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