Pengaruh Kompensasi Eksekutif terhadap Hutang : Studi pada Perusahaan yang Terdaftar di Indeks Kompas100
DOI:
https://doi.org/10.26905/jmdk.v7i1.3107Keywords:
Capital Structure, Compensation, Debt.Abstract
The aim of this research is to determine the effect of compensation received by directors (executives) on debt. Sample of this research covers 47 firms listed on Kompas100 index from 2011 until 2015 (there are 218 observations). Controlling for size of firm, firm growth, profitability, liqudity, and structure of asset, the result shows that compensation positively and significantly affects capital structure. This result implies that executives compensated highly are willing to increase stock price volatility and engage in risk taking decisions.
https://doi.org/10.26905/jmdk.v7i1.3107
References
Agrawal, A, and Mandelker, G. N. 1987. “Managerial Incentives and Corporate Investment and Financing Decisionsâ€, Journal of Finance 42, p.823-837.
Andrikopoulos, A. 2009. “Irreversible Investment, Managerial Discretion and Optimal Capital Structureâ€, Journal of Banking & Finance 33, p.709-718.
Bryan, S., Hwang, L. dan Lilien, S. 2000. “CEO Stock-Based Compensation: an Empirical Analysis of Incentive Intensity, Relative Mix, and Economic Determinantsâ€, Journal of Business 73, 661– 693.
Bulan, Fransisca dan Etna Nur Afri Yuyetta. 2014. “Pengaruh Corporate Governance terhadap Capital Structure.†Diponegoro Journal of Accounting. Vol.3 No.2, p.1-12.
Chen, Yipping, and Xindong Zhang dan Zhe Liu. 2014. "Manager Characteristics and The Choice of Firm "Low Leverage": Evidence From China." American Journal of Industrial and Business Management, p. 573-584.
Chintrakarn, Pandej, Pornsit Jiraporn dan Manohar Singh. 2014. "Powerful CEOs and Capital Structure Decisions: Evidence from the CEO Pay Slice (CPS)". Applied Economics Letters, vol.21 (8).
Coles, J. L., Daniels, N. D. and Naveen, L. 2006. “Managerial Incentives and Risk Takingâ€, Journal of Financial Economics 79, p.431–468
Daud, Ardika, Sientje Nangoy dan Ivonne Saerang. 2015. “Pengaruh Kepemilikan Manajerial dan Institusional terhadap Kebijakan Hutang pada Perusahaan Non Manufaktur di BEI†Jurnal Berkala Ilmiah Efisiensi, Vol.15 No.5, hal: 690-702.
DeFusco, R. A., Johnson, R. R. and Zorn, T. S. 1990. “The Effect of Executive Stock Option Plans on Stockholders and Bondholdersâ€, Journal of Finance 45, p.617-627.
Hassan, H. and Hosino, Y. 2008. “Beginning of Stock Option-Based Compensation in Japan: a Test of Alternative Theoriesâ€. Journal of Financial Management and Analysis 21, p.11-35.
Indahningrum, Rizka Putri dan Ratih Handayani. 2009. “Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional,Dividen, Pertumbuhan Perusahaan, Free Cash Flow dan Profitabilitas terhadap Kebijakan Hutang Perusahaanâ€. Jurnal Bisnis dan Akuntansi, Vol. 11 No.3, hal: 189-207
Jensen, M. C., dan William H. Meckling. 1976. “Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structureâ€. Journal of Financial Economics, Vol. 3 No.4, hal: 305–360.
Jiraporn, Pornsit, Pandej Chintrakarn dan Yixin Liu. 2012. "Capital Structure, CEO Dominance and Corporate Performance". Journal Financial Service Research, p.139-158.
Kuo, Hsien Chang, Lie Huey Wang dan Dan Lin. 2014. "CEO Traits, Corporate Performance and Financial Leverage". International Journal of Economic and Finance Vol.7 No.1, p.68-82.
Kuo, Hsien Chang, dan Lie Huey Wang. 2015. "CEO Constellation, Capital Structure and Financial Performance". International Journal of Financial Research Vol.6 No. 4,.p.76-84.
MacMinn, R. D. dan Page, F. H. Jr. 2006. “Stock Options and Capital Structureâ€, Annals of Finance 2, p.39-50.
Myers, S. C. dan Majluf, N. S. 1984. “Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Haveâ€. Journal of Financial Economics, vol.13, p.187-221.
Ortiz-Molina, H. 2007. “Executive Compensation and Capital Structure: The Effects of Convertible Debt and Straight Debt on CEO Payâ€. Journal of Accounting and Economics 43, p.69-93.
Sayidah, Nur. 2012. “Solusi Moral dan Spiritual atas Masalah Moral Hazardâ€. Jurnal Ilmiah Akuntansi dan Humanika, vol.1, no.2.
Sepe, S. M. 2010. “Making Sense of Executive Compensationâ€. Delaware Journal of Corporate Law 36, p.10-42.
Sheikh, N. Ahmed dan Zongjun Wang. 2012. “Effects of Corporate Governance on Capital Structure: Empirical Evidence from Pakistanâ€. Corporate Governance: The International Journal Of Business In Society, Vol. 12 Iss: 5, p.629 – 641
Tchistyi, A., Yermack, D. L. dan Yun, H. 2011. “Negative Hedging: Performance Sensitive Debt and CEOs’ Equity Incentivesâ€. Journal of Financial and Quantitative Analysis 46, p.657-686.
Tosun, Onur K. 2016. “The Effect of CEO Option Compensation on the Capital Structure: A Natural Experimentâ€. Financial Management, vol.45, no.4, p. 953–979.
Downloads
Published
Issue
Section
License
Authors who publish with this journal agree to the following terms:
(1)Â Copyright of the published articles will be transferred to the journal as the publisher of the manuscripts. Therefore, the author confirms that the copyright has been managed by the journal.
(2) Publisher of Jurnal Penelitian is University of Merdeka Malang.
(3) The copyright follows Creative Commons Attribution–ShareAlike License (CC BY SA): This license allows to Share — copy and redistribute the material in any medium or format, Adapt — remix, transform, and build upon the material, for any purpose, even commercially.
