KEPEMILIKAN MANAJERIAL DAN AGENCY CONFLICTS: ANALISIS PERSAMAAN SIMULTAN NON LINIER DARI KEPEMILIKA N MANAJERIAL, PENERIMAAN RISIKO (RISK TAKING), KEBIJAKAN UTANG DAN KEBIJAKAN DIVIDEN

The purpose of this research to examine how managerial ownership relate to risk taking, debt policy and dividend policy. This research is based on the previous research by Chen and Steiner (1999), which found that risk tobe a significant and positive determinant of the level managerial ownership while managerial ownership is also significant and positive determinant of the level of risk. Chen and Steiner observed evidence of subtituons-monitoring effects between managerial ownership and debt policy, managerial ownership and dividend policy, and between managerial ownership and institutional ownership. The research is focused on manufacturing companies listed in BEJ for periode 1993-1996.The method of data collection is done by using pooling method and give 103 firm year observation. This research uses a non linear simultaneous equation methodology with use the statistical method two stage least square. The result of this research shows that risk tobe a significant and negative determinant of the level of managerial ownership while managerial ownership is also significant and negative determinant of the level of risk. The result not supports the argument that managerial ownership helps to resolve the agency conflicts between stock holder and manager. The result also indicate that there is not subtitutability between debt and managerial ownership dan between dividend and managerial ownership, but this research evidence of subtitutions-monitoring effect between managerial ownership and institutional ownership.