Kadang, Christian Yendi Kurniawan (2015) Analisis Pengaruh Faktor-Faktor Pada Agency Problems Serta Dampaknya Terhadap Keputusan Stock Repurchase Di Indonesia (Studi Kasus Pada Perusahaan Di Indonesia Tahun 2002 – 2014). Undergraduate thesis, Institut Teknologi Sepuluh Nopember.
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Abstract
Agency problems merupakan suatu permasalahan karena adanya perbedaan
kepentingan antara manajemen perusahaan dan shareholder maupun debtholder.
Salah satu alternatif untuk memitigasi agency problems, yaitu stock repurchase di
mana perusahaan membeli kembali saham yang sudah beredar di pasar modal.
Dalam melakukan stock repurchase, perusahaan perlu mempertimbangkan
managerial discretion, ownership structure, agency problem, dan valuation,
sehingga mampu menunjukkan signal positif dan tingkat kebaikan fundamentalnya
kepada pasar. Penelitian ini menggunakan aktivitas stock repurchase pada listed
company di Indonesia dari tahun 2002 hingga 2014.
Penelitian ini bertujuan untuk membuktikan hubungan antar variabel yang
mempengaruhi agency problems dan pengaruhnya terhadap keputusan stock
repurchase antara perusahaan milik swasta dan negara. Metode yang digunakan
dalam penelitian ini berbeda dengan penelitian sebelumnya, yaitu partial least
square (PLS-SEM). Penelitian ini menggunakan 108 aktivitas stock repurchase. .
Penelitian ini menunjukkan bahwa agency problems pada perusahaan di
Indonesia dipengaruhi oleh managerial discretion dan ownership structure
khususnya dominasi institutional holdings. Sedangkan stock repurchase pada
perusahaan milik negara dipengaruhi oleh managerial discretion. Penelitian ini
juga memberikan suatu fakta bahwa perusahaan di Indonesia melakukan stock
repurchase di saat harga saham overvalue karena perusahaan ingin memaksimalkan
kesejahteraan shareholder.
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Agency problems are a problem because of the differences of interest
between management, shareholder, and debtholder. An alternative which can
mitigate agency problem is stock repurchase that company repurchases their
distributed stock in stock exchange. In doing stock repurchase, a company needs to
consider managerial discretion, ownership structure, agency problems, and
valuation, so the company shows its positive signals and fundamental levels in
markets. This research uses stock repurchase activities conducted by Indonesian
listed companies from 2002 to 2014.
This research is aimed to prove the correlation of inter variables affecting
the decision of stock repurchase in companies belonging privates and state. The
method used in this research is different from the previous research, using partial
least square (PLS-SEM). This research has used 108 stock repurchase activities.
This research shows that agency problems in Indonesian companies are
influenced by managerial discretion and ownership structure especially
institutional holdings domination. Meanwhile, stock repurchases in Indonesian
state companies are influenced by managerial discretion. This research also shows
that Indonesian companies do stock repurchase when the stock is overvalued
because these companies want to maximize shareholder wealth
| Item Type: | Thesis (Undergraduate) |
|---|---|
| Additional Information: | RSI 658.787 Kad a |
| Uncontrolled Keywords: | Agency Problems; PLS; Overvalue; Stock Repurchase |
| Subjects: | H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management |
| Divisions: | Faculty of Industrial Technology > Industrial Engineering > 26201-(S1) Undergraduate Thesis |
| Depositing User: | Anis Wulandari |
| Date Deposited: | 15 Jun 2017 02:40 |
| Last Modified: | 15 Jun 2017 02:40 |
| URI: | http://repository.its.ac.id/id/eprint/41673 |
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