PENGARUH KEPEMILIKAN MANAGERIAL, KEPEMILIKAN INSTITUSIONAL, KEBIJAKAN HUTANG, PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN [JURNAL]

The research examines the effect of managerial ownership, institutional ownership,
leverage policy, profitability, and firm size on dividend policy. The research model
uses dividend policy to reflect the agency issues and conflict of interest between
agent (manager) and principal (insider and outsider shareholders). Thirty two
firms were used as sample listed at Jakarta Stock Exchange, and had positive
earnings after tax and shared dividen from 2002 till 2005 repeatedly. Data were
analyzed using multiple regression analysis. The results show that managerial
ownership, institutional ownership, leverage policy, and profitability had a
negative effect on dividend policy. The big firm would increase dividend policy
rather than small firm.

Keywords: Agency theory, managerial ownership, institutional ownership, leverage policy, profitability, firm size and dividend policy.

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