BIAYA KEAGENAN DAN KEBIJAKAN DEVIDEN: IMPLIKASI AFILIASI GRUP BISNIS

Maria Magdalena Purdwiastuti, Rina Nofiyanti

Abstract

This paper investigates the agency theory of dividend policy in emerging market
such in Indonesia. The main innovation is achieved by introducing business group
affiliation into the original cost minimisation model. Using pooled cross section
time series of 59 companies listed on the Indonesian Stock Exchange with 135
observasions, the result shows that only financial leverage, growth, size, and the
percentage held by the institusional that statistically significant effect the dividend
payout ratio.

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