Analisis Persamaan Simultan Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang, Dan Kebijakan Dividen Dalam Perspektif Teori Keagenan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

The main objective of this research is to analyze the relationship between managerial ownership, institutional ownership, risk, debt policy, and dividend policy which are included as strategic variables in company.s decision making of Indonesian stock market. Company size, liquidity, profitability, investment opportunity set, fixed assets ratio, return on assets are used as determined variables (exogenous variables).This research is focused on manufacturing companies listed in Indonesian Stock Exchange for the period of 2006-2008. Purposive sampling method is employed to determine the sample, and using combination of time series and cross sectional data. From 176 companies listed in 2006, a total of 159 companies are chosen as sample which resulted in 477 observation points for the period of 3 (three) years. The analysis method employed is simultaneous equation two-stage least square (2-SLS) to minimize bias that exists in ordinary least square analysis.The result of this research demonstrates that the overall endogenous variables, which consist of managerial ownership, institutional ownership, risk, debt policy, and dividend policy affect each other significantly. Furthermore, the result of this research also demonstrates several exogenous variables significantly affect endogenous variables.