Analisis deskriptif implikasi kepemilikan saham dan keputusan keuangan perusahaan

Financial decisions such as financing, investment and dividend policies are employed by management in order to fulfill the main objective of the company, i.e. to maximize the value of the company, which at the end, will maximize the wealth of the stockholders. However, manager often doesn't act in line with the interest of the shareholders, which causes conflict of interest between the manager as agent and the stockholders as principal. Generally, the ownership structure of the company's shares is totally owned by the shareholders. However, as agency theory claims that managers have opportunities to increase their wealth that will, in turn, decrease the wealth of the shareholders. One effort of the principal to ensure that the manager fulfills the objective of the company is to offer certain proportion of stock ownership of the company to manager. In other words, manager is one of the owners of the company. By doing so, the manager, as part of the owner of the company, will run the company to maximize the wealth of the shareholders.