ANALISIS PENGARUH AGENCY COST TERHADAP PENENTUAN KEBIJAKAN DIVINDER PERUSAHAAN-PERUSAHAAN GO-PUBLIK YANG TERCATAT DIPASAR MODAL INDONESIA (STUDI PADA BURSA EFEK JAKARTA)

Setiyono, Wisnu Panggah (2008) ANALISIS PENGARUH AGENCY COST TERHADAP PENENTUAN KEBIJAKAN DIVINDER PERUSAHAAN-PERUSAHAAN GO-PUBLIK YANG TERCATAT DIPASAR MODAL INDONESIA (STUDI PADA BURSA EFEK JAKARTA). Jurnal Aplikasi Manajemen, 6 (1). pp. 108-113. ISSN 1693-5241

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Abstract

in a modern company, the ownership of a company usually will spread out . in other side, daily operation activityof a company was done by the manager as the agent or representation of a company's owner. however, they control the company themselves. that can cause conflict of interest between the manager and the owner, in effort to increase company's value or prosperity of stockholder ( company's owner ). conflict of interest can be minimized by controlling mechanism, which equate that interest, and will create a cost called agency cost. the problem of a agency can be eliminated by paying devidend, because the paying if devidend will eliminate discretionary fund which is available for the manager (Easter Brook, 1994). this is what the writer expect in the in this research by observing in the influence of Agency Cost to decision of dividend polici of go-public company in Indonesian money market ( Study of Jakarta Stock Excange). the writer expect that this research is going to be a reference for the company in making decision dealing with the policy of dividend sharing of a company and as a mean of reference for other research. this research is not the only research, which is dealing with Agency Cost. there are many other researches which try to find the relationship between Agency Cost with accompany's value dividend. however, they have different time and object, whereas this research is not replication of other research because its time and objects are differnt. research methode used is Mainstream approach by using instrument of the analysis Ordinary Least Square (OLS) regression analysis, in order to find relationship of Agency Cost, which is measured (proxy) by variable of number of ordinary stocholder, collateralizable asset, free cash flow and the ownership of stock by insider with variable interrelated to divend policy measured by dividend payout. according to calculation by using medium SPSS, the result equation mode : Dividend Payout Ratio = 2.015-0.140 Insider + 0.426 Disperse + 93.812 Free Cash Flow + 1.505 Collas, co-relation coefficient R and determination coefficient R-square resulted is 0.482 and 0.233. accuracy model can be seen from opportunity value (p-value) Test F and tesr t in ANOVA give significance of test F 0.005 (significant in level 1%), and Free Cash Flow 0.065 (significant in level 1%), while the dominance of free variableinfluence to non-free variable in a series are(1) Disperse, (2) Free Cash Flow, (3) INsider, and (4) Collas. dealing with the research, for the management there are many theoris about dividend policy that can be consideration for the manager, and the one of the theoris is agency cost.

Item Type:	Article
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Divisions:	Faculty of Economics and Business > School of Management
Depositing User:	Wisnu Setiyono
Date Deposited:	23 Mar 2018 08:57
Last Modified:	23 Mar 2018 08:57
URI:	http://eprints.umsida.ac.id/id/eprint/2035

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