 8, No. 2, 43–67.

Florackis C. & Ozkan A. (2005).Agency Costs and Corporate Governance Mechanisms: Evidence for UK Firms. European Financial Management Symposium.European Financial Management Association.

Fu’adah T. (2013). Pengaruh Agency Cost Terhadap Kinerja Keuangan Bumn Di Bidang Pertambangan, Industri Strategis, Energi Dan Telekomunikasi (PISET). Jurnal Akuntansi UNESA, Vol. 2 No. 1.

Ghozali I. (2013). Aplikasi Analisis Multivariate Dengan Program SPSS (Edisi 7). Semarang: Badan Penerbit Universitas Diponegoro.

Gulet al. (2012). Agency Cost, Corporate Governance and Ownership Structure (The Case of Pakistan). International Journal of Business and Social Science.Vol.3 No. 9.

Indriantoro N. & Supomo B. (2002).“Metodologi Penelitian Bisnis, Untuk Akuntansi dan Manajemen”.Edisi. Yogyakarta: BPFE.

Indonesian Institute for Corporate Governance (IICG). (2000). Jakarta: Profil Indonesian Institute for Corporate Governance.

Jensen M.& Meckling W. (1976).Theory of The Firm: Manajerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3:305-360.

Lin K. (2006). Study on Related Party Transaction with Mainland China in Taiwan Enterprises. Dissertation. China: Departemen Manajemen, Universitas Guo Li Cheng Gong.

Linda. (2012). Mekanisme Corporate Governance Dan Biaya Agensi.Simposium Nasional Akuntansi, Banjarmasin, Vol. 15.

Monks R.&Minow. (2003). Corporate Governance.3nd ed, Blackwell Publishing.

Puspitasari A. (2013). Pengaruh mekanisme good corporate governance (GCG) terhadap agency cost perusahaan manufaktur yang terdaftar di BEI periode 2009-2011.Jurnal Universitas Negeri Malang.

WangG. (2010). The Impacts of Free Cash Flows and Agency Costs on Firm Performance. Journal Service Science & Management, 3, 408-418.

Wrightet al. (2009). “Do the Contingencies of External Monitoring, Ownership Incentives, or Free Cash Flow Explain Opposing Firm Performance Expectations?”. Journal Management Governance, 13, pp. 215-243.

Published

2024-12-31

How to Cite

Ria, R. R. A., yana, Y. firana, & Edy, E. F. S. (2024). PENGARUH AGENCY COST TERHADAP KINERJA PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI. AkMen JURNAL ILMIAH, 21(3), 310–322. https://doi.org/10.37476/akmen.v21i3.4935

Issue

Vol. 21 No. 3 (2024): AkMen JURNAL ILMIAH

Section

Articles
Copyright & Licensing

Copyright (c) 2024 AkMen JURNAL ILMIAH

Creative Commons License

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

Penulis yang menerbitkan pada Jurnal Ilmiah AkMen  menyetujui persyaratan berikut:

  1. Penulis memiliki hak cipta dan memberikan hak Jurnal Ilmiah AkMen untuk publikasi pertama dengan karya yang secara bersamaan dilisensikan di bawah Lisensi Atribusi Creative Commons (CC BY 4.0) yang memungkinkan orang lain untuk berbagi (menyalin dan mendistribusikan kembali materi dalam media atau format apa pun) dan beradaptasi (mencampur) , mentransformasikan, dan membangun di atas bahan) karya untuk tujuan apa pun,
  2. Penulis dapat membuat perjanjian kontrak tambahan yang terpisah untuk distribusi non-eksklusif versi jurnal, yang diterbitkan dari karya tersebut (misalnya, mempostingnya ke repositori institusional atau menerbitkannya dalam sebuah buku), dengan pengakuan atas publikasi awalnya di Jurnal Ilmiah AkMen
  3. Penulis diizinkan dan didorong untuk memposting pekerjaan mereka secara online (misalnya, dalam repositori institusional atau di situs web mereka) sebelum dan selama proses pengajuan, karena dapat menyebabkan pertukaran yang produktif, serta kutipan yang lebih awal dan lebih besar dari karya yang diterbitkan.