Modal intelektual dan konflik keagenan pada perusahaan manufaktur yang tercatat di Busa Efek Indonesia

Wijaya, Hendra (2016) Modal intelektual dan konflik keagenan pada perusahaan manufaktur yang tercatat di Busa Efek Indonesia. PhD thesis, Widya Mandala Catholic University Surabaya.

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Abstract

Business phenomenon in Indonesia shows the agency conflict on investment decisions, financing decisions and dividend policy of the company in Indonesia. Besides this, the era of the knowledge-based economy caused the company requires intellectual capital to create value for the company. The aim of this study was to examine the effect of intellectual capital on agency conflicts by looking at the effects of investment decisions, financing decisions and dividend policy on firm value. This research uses panel data with sample of 90 manufacturing companies listed in Indonesia Stock Exchange (IDX) between 2004-2013. The company has complete financial report and data to support this research, and not suspend or delisting. This research uses three stage least squares estimation technique to test simultaneous model and z-Clogg test for comparing two regression coefficient between two equations. Simultaneous models show the influence investment decisions, financing decisions and dividend policy on the value of the company before effect of intellectual capital. The results showed that the investment decisions, financing decisions and dividend policy have a negative effect on the value of the company. This simultaneous models also shows that the negative effects of investment decisions, financing decisions and dividend policy of the company reduced by intellectual capital. Based on the analysis, it can be concluded that investment decision, financing decision, and dividend policy show agency conflict. Higher intellectual capital on the company help to reduce agency conflict in the company, so that it can be concluded that intellectual capital can direct the management behavior leading to decisions that increase the value of the company.

Item Type: Thesis (PhD)
Department: ["eprint_fieldopt_department_Program Pascasarjana" not defined]
Uncontrolled Keywords: Intellectual capital, investment decision, financing decision, dividend policy, agency conflict
Subjects: Business > Financial Management
Divisions: Graduate School > Doctoral Program in Management Science
Depositing User: Users 2985 not found.
Date Deposited: 29 Mar 2016 06:04
Last Modified: 29 Mar 2016 06:04
URI: http://repository.wima.ac.id/id/eprint/6604

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