Application of Agency Theory in Corporate Financial Decision Making
(Penerapan Teori Agensi dalam Pengambilan Keputusan Keuangan Perusahaan)
DOI:
https://doi.org/10.12026/sym.v1i1.095Keywords:
Agency Conflict, Agency Theory, Corporate Finance, Corporate Governance, Financial DecisionAbstract
Financial decision-making is an important aspect of corporate management because it directly affects the company’s long-term performance and value. In modern companies, the separation between ownership and management often causes conflicts of interest between owners and management, making Agency Theory a relevant analytical framework for understanding this phenomenon. This study aims to examine the application of Agency Theory in corporate financial decision-making, particularly in relation to agency conflicts, information asymmetry, and agency costs, as well as their implications for capital structure decisions, dividend policies, and investments. This study uses a qualitative approach with a literature review method through analysis and synthesis of various relevant scientific sources in the fields of finance and management. The results of the study show that agency conflicts and information asymmetry play a significant role in influencing management behavior in making financial decisions, which under certain conditions can reduce the efficiency and financial performance of the company. In addition, effective corporate governance mechanisms have been proven to reduce agency problems and improve the quality of financial decisions.
Abstrak
Pengambilan keputusan keuangan merupakan aspek penting dalam pengelolaan perusahaan karena berpengaruh langsung terhadap kinerja dan nilai perusahaan dalam jangka panjang. Dalam perusahaan modern, pemisahan antara kepemilikan dan pengelolaan sering menimbulkan konflik kepentingan antara pemilik dan manajemen, sehingga Agency Theory menjadi kerangka analisis yang relevan untuk memahami fenomena tersebut. Penelitian ini bertujuan untuk mengkaji penerapan Agency Theory dalam pengambilan keputusan keuangan perusahaan, khususnya terkait konflik keagenan, asimetri informasi, dan biaya keagenan serta implikasinya terhadap keputusan struktur modal, kebijakan dividen, dan investasi. Penelitian ini menggunakan pendekatan kualitatif dengan metode literature review melalui analisis dan sintesis terhadap berbagai sumber pustaka ilmiah yang relevan di bidang keuangan dan manajemen. Hasil kajian menunjukkan bahwa konflik keagenan dan asimetri informasi berperan signifikan dalam memengaruhi perilaku manajemen dalam mengambil keputusan keuangan, yang pada kondisi tertentu dapat menurunkan efisiensi dan kinerja keuangan perusahaan. Selain itu, mekanisme tata kelola perusahaan yang efektif terbukti dapat mengurangi masalah keagenan dan meningkatkan kualitas keputusan keuangan.
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