期刊名称：Jurnal Manajemen dan Kewirausahaan (Journal of Management and Entrepreneurship)
印刷版ISSN：1411-1438
出版年度：2010
卷号：11
期号：2
页码：pp. 144-153
语种：English
出版社：Institute of Research and Community Outreach - Petra Christian University
摘要：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.
关键词：Agency Cost;Dispersion of Ownership;Institutional Ownership;Free Cash Flow, Life cycle of the firm, Regulation
