Agency cost pada perusahaan keluarga dan non keluarga

Abstract

This study intends to find out how much influence the agency cost to company performance in Indonesia both companies to control the family and nonfamily firms. Proxy chosen in describing the agency cost are expense ratio and asset utilization ratio and for the measurement of company performance, represented by Tobin's Q ratio. The study was conducted on 32 firms with family ownership structure and the 22 companies with non-family ownership structure listed on the Indonesia Stock Exchange (BEI) in the period 2008-2010. These results indicate that the expense ratio has a significant negative impact on company performance. For the asset utilization ratio has a significant positive impact on company performance. With the moderation effect of family ownership in the company can’ t weaken the negative effect of expense ratio as a proxy for agency cost to company performance. The results also showed that the presence of moderating effects of family ownership in the company can weaken the positive effect of asset utilization ratio as a proxy for agency cost to company performance