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Pengaruh Biaya Agensi, Tahap Daur Hidup Perusahaan, dan Regulasi terhadap Kebijakan Dividen pada Perusahaan Manufaktur di Bursa Efek Indonesia

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Author(s): Djumahir Djumahir

Journal: Jurnal Manajemen dan Kewirausahaan
ISSN 1411-1438

Volume: 11;
Issue: 2;
Start page: 144;
Date: 2009;
Original page

Keywords: Agency Cost; Dispersion of Ownership; Institutional Ownership; Free Cash Flow | Life cycle of the firm | Regulation

ABSTRACT
The purpose of the article was to investigation the influence agency cost that proxy with Dispersion of Ownership; Institutional Ownership; Free Cash Flow, life cycle of the firm and industries regulation on dividend policy in manufacture industry IndonesiaCapital Market (BEI). Agency theory, risk market theory and investment opportunity theory were used to develop theoretical framework to address three hypotheses. Secondary data from Indonesian Capital Market Directory was use to test hypothesis effect agency cost that proxy with Dispersion of Ownership; Institutional Ownership; Free Cash Flow, life cycle of the firm and industries regulation on dividend policy. The number of sample are 31 company as part of 153 manufacturing company in BEI. It pound that agency cost, institusional ownership, free cash flow, life cycle of the firm and industry characteristic simultanously have effcet to dividend policy. As partialy only institusional ownership that not have effect. Meanwile free cash flow is the higest effect to dividend policy. This reserach enrich the fact of empirical study about agency theory, , risk market theory and investment opportunity. Dispersion of Ownership, Free Cash Flow dan Collaterilazable Assets add as proxy agency cost that difference with previous reserach. This reserach offer new information about dividend policy in manufacturer industri in BEI that overall management more concern to minority investor than institutional ownership.

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