Ekspropriasi multiple largeshareholders dan nilai perusahaan: pengujian mediasi kebijakan dividen

  • Yovita Vivianty Indriadewi Atmadjaja 
    Universitas Airlangga
    Indonesia
  • I Made Narsa
    Universitas Airlangga
    Indonesia
  • Andry Irwanto
    Universitas Airlangga
    Indonesia

Abstract

Peningkatan nilai perusahaan sebagai tujuan perusahaan merupakan gambaran dari peningkatan kesejahteraan untuk shareholders melalui dividen yang dibayarkan. Dalam proses pendelegasian wewenang ini, sering dijumpai beberapa persoalan yang berhubungan dengan konflik diantara pemegang saham dan para pelaksana. Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh ekspropriasi dan multiple large shareholders terhadap nilai perusahaan yang dimediasi kebijakan dividen. Jenis penelitian yang digunakan adalah kuantitatif eksplanatif dengan mengguanakan data sekunder yaitu annual report tahun 2015 sampai tahun 2020 yang diambil dari website resmi Bursa Efek Indonesia (BEI), Indonesian Capital Market Exchange (ICMD) dan website www.investing.com. Metode pengambilan sampel pada penelitian ini adalah purposive sampling sehingga didapatkansampel sebanyak 3.351 data amatan. Metode analisis data yang digunakan dalam penelitian ini menggunakan metode analisis jalur unbalanced data paneldengan program software Eviews. Hasil penelitian membuktikan bahwa ekspropriasi tidak berpengaruh terhadap nilai perusahaan. Hal ini berarti related party transactionssebagai proksi yang dipakai tidak bisa dijadikan patokan dalam menilai sebuah perusahaan.
Keywords
  • ekspropriasi
  • multiple large shareholders
  • kebijakan dividen
  • nilai perusahaan
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