OWNERSHIP STRUCTURES AND DEBT POLICY (A META-ANALYSIS)
Abstract
This study aims to understand the effect of ownership structure on debt policy, as well as to examine and analyze the variation of result study on debt policy in Indonesia. Agency Theory is the grand theory used to explain the effect of ownership structure on debt policy. This study used meta-analysis approach with sample is 31 researches in Indonesia, both the published and unpublished in 2006-2019. The result of this study, meta-analysis strengthen the findings of the previous study which stated that the ownership structure can decrease debt policy. The differences of the previous studies are due to the presence of moderation effect from the measurement model of debt policy and ownership structure.
References
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Anggraini, N. (2015). Effect of Managerial Ownership, Institutional Ownership, Dividend Policy and Company Size on Debt Policy (Study on Manufacturing Companies on the Indonesia Stock Exchange (IDX) 2010 - 2012). Scientific Journal of S1 Accounting Students, Pandanaran University.
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García‐Meca, E., & Sánchez‐Ballesta, J. P. (2009). Corporate Governance and Earnings Management: A Meta‐Analysis. Corporate Governance: An International Review, 17(5), 594–610.
Glass, G. V. (1976). Primary, Secondary, and Meta-Analysis of Research. Educational Researcher, 5(10). https://doi.org/10.2307/1174772
Hunter, J. E., & Schmidt, F. L. (1990). Dichotomization of Continuous Variables: The Implications for Meta-Analysis. Journal of Applied Psychology, 75(3), 334. https://doi.org/10.1037/0021-9010.75.3.334
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Indahningrum & Handayani. (2009). The Effect of Managerial Ownership, Institutional Ownership, Dividends, Company Growth, Free Cash Flow and Profitability on Corporate Debt Policy. Journal of(11), 3. https://doi.org/10.34208/jba.v11i3.244
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Junaidi, A. A. (2012). Analysis of the Effect of Free Cash Flow, Ownership Structure, Dividend Policy, Asset Structure, and Profitability on Corporate Debt Policy. Dian Nuswantoro University.
Larasati, E. (2011). Effect of Managerial Ownership, Institutional Ownership and Dividend Policy on Corporate Debt Policy. Journal of Business Economics, 16(2).
Lipsey, M. W., & Wilson, D. B. (2001). Practical Meta-Analysis. SAGE Publications, Inc.
Murtini, U. (2019). Effect of Managerial Ownership, Institutional, and Profitability on Debt Policy. Journal of Accounting and Finance Research, 14(2). https://doi.org/10.21460/jrak.2018.142.330
Nafisa, A., & Dzajuli, A. (2016). Effect of Managerial Ownership, Institutional Ownership, Company Size, Company Growth, Free Cash Flow and Profitability on the Debt Policy of Manufacturing Companies on the Indonesia Stock Exchange. Journal of Business Economics, 21(2). https://doi.org/10.17977/um042v21i2p122-135
Peilouw, C. T. (2017). The Effect of Ownership Structure on Debt Policy in Companies Listed on the Indonesia Stock Exchange. Journal of Accounting and Taxation, 3(1). https://doi.org/10.26905/ap.v3i1.1325
Rokman, M. T. (2015). Effect of Managerial Ownership, Institutional Ownership and Company Size on the Debt Policy of Manufacturing Companies on the Indonesia Stock Exchange. Journal of Management and Business, 1(2).
Tawi, M. S. (2008). Konsep Meta Analysis. http://syehaceh.wordpress.com/2008/05/15/konsep-meta-analysis/
Trisnawati, I. (2016). Factors Affecting Debt Policy in Non-Financial Companies Listed on the Indonesia Stock Exchange. EMBA Journal: Journal of Economic Research, Management, Business And Accounting, 18(1), 33–42. https://doi.org/10.34208/jba.v18i1.35
Anggraini, N. (2015). Effect of Managerial Ownership, Institutional Ownership, Dividend Policy and Company Size on Debt Policy (Study on Manufacturing Companies on the Indonesia Stock Exchange (IDX) 2010 - 2012). Scientific Journal of S1 Accounting Students, Pandanaran University.
