GDL

Jurnal Keuangan dan Perbankan, Volume 12, Nomor 2, Mei 2008
Journal from JIPTUNMERPP / 2010-06-13 21:29:43
Oleh : Darmawan , Diploma 3 of Finance and Banking Merdeka University Malang (jurkeubank@yahoo.com)
Dibuat : 2008-05-01, dengan file

Keyword : Agency costs, dividend policy, insider ownership instituonal ownership, dispertion of ownership, free cash flow, collateralizable assets

The purpose of this research was to analyze agency costs and dividend policy on the emerging market. The research population was 147 manufakcture industry companies listead the Indonesia stock exhange.sample were retrieved bases on purposive sampling method, there were 25 companies, which were fulfilling the conditions needed, starting from 2000 until 2005, pooling data with analysis unit n = 6 x 25 = 150. Research used ordinay least square. Research results showed that agency costs did not significantly influence dividend policy. Research conclusion was that agency costs were not important factor of dividend policy. Next analysis result showed that insider ownership , institutional ownership, dispertion of ownership, and free cash flow did not significantly influence dividen policy. Thecollateralizable assets significantly influenced dividend policy. This finding showed that there was no agencial conflicts between manager (agent) and stockholders (principals) in emerging market (manufacture industry companies listed at the Indonesian stock Exchange) However, there were agencial conflicts between stockholders and creditor (boldholders)

Deskripsi Alternatif :

The purpose of this research was to analyze agency costs and dividend policy on the emerging market. The research population was 147 manufakcture industry companies listead the Indonesia stock exhange.sample were retrieved bases on purposive sampling method, there were 25 companies, which were fulfilling the conditions needed, starting from 2000 until 2005, pooling data with analysis unit n = 6 x 25 = 150. Research used ordinay least square. Research results showed that agency costs did not significantly influence dividend policy. Research conclusion was that agency costs were not important factor of dividend policy. Next analysis result showed that insider ownership , institutional ownership, dispertion of ownership, and free cash flow did not significantly influence dividen policy. Thecollateralizable assets significantly influenced dividend policy. This finding showed that there was no agencial conflicts between manager (agent) and stockholders (principals) in emerging market (manufacture industry companies listed at the Indonesian stock Exchange) However, there were agencial conflicts between stockholders and creditor (boldholders)

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