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The Effect of Board of Commissioners and Independent Commissioners on Agency Cost through Capital Structure

Management Analysis Journal · Vol. 8 No. 1 (2019) · hlm. 13–24

DOI
10.15294/maj.v8i1.23384
ISSN
2502-1451, 2252-6552
Terbit
2019-03-10
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

Different interests between managers and shareholders can emerge agency conflicts resulting agency costs. The aim of this study is to determine the effect of board of commissioners and independent commissioners to agency cost through capital structure. This study was conducted on companies incorporated in the LQ45 Index listed on the BEI 2012-2016. The number of samples based on purposive sampling method is 24 companies or 120 analysis units. Multiple regression analysis and path analysis using Eviews 9 were used for methods of data analysis. The results showed that board of commissioners have positive and insignificant effect on capital structure, while independent commissioners have positive and significant effect on capital structure. The capital structure has a negative and significant effect on the agency cost proxied by asset utilization ratio, board of commissioners has a negative and insignificant effect on the agency cost proxied by asset utilization ratio, whereas the independent commissioner has a positive and significant effect on the agency cost proxied by asset utilization ratio. By using path analysis, capital structure is unable to mediate the effect of board of commissioners and independent commissioners against agency cost.

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 6 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">The Effect of Board of Commissioners and Independent Commissioners on Agency Cost through Capital Structure</dc:title>
	<dc:creator>Wahidah, Siti Asroliatun</dc:creator>
	<dc:creator>Ardiansari, Anindya</dc:creator>
	<dc:description xml:lang="en-US">Different interests between managers and shareholders can emerge agency conflicts resulting agency costs. The aim of this study is to determine the effect of board of commissioners and independent commissioners to agency cost through capital structure. This study was conducted on companies incorporated in the LQ45 Index listed on the BEI 2012-2016. The number of samples based on purposive sampling method is 24 companies or 120 analysis units. Multiple regression analysis and path analysis using Eviews 9 were used for methods of data analysis. The results showed that board of commissioners have positive and insignificant effect on capital structure, while independent commissioners have positive and significant effect on capital structure. The capital structure has a negative and significant effect on the agency cost proxied by asset utilization ratio, board of commissioners has a negative and insignificant effect on the agency cost proxied by asset utilization ratio, whereas the independent commissioner has a positive and significant effect on the agency cost proxied by asset utilization ratio. By using path analysis, capital structure is unable to mediate the effect of board of commissioners and independent commissioners against agency cost.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2019-03-10</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/maj/article/view/23384</dc:identifier>
	<dc:identifier>10.15294/maj.v8i1.23384</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 8 No 1 (2019): Management Analysis Journal; 13-24</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v8i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/23384/13733</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2019 Management Analysis Journal</dc:rights>
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