Pengaruh Kepemilikan Orang dalam (Insider Ownership), Hutang dan Kepemilikan Orang Asing (Foreign Ownership) Terhadap Kebijakan Dividen

Abstract

The aim of this study is to obtain empirical evidence about the effect between insider ownership, dividend payout ratio and debt ratio as a mechanism to reduce agency conflicts based on agency theory. Foreign ownership is used as an additional independent variable. Sample used in this study were 69 manufacturing companies which had listed in Indonesian Stock Exhange in the period 2008-2010. Based on the statistical test, results showed that the greater the level of insider ownership was followed by the decreasing of dividend payout ratio. The other statistical test showed that debt ratio has no significant effect on dividend payout ratio. The last statistical test showed that foreign ownership also has no significant effect on dividend payout ratio.