ANALISIS AGENCY COSTS DAN KEBIJAKAN DIVIDEN PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) DAN MERUPAKAN SAHAM LQ45 PADA TAHUN 2007-2009

SWARADHINY, GIETA (2012) ANALISIS AGENCY COSTS DAN KEBIJAKAN DIVIDEN PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) DAN MERUPAKAN SAHAM LQ45 PADA TAHUN 2007-2009. S1 thesis, Universitas Negeri Jakarta.

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Abstract

ABSTRACT Gieta Swaradhiny. 8215072838. 2011; Analysis of Agency Costs and Dividend Policy in Listed Companies in Indonesia Stock Exchange (IDX) and the Shares of LQ45 in Year 2007-2009. Skripsi: Jakarta, Financial Management Concentration, Study Program of Management, Department of Management, Faculty of Economics, State University of Jakarta. This research is performed in order to test the influence of variable Insider Ownership, Institutional Ownership, Free Cash Flow, Dispersion of Ownership, and Collaterailzable Assets toward Dividend Payout Ratio (DPR). Problem in this research is based by the agency conflict between shareholders and managers or agents. The sampling method is purposive sampling with criteria as: (1) company who listed on Indonesia Stock Exchange during period 2007 through 2009, (2) Company given dividend during period 2007 through 2009, and (3) Company have insider ownership, institutional ownership, free cash flow, dispersion of ownership, and collateralizable assets data during period 2007-2009. The Data is based on publicity Indonesian Capital Market Directory (ICMD) since 2007 to 2009. Sample was acquired 25 companies. Data analysis with multi linier regression of ordinary least square and hypotheses test used t-statistic and fstatistic at level of significance 5%. Empirical evidence show as insider ownership has positive influence toward DPR of company listed in Indonesia Stock Exchange over period 2007-2009 at level of significance less than 5%, free cash flow has positive influence toward DPR of company listed in Indonesia Stock Exchange over period 2007-2009 at level of significance less than 5%, dispersion of ownership has negative influence toward DPR of company listed in Indonesia Stock Exchange over period 2007-2009 at level of significance less than 5%, and collateralizable assets has positive influence toward DPR of company listed in Indonesia Stock Exchange over period 2007-2009 at level of significance less than 5%, but institutional ownership has no influence toward DPR at level of significance more than 5%. While, five independent variables Insider Ownership, Institutional Ownership, Free Cash Flow, Dispersion of Ownership, and Collateralizable Assets have influence toward DPR at level of significance less than 5% as 0,00%. Predictable of the four variables toward DPR is 75% as indicated by Adjusted R square that is 75% while the rest 25% is affected by other factors is not included into the study model. Key Words: Insider Ownership, Institutional Ownership, Free Cash Flow, Dispersion of Ownership, Collateralizable Assets, Dividend Payout Ratio.

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