PENGARUH BIAYA KEAGENAN DAN KESEMPATAN INVESTASI TERHADAP KEBIJAKAN DIVIDEN (Pada Perusahaan LQ-45 Yang Terdaftar Di Bursa Efek Indonesia)
Abstract
Target of this research is to determine relation among expense of agent, and opportunity of invesment with policy of dividend related to policy of dividend and expected by this research can give contribution to science in the field of accountancy, specially variables related to ratio payout dividend. Population in this research is all noted company at index of LQ-45 in Stock Exchange Indonesia, used by analysis is regresi. Result of research is the expense of agent do not have an effect on to policy of dividend, while opportunity of invesment give influence to policy of dividend.
Keyword : expense of agent, opportunity of invesment and policy of dividend
References
Atika Jauhari Hatta, Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen: Investigasi Pengaruh Teori Stakeholder, JAAI, Vol 6 No 2, Desember 2002, Hal 1-22
Easterbrook, F.H. 1984. Agency-Cost Explanation of Dividend. American Economic Review. Pp. 650 -659
Eisenhardt, K.M. 1984. Agency Theory: An Assesment and Review. Academy of Management Review. Pp. 57 -74
Fauzan, Hubungan Biaya Keagenan, Resiko Pasar, dan Kesempatan Investasi dengan Kebijakan Dividend, Jurnal Akuntansi dan Keuangan, Vol. 1 No. 2, September 2002, Hal. 114 – 135
Gujarati, Damodar. Ekonometrika Dasar, Erlangga, Jakarta, 1998
Halim, Abdul. Analisis Investasi, Edisi Pertama, Jakarta, Salemba Empat, 2003
Husnan, Suad. 1993. Pembelanjaan Perusahaan Dasar – Dasar Manajemen Keuangan. Yogyakarta: Liberty
Jensen, M.C. 1986. Agency Cost and Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review. pp. 323 -329
J. Fred Weston, Eugene F. Brigham., Dasar-Dasar Manajemen Keuangan, Jilid 2, Erlangga, Jakarta, 1999
Jogiyanto, Teori Portofolio dan Analisis Investasi, Edisi 2, BPFE- Yogyakarta, Yogyakarta, 2000
Keown dkk, Dasar-Dasar Manajemen Keuangan, Buku 1-2, Salemba Empat, Jakarta, 2000
Litner, J. “Distribution of Incomes of Corporation among Dividens, Retained Earning, and Taxes”, American Economic Review 46,hal 97-113, 1956
Mahadwartha, P.A. 2002. Interdependensi Antara Kebijakan Leverage dengan Kebijakan Deviden : Persepektif Teori Keagenan. Simposim 6 April Jurnal Riset Akuntansi, Manajemen, Ekonomi. STIE – Yogyakarta. pp. 201 -220
Riyanto, Bambang. Dasar-dasar Pembelanjaan Perusahaan, Edisi empat, BPFE, Yogyakarta, 1995
Rozeff, M.S. 1982. Growth, Beta and Agency Cost as Determinants of Dividend Payout Ratios. Journal of Financial Research. pp. 249-259
Septiyanti. 2003. Analisis Hubungan antara Kepemilikan Saham Minoritas dan Dividend Payout Ratio dengan Laba Sebagai Variabel Pemoderasi. Proceding Simposium Nasional Akuntansi VI. UNAIR Surabaya. pp. 588-600
Subekti, Imam dan Kusuma, indra Wijaya. 2000. Asosiasi antara Set Kesempatan investasi dengan Kebijakan Pendanaan dan Dividen Perusahaan, serta Implikasinya pada Perubahan Harga Saham. Proceding Simposium Nasiona! Akuntansi III. UI — Jakarta. pp. 820-850
Sudarma, Made. 2003. How Companies Set Their Dividend-Payout Ratios. Materi Kuliah Seminar Manajemen Keuangan. PPA — UNIBRAW: Malang. pp. 133-139
Shleifer, A. dan R.W. Vishny. 1997. A Survei of Corporate Governance. Journal of FInance. pp. 737-783
Smith, C.W. dan R.L. Watts. 1992. The investment Oppurtunity Set and Corporate Financing, Dividend and Compensation Policies. Journal of Finance Economics. pp. 263-292.
Santoso, Singgih. SPSS Versi 10.0 Mengolah Data Statistik Secara Profesional, PT Elex Media Komputindo, Jakarta, 2001
Souza, D.J. “Agency cost, market risk, investment opportunities and dividen policy: An international perspective”, Journal of Managerial Finance vol.25, 1999
Sri Sudarsi, Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio Pada Industri Perbankan yang Listed di Bursa Efek Jakarta (BEJ), Jurnal Bisnis dan Ekonom, Vol. 9 No.1, 1 Maret 2002, Hal 76-88
Suad Husnan, Emy Pudjiastuti, Dasar-Dasar Manajemen Keuangan, UPP AMP YKPN, Yogyakarta, 1994
Venkatesh. P. 1989. The Impact of Dividend Initiation on the Information Content of Earning Announcement and Return Volatility. Journal of Business. Pp. 175-198
Watts, Ross L. dan J .L. Zimmermen. 1986. Positive Accounting Theory. New Jersey: Prentice-Hall, Inc
Widarjono, Agus. Ekonometrika: Teori dan Aplikasi. Ekonisia FE UII, Yogyakarta, 2005
Zaki Baridwan, Intermediate Accounting, BPFE- Yogyakarta, Yogyakarta, 2000
