Kepemilikan Manajerial dan Kebijakan Keuangan Perusahaan

Ella Anastasya Sinambela; Rahayu Mardikaningsih

Authors

Ella Anastasya Sinambela Universitas Mayjen Sungkono Mojokerto
Rahayu Mardikaningsih Universitas Mayjen Sungkono Mojokerto

Keywords:

managerial ownership, financial policy, agency theory, corporate governance

Abstract

Managerial ownership aligns the incentives of managers and shareholders in agency theory, thereby reducing conflicts of interest. At low to moderate ownership levels, increased ownership encourages more optimal debt, dividend, and investment policies. At very high ownership levels, an entrenchment effect occurs in which managers become overly powerful. The relationship between managerial ownership and firm value follows an inverted U-curve with an optimal point at moderate ownership levels. Endogeneity issues complicate the identification of causal relationships because both variables are jointly determined. Interactions with other governance mechanisms, such as institutional ownership and board composition, influence the effectiveness of managerial ownership. Family-owned firms exhibit different patterns due to non-financial motivations such as reputation and the desire to pass on the business. Governance design must consider the cost-benefit trade-offs and the firm’s specific characteristics.

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