KEBIJAKAN DIVIDEN DAN STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN UTANG: SEBUAH PERSPEKTIF AGENCY THEORY

Abdullah W. Djabid

Abstract


Abstract: This study aimed to analyze whether the dividend policy, managerial and institutionalownership had impact toward debt policy. The populations of this study were the go publicmanufacturers in BEI. The sample technique used was purposive sampling, and the analysismethod used was multiple regression method. The result showed that the dividend policy hadno impact toward the debt policy. This study failed to support statement that one of thealternatives could be chosen to reduce the agency conflict by increasing the dividend payoutratio. It was because there might be another factor influenced it, for example, the companyimplemented a stable dividend sharing policy which meant that the company should still paythe dividend although it was losing out or had debts. The managerial and institutional ownershiphad no impact toward the debt policy. Thus, this study failed to support a statement thatalternatives that could be chosen to reduce the agency conflict by increasing the managementsstockholding, and by increasing the institutional partys stockholding.

Keywords


dividend policy, managerial ownership, institutional ownership, debt policy

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DOI: https://doi.org/10.26905/jkdp.v13i2.933

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Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

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