Kebijakan Dividen Dan Struktur Kepemilikan Terhadap Kebijakan Utang: Sebuah Perspektif Agency Theory

This study aimed to analyze whether the dividend policy, managerial and institutionalownership had impact toward debt policy. The populations of this study were the go publicmanufacturers in BEI. The sample technique used was purposive sampling, and the analysismethod used was multiple regression method. The result showed that the dividend policy hadno impact toward the debt policy. This study failed to support statement that one of thealternatives could be chosen to reduce the agency conflict by increasing the dividend payoutratio. It was because there might be another factor influenced it, for example, the companyimplemented a stable dividend sharing policy which meant that the company should still paythe dividend although it was losing out or had debts. The managerial and institutional ownershiphad no impact toward the debt policy. Thus, this study failed to support a statement thatalternatives that could be chosen to reduce the agency conflict by increasing the management'sstockholding, and by increasing the institutional party's stockholding