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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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