KONSERVATISME AKUNTANSI DAN KONFLIK BONDHOLDER-SHAREHOLDER PADA PERUSAHAAN NON KEUANGAN TERDAFTAR DI BURSA EFEK INDONESIA

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ABSTRACT: This study is intended to test the agency theory by analyzing possible influence of accounting conservatism, institutional ownership and managerial owner-ship to bondholder shareholder conflicts in the non-financial companies listed on the Indonesia Stock Ex-change (IDX) in 2007 to 2009. The data is documented from the Indonesian Capital Market Directory (ICMD) and analyzed using multiple regression analysis by significance level of 5%. The results of the analysis proved that simultaneously, shareholder bondholder conflict is influenced by accounting conservatism, institutional ownership and managerial ownership by F = 4.421 (> 4). Partially, of the three hypothesized variables that affect conflict, only two variables involved which ac-counting conservatism and institutional ownership with t each 2.609 and 2.355 (> 2). Managerial owner-ship does not affect the conflict (t = 0.472 <2). The results of this study are generally managed to confirm the agency theory which explains that the parties ivolved in the management of companies namely Investor, Management, and Bondholder has their own interests and seek to maximize those interests. To pre-vent counter-productive conflicts, it would require a variety of mechanisms including the application of conservative accounting and through institutional ownership.
Keywords: agency theory, bondholder-shareholder conflict, conservative accounting, institutional ownership, managerial ownership
Penulis: Moh. Nasih dan Robith Hudaya
Kode Jurnal: jpmanajemendd110173
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Jp Manajemen dd 2011