PERBEDAAN KEBIJAKAN HUTANG DARI SUDUT PANDANG MANAGERIAL OWNERSHIP DAN FREE AGENT

Abstract

ABSTRACT
There are two important aspects that support the operation or activities in
corporation. First aspect is manager. And second aspect is shareholder. In term of share
ownership, manager could be divided into two categories: (1) managerial ownership is a
manager who has share for the corporation; and (2) free agent is a manager who has not
share for the business. Both of them should make some decisions about financial
management such as : budgeting / financing, investment and dividend for the shareholders.
In decision making process about financing, manager should arrange the capital structure
that could be gained both from internal or external. For example debt could be attained
from external financing. The amount of debt exposed on Debt to Equity Ratio. If debt to
equity (DER) is higher than 1, the corporation is classified as a high risk taking company.
But if debt to equity (DER) is less than 1; it is grouped as a risk-averse company.
This research will reveal the differentiation of debt policy that the managerial
ownership and the free agent do. A purposive sampling method is done by taking 128
corporations as a unity of sampling. This sample is divided into two groups; first is a group
of corporation that has a managerial ownership structure and second is a group of
corporation that has free agent. The hypothesis is tested with Mann Whitney U Test with
the variables are (1) managerial ownership, (2) free agent and (3) debt policy. The
conclusion of the hypothesis test is free agent is more being risk-taker then the managerial
ownership.
Keywords: managerial ownership, free agent and debt policy.