DAMPAK STRUKTUR KEPEMILIKAN SAHAM MANAJERIAL PADA RETURNS DAN RISIKO OBLIGASI PERUSAHAAN

Abstract

the purpose of research is to analyze an impact of managerial stock ownership structure on corporate bond returns. it is assumend that the change in managerial stock ownership can influence managers' attitude toward risk so it is hypothesized that the change in managerial stock ownership can influence corporate bond returns. this study suggested that there is a significant impact of managerial ownership structure on corporate bond return. in 1998-1999 time series cross-section of 31 corporate bonds that were listed on Surabaya Stock Exchange, I've found evidance of a significant non-monotonic relationship between managerial stock ownership and corporate bond returns. bond returns first increase, than decrease, and finally rise slightly as ownership by manager rises. there is also weak evidance of a non-monotonic relationship between managerial stock and firm leverage. this study finds a positive relation between managerial stock ownership and leverage up to 19.9 percent ownership ownership level. when ownership increases more (over 19.9 percent), howover the relationship becomes negative. this empirical evidence indicates that greater managerial ownership gives managers an incentive to decrease risk by using low level of debt.