期刊名称：JAKI (Jurnal Akuntansi dan Keuangan Indonesia)
印刷版ISSN：1829-8494
电子版ISSN：2406-9701
出版年度：2006
卷号：3
期号：1
页码：25-54
DOI：10.21002/jaki.2006.02
语种：Indonesian
出版社：Universitas Indonesia
摘要：The purpose of research is to analyze an impact of managerial stock ownership structure on corporate bond returns.It is assumned that the change in managerial stock ownerships can influence managers attitudes toward risk.So it is hypothesized that the change in managerial stock ownerships can influence corporate bond returns.This study sugested that there is a significant impact of managerial ownership structure on corporate bond returns.In 1998 - 1999 time series cross-section of3I corporate bonds that were listed on Surabaya Stock Exchange,I've found evidence of a significant non-monotonic relationship between managerial stock ownership and corporate bond returns.Bond returns first increase,then decrease,and finally rise slightly as ownership by manager rises.There is also weak evidence of a non -monotonic relationship between managerial stock ownership and firm leverage.This study finds a positive relation between managerial stock ownership and leverage up to 19.9 percent ownership level.When ownership increases more (over 19.9 percent),however,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.
关键词：Managerial stock ownership;Corporate bond returns;Impact
