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Ditemukan 2 dokumen yang sesuai dengan query
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Martha Indang Prasasti
Pengaruh agency cost terhadap besaran dividend payout ratio di bursa efek jakarta
"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
biaya aensi terhadap kebijakan dividen di emerging market. 'hnjuan utama dm-i laporan
penelitian adalah untuk mengidentifikasi pengaruh biaya agensi terhadap kebijakan
dividen di emerging market. Sampel yang digunakan dalam penelitian ini tcrdiri dari 35
pemsahaan non iinansial yang terdahar di Bursa Efek Jakana (BET). Data yang
digunakan adalah data selama lima (5) tahun yaitu dari periode 1998 sampai dengan
2002. Model Regresi OLS digunakan untuk mengidentifxkasi pengaruh dari biaya agensi
terlmdap kebijakan dividen di emerging market. Hasil penelitian mengindikasikan bahwa
jumlah saham beredar dan collaierazible assets sccara positif dan kepemilikan insider
dan jiee cash flow secara ncgatif berhubungan dengan dividend payout razio. Ketiga
koefisien tersebut sesuai dengan dugaan peneliti dan cukup konsisten dengan hasil
penelitian empiris Rozeff (1982) dan penelitian empiris lain sebelumnya. Sedangkan
koefisienffee cash flow yang berdasarkan penelitian temyata berbanding terbalik dengan
besaran dividen. Dan berdasarkan hasil penelitian disirnpulkan adanya pengaxuh biaya
agensi terhadap kebijakan dividen di emerging market.
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.
"
2004
T34218
UI - Tesis Membership  Universitas Indonesia Library
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Analisa pengaruh faktor - faktor keuangan terhadap resiko sitematis di bursa efek Jakarta periode sebelum krisis dan selama krisis
"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."
Artikel Jurnal  Universitas Indonesia Library