Mekanisme Kontrol dan Ekspropriasi Pada Perusahaan di Indonesia

Abstract

This study examines the leverage as a control mechanism against expropriation through tunneling at utilization assets. This study uses panel data with a sample of 136 companies in Indonesia in the period from 2001 to 2012 and was done by using regression estimation. The results prove that the leverage has an online are effect on asset utilization. Leverage at a low level will cause the expropriation through tunneling is done by institutional owners but at higher level sit can be used as a leverage control mechanisms. This study implies that theme mechanism of control of the assets can be made through leverage utilization. This study proves and provide solutions for expropriation through tunneling that occurred in Indonesia. This study also contributes to the agency theory testing models that use non-linear testing