INTERDEPENDENSI ANTARA KEBIJAKAN LEVERAGE DENGAN KEBIJAKAN DIVIDEN: Perspektif Teori Keagenan

Author: Putu Anom Mahadwartha

dipublikasikan pada Jurnal Riset Akuntansi, Manajemen dan Ekonomi 2 No.2, 2002, STIE-Yogyakarta, serta dipresentasikan pada Simposium Nasional Dwi Tahunan Jurnal Riset Akuntansi, Manajemen dan Ekonomi, STIE-Yogyakarta, 6 April 2002.

ABSTRACT:

The research try to examine the interaction between leverage policy and dividend policy in agency theory perspective, especially manufacturing industry in Jakarta Stock Exchange. We modified Crutchley and Hansen (1989) model combine with modified model of Jensen, Solberg and Zorn (1992). Agency theory perspective represented by agency variable such as personal wealth diversification losses of managers, managerial ownership and market value of non-managers shareholders equity. The study found that agency variable marginally explained the relationship between leverage policy and dividend policy in developing countries, in this case is Indonesia. The study also found an empirical proves that agency theory in developed countries and developing countries is different. Mean while the relationship between leverage policy and dividend policy is positive in perspective agency theory.

Keyword: Agency; Leverage; Dividen; Ownership

Full Text: interdependensi kebijakan-leverage

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