AGENCY COST TO DIVIDEND PAYOUT RATIO AGENCY COST TERHADAP DIVIDEND PAYOUT RATIO

Abstract

This study was conducted to examine the effect of agency cost in dividend policy (dividend payout . In this case, the agency cost is represented by insider ownership, institutional ownership, collateralizable &bt to tatal assets, and.frim size. Basically, the purpose of this study is to know how big the infiuence cost of dividen policy (dividend payout ratio). The samples in this study used purposive sampling ofNon-Financial Companies which arelisted on thelndonesianStock Exchangewithin 2005- The analytical tool that used in this study were multiple regressions. From the analysis shows that in institutional ownership variables andfirm size variables are influence positively and signifrcantly on trn- This research also.found that collateralizable assets has negative and significant influence on DPR. The * variables in the research which are insider ownership and debt to total assets did not affect significantly t DPR. The result of regression estimation show the ability of model prediction is 45%while the remaining 5f '. influenced by other.factors outside the model that has not been included in the study