Pengujian Power Theory pada Skema Remunerasi Pimpinan Puncak Perusahaan Publik di Indonesia
Abstract: This study examined
the impact of the Firm characteristics and the investmen opportunity set
against executive remuneration. This study also explained the role of
institutional ownership in moderating the relationship between firm size, sales
and growth of the cash compensation. Data was taken from a listed company in
Indonesia Stock Exchange 2011-2014 which has an executive compensation data in
Swa Magazine survey.The compensation data are taken from Survey conduct by Swa
Magazines, not directly from annual and financial reports. This is because very
few Indonesian public companies that explicitly stated their remunerations in
Annual Reports or Financial Reports. Investor could have additional information
to invest in stock market. Data were analyzed using OLS Regression. A Company
is fundamentally good and a trusted is a company that has an assets, sales, and
high managerial compensation, but has a majority of institutional ownership of the
total ownership structure. This study used institutional ownership as a
moderating variable not managerial ownership such as in previous studies.That
wascaused by the capital market condition in Indonesia as the concentration of
institutional ownership is higher than the market or management. The results
showed that the firm characteristics has an effectto the company’s executive
remuneration. Furthermore, institutional ownership has a negative moderating
effect on that relationship. That results wasaccordance with the Power Theory
that the high institutional ownership may limit the amount of executive
compensation.
Keywords: remuneration, firm
characteristics, investment opportunity set, institutional ownership
Penulis: Wita Ramadhanti, Adi
Indrayanto
Kode Jurnal: jpmanajemendd161164
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