DAMPAK KEPEMILIKAN MANAGERIAL, LARGE EXTERNAL SHAREHOLDERS TERHADAP STRUKTUR MODAL DALAM PERSPEKTIF TEORI KEAGENAN

Abstract

The aims of this research are to provide empirical evidence about the effects of management
ownership and ownership by large external shareholders on the capital structure of the firm, and
also to analyse effects of interaction between management ownership and ownership by large
external shareholders on the capital structure. This analysis is basically for perspective agency
theory.
Population in this research are all manufacture industry firms which a listed in Jakarta Stock
Exchange, during year 2000-2005. Method intake of sample is purposive sampling. Data
collecting done with cross-sectional, final sample consists of 128 firms a year. Data analyzing
technique used 4 equation models with SPSS program. Examination to hypothesis is basically
done after detecting outlier and test of classic assumption.
Result of finding show that capital structure (Debt ratio) is positively related to management
ownership and negatively related to ownership by large external shareholders. Furthermore, the
presence of large external shareholders acts to negate the positive relationship between debt ratio
and management ownership not proved. Profta and Growta variables are negatively relatively
related to debt ratio and debt ratio is positively related to firm size, and significant.
Key words: Capital structure; management ownership, Large external Shareholder, and
Agency theory.