HUBUNGAN BIAYA KEAGENAN, RISIKO PASAR DAN KESEMPATAN INVESTASI DENGAN KEBIJAKAN DIVIDEN: POSISI KAS SEBAGAI VARIABEL PEMODERASI

Abstract

Dividend policy is a very important decision in a company. This research will analysis the correlation of agency cost, market risk, and inrestment opportunity, which is moderated with cash position , toward dividend poli cy in manufacturing companies listed in Jakarta Stock F,xchange.The variables used in this research are dependent variable which is dividend payout ratio (DPR) to proxy for dh1idend policy and independent mriable which are institutional holding to proxy for agency cost, beta to proxy for market risk, and the sales growth (GROW), market to hook 1'0/ue (M1BV), and pri ce to earnings (PER) to proxy for investment opportunity, as well as moderating l'Oriable which is cash position.The data collection is hosed on purposive sampling with 924 samples from the observable companies listed in Jakarta Stock Exchange during 1992-2001 period. The Observation is dii>ided into three period<t, which are before crisis period (1992-1996), crisis period (199 7-199R), and after crisis period (1999-2001). The result proves that institutional holding (JNSH) variable is insignificanly effect toward dividend policy. The same is BETA that is insignificanly effect toward dividend policy (DPR) for those three periods. The result of interaction hetween cash position with the sales growth to proxy investment opportunity, market to book value and price to earnings is significantly effect toward dividend policy (DPR) which means that cash position is.function as moderating variable for before crisis period (1992-1996). The result of interaction between cash position with investment opportunity for crisis peri od (1997-199R) and after crisis period (1999-2001) is insignificantly effect toward dividend policy.