DAMPAK STRUKTUR KEPEMILIKAN SAHAM MANAJERIAL PADA RETURNS DAN RISIKO OBLIGASI PERUSAHAAN
ABSTRACT: The purpose of
research is to analyze an impact of managerial stock ownership structure on
corporate bond returns. It is assumed that the change in managerial stock
ownerships can influence managers ’attitudes toward risk. So it is hypothesized
that the change in managerial stock ownerships can influence corporate bond
returns.
This study suggested that there is a significant impact of managerial
ownership structure on corporate bond returns. In 1998 -1999 time series
cross-section of 31 corporate bonds that were listed on Surabaya Stock
Exchange, I've found evidence of a significant non-monotonic relationship
between managerial stock ownership and corporate bond returns. Bond returns
first increase, then decrease, and finally rise slightly as ownership by
manager rises.
There is also weak evidence of a non-monotonic relationship between
managerial stock ownership and firm leverage. This study finds a positive
relation between managerial stock ownership and leverage up to 19.9 percent
ownership level. When ownership increases more (over 19.9 percent), however,
the relationship becomes negative. This empirical evidence indicates that
greater managerial ownership gives managers an incentive to decrease risk by
using low level of debt.
Penulis: Setiyono
Kode Jurnal: jpakuntansidd060043
