Analisis Pengaruh Faktor-Faktor Pada Agency Problems Serta Dampaknya Terhadap Keputusan Stock Repurchase Di Indonesia (Studi Kasus Pada Perusahaan Di Indonesia Tahun 2002 – 2014)

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. =================================================================================== 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 > (S1) Undergraduate Theses
Depositing User: Mrs 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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