Eny, N. (2013). Meta analysis: Factors Influencing Earnings Management. (Unpublished doctoral dissertation). Universitas Brawijaya Malang.
García‐Meca, E., & Sánchez‐Ballesta, J. P. (2009). Corporate Governance and Earnings Management: A Meta‐Analysis. Corporate Governance: An International Review, 17(5), 594–610.
Glass, G. V. (1976). Primary, Secondary, and Meta-Analysis of Research. Educational Researcher, 5(10). https://doi.org/10.2307/1174772
Hunter, J. E., & Schmidt, F. L. (1990). Dichotomization of Continuous Variables: The Implications for Meta-Analysis. Journal of Applied Psychology, 75(3), 334. https://doi.org/10.1037/0021-9010.75.3.334
Inama, M. (2011). Determinants of Managerial Ownership, Institutional Ownership, Dividend Policy, Debt Policy (Companies Listed on the Stock Exchange in 2007-2010). Faculty of Economics. Dian Nuswantoro University.
Indahningrum & Handayani. (2009). The Effect of Managerial Ownership, Institutional Ownership, Dividends, Company Growth, Free Cash Flow and Profitability on Corporate Debt Policy. Journal of(11), 3. https://doi.org/10.34208/jba.v11i3.244
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4). https://doi.org/10.1016/0304-405X(76)90026-X
Junaidi, A. A. (2012). Analysis of the Effect of Free Cash Flow, Ownership Structure, Dividend Policy, Asset Structure, and Profitability on Corporate Debt Policy. Dian Nuswantoro University.
Larasati, E. (2011). Effect of Managerial Ownership, Institutional Ownership and Dividend Policy on Corporate Debt Policy. Journal of Business Economics, 16(2).
Lipsey, M. W., & Wilson, D. B. (2001). Practical Meta-Analysis. SAGE Publications, Inc.
Murtini, U. (2019). Effect of Managerial Ownership, Institutional, and Profitability on Debt Policy. Journal of Accounting and Finance Research, 14(2). https://doi.org/10.21460/jrak.2018.142.330
Nafisa, A., & Dzajuli, A. (2016). Effect of Managerial Ownership, Institutional Ownership, Company Size, Company Growth, Free Cash Flow and Profitability on the Debt Policy of Manufacturing Companies on the Indonesia Stock Exchange. Journal of Business Economics, 21(2). https://doi.org/10.17977/um042v21i2p122-135
Peilouw, C. T. (2017). The Effect of Ownership Structure on Debt Policy in Companies Listed on the Indonesia Stock Exchange. Journal of Accounting and Taxation, 3(1). https://doi.org/10.26905/ap.v3i1.1325
Rokman, M. T. (2015). Effect of Managerial Ownership, Institutional Ownership and Company Size on the Debt Policy of Manufacturing Companies on the Indonesia Stock Exchange. Journal of Management and Business, 1(2).
Tawi, M. S. (2008). Konsep Meta Analysis. http://syehaceh.wordpress.com/2008/05/15/konsep-meta-analysis/
Trisnawati, I. (2016). Factors Affecting Debt Policy in Non-Financial Companies Listed on the Indonesia Stock Exchange. EMBA Journal: Journal of Economic Research, Management, Business And Accounting, 18(1), 33–42. https://doi.org/10.34208/jba.v18i1.35
Published
2022-12-26
How to Cite
Peilouw, C. T., & Kusucahyo , B. (2022). OWNERSHIP STRUCTURES AND DEBT POLICY (A META-ANALYSIS). Jurnal Riset Akuntansi Aksioma, 21(2), 81-90. https://doi.org/10.29303/aksioma.v21i2.163
Section
Articles
