Pengaruh Biaya Agensi, Tahap Daur Hidup Perusahaan, dan Regulasi terhadap Kebijakan Dividen pada Perusahaan Manufaktur di Bursa Efek Indonesia
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.
Keywords: Agency Cost;
Dispersion of Ownership; Institutional Ownership; Free Cash Flow, Life cycle of
the firm, Regulation
Penulis: Djumahir
Kode Jurnal: jpmanajemendd090188
