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Abstrak :
ABSTRAK
Kebijakan dividen merupakan salah sam isu menarik dalam literatur keuangan. Sampai saat ini beberapa penelitian tentang biaya agensi dan kebijakan dividen telah dipublikasikan, tetapi sebagian besar pcnelitian tersebut dilakukan di pasar modal negara maju (developed marker). Seperti kita ketahui, pasar modal di negara berkembang (emerging marker) agak berbeda dengan developed marker dalam beberapa hal. Jadi hasil-hasil penelitian yang sekarang ada kurang relevan untuk mengidentii1l ABSTRACT
Dividend policy is an interesting issue in financial literature. Up until now, some researches about agency problem has been published, but most are being done in the capital market of developed country. As we know, the capital market in emerging country is different with the one in developed country. So the result of current researches are not relevant to identify the impact of agency cost to the dividend policy in emerging market. The main goal of this research is to identify the impact of agency cost to the dividend policy in emerging market. Sample used consist of 35 non financial companies listed in the Jakarta Stock Exchange (JSX). Data used is for five (5) years period from 1998 to 2002. OLS Regression Model is being used to identify the impact of agency cost to the dividend policy in emerging market. Findings indicate that outstanding stocks and collaterazible assets are positively related to dividend payout ratio; insider ownership and free cash How are negatively related to dividend payout ratio. Three coetiicients are consistent with researchers? assumptions and consistent with Rozeffs findings (1982) and other researches. But free cash flow is negatively related to dividend payout ratio. Based on the findings it is concluded that there is impact of agency cost to the dividend policy in emerging market.

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Abstrak :
This research has two objectives. The first objectives is to analyze the impact of seven fundamental factors (Devidend payout, asset growth, leverge, liquidity, asset size, earnings variability, accounting beta) to the bussiness risk. The second one is to analyze whether the impact of seven fundamental factor to the bussiness risk are consistent between before crisis period and after crisis period. Bussiness risk are measured bu using Single Index Model (Beta) and four lag and four lead Fowler and Rorke Method (Corrected Beta). The sample was taken by using purposive sampling method. The taken sample consist of 37 companies. The research period devide in two sub period : before crisis Period (1992 up to 1996) and after crisis period (1997 up to 2001). the research result show that from seven factprs assumed to influence on beta, there are four factors which partially show positive influnce in before crisis period : Devidend payout, asset growth, leverge, liquidity, asset size, earnings variability, and there are six factors : Dividend Payout, asset growth, leverge, liquidity, asset size, accounting beta in after crisis period. The research result show that from seven factors assumed to influence on the corrected beta, there are five factors which partially show positive influence on the corrected beta, there are five factors which patially show positive influence in before crisis period, and five factors too: Dividend Payout, leverge, liquidity, asset size, accounting beta in after crisis period. The result on the chow test indicated that the effect of fundamental factor on bussiness risk are significantly different between before crisis period and after crisis period.