PENGARUH OVERCONFIDENCE CEO TERHADAP INSENTIF EKUITAS PADA PERUSAHAAN SYARIAH DI INDONESIA DAN MALAYSIA

SEFITRIANA DWI HARIYANTO, . (2025) PENGARUH OVERCONFIDENCE CEO TERHADAP INSENTIF EKUITAS PADA PERUSAHAAN SYARIAH DI INDONESIA DAN MALAYSIA. Magister thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini bertujuan untuk menguji pengaruh overconfidence CEO terhadap insentif ekuitas pada perusahaan syariah non-keuangan yang terdaftar di Bursa Efek Indonesia dan Bursa Malaysia selama periode 2019–2023. Overconfidence diukur melalui dua proksi, yaitu tingkat kepemilikan saham oleh manajemen (ownership value) dan leverage ratio. Sementara itu, insentif ekuitas diukur menggunakan pendekatan variabel dummy berdasarkan keberadaan kompensasi berbasis saham. Penelitian ini juga mempertimbangkan rasio keuangan sebagai variabel kontrol, meliputi Return on Assets (ROA), Earnings Per Share (EPS), Price to Book Value (PBV), dan Price Earning Ratio (PER). Metode analisis yang digunakan adalah regresi data panel dengan pendekatan SUR (Seemingly Unrelated Regression). Hasil penelitian menunjukkan bahwa ownership value dan leverage memiliki berpengaruh terhadap insentif ekuitas, yang menunjukkan bahwa semakin tinggi tingkat overconfidence CEO, semakin besar kemungkinan mereka memperoleh kompensasi berbasis ekuitas. Sebaliknya, ROA, EPS, dan PBV tidak berpengaruh signifikan terhadap insentif ekuitas, sedangkan PER memiliki pengaruh negatif dan signifikan. Temuan ini mengindikasikan bahwa karakteristik psikologis CEO, khususnya overconfidence, memainkan peran penting dalam struktur kompensasi. Oleh karena itu, hasil penelitian ini diharapkan dapat memberikan kontribusi terhadap pengembangan teori keagenan berbasis perilaku, serta menjadi pertimbangan praktis dalam merancang skema kompensasi yang efektif pada perusahaan syariah. ***** This study seeks to analyze the impact of CEO overconfidence on equity incentives in non-financial Islamic firms listed on the Indonesia Stock Exchange and Bursa Malaysia from 2019 to 2023. Overconfidence is assessed using two indicators, namely ownership value, and the leverage ratio. Equity incentives are assessed via a dummy variable methodology predicated on the existence of stock-based pay. This study additionally incorporates financial ratios as control variables, namely Return on Assets (ROA), Earnings Per Share (EPS), Price to Book Value (PBV), and Price Earnings Ratio (PER). The analytical method used is panel data regression, which employs seemingly unrelated regression (SUR) techniques. The findings demonstrate that ownership value and leverage exert a positive and substantial impact on equity incentives, suggesting that increased CEO overconfidence correlates with a higher likelihood of receiving equity-based remuneration. Conversely, ROA, EPS, and PBV exert no substantial influence on equity incentives, but PER demonstrates a negative and considerable impact. The findings suggest that the psychological traits of CEOs, especially overconfidence, significantly influence the pay framework. Consequently, the findings of this study are anticipated to enhance behavior-based agency theory and serve as a practical reference for formulating appropriate pay structures in Islamic enterprises.

Item Type:	Thesis (Magister)
Additional Information:	1). Prof. Dr. Umi Widyastuti S.E., M.E. ; 2). Prof. Dr. Gatot Nazir Ahmad, M.Si.
Subjects:	Manajemen > Manajemen , Business
Divisions:	FE > S2 Manajemen
Depositing User:	Sefitriana Dwi Hariyanto .
Date Deposited:	04 Aug 2025 02:58
Last Modified:	04 Aug 2025 03:06
URI:	http://repository.unj.ac.id/id/eprint/57376

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