EFEK MODERASI DARI KOMISARIS INDEPENDEN PADA HUBUNGAN ANTARA KEPEMILIKAN MANAJERIAL DENGAN KEBIJAKAN DIVIDEN DAN KEBIJAKAN UTANG
ABSTRACT: The research was
conducted to examine the moderating effects ofboard independent directors on
the relationship between managerialownership on dividend policy and debt. The
purpose of this study to determinehow much influence managerial ownership on
dividend policy and debt as well as the moderating effects of independent
directors on the relationshipbetween managerial ownership on dividend policy
and debt.The research was conducted by quantitative methods using secondary
data. Secondary data werefrom Indonesia Capital Market Directory (ICMD) and
annual reports listedcompanies on the Indonesia Stock Exchange (IDX). The
research populationis a company listed on the Stock Exchange, then the samples
were taken bypurposive sampling with the criteria listed companies from 2007 to
2011 andhave the data required in this study. The analysis used the multiple
regressionanalysis to see the effect of independent variables on the dependent
variableeither jointly or individually. Before being tested by multiple linear
regressionfirst tested the classical assumptions.
The results showed that the significant negative effect of managerial ownership
on dividend policy, managerial ownership has no effect on debtpolicy.
Independent directors are moderate the relationship betweenmanagerial ownership
to dividend policy, but did not moderate the relationship between ownership and
debt managerial. Control variables affect the profitability of dividend policy,
size does not affect the dividend policy. While variables affect the
profitability and size of debt policy.
Keywords: Managerial
ownership, dividend policy, debt policy, independent directors
Penulis: Agus Widodo
Kode Jurnal: jpmanajemendd170382
