PENGARUH AGENCY COST, PROFITABILITAS, DAN KESEMPATAN INVESTASI TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN YANG TERGABUNG DALAM LQ45 PADA TAHUN 2009-2011

ABSTRACT Lusiana, 2014; The Effect of The Agency Cost, Profitability, and Investment Opportunity Set to The Dividend Policy at a Company Listed in The LQ45 in 2009-2011. Skripsi, Jakarta: Concentration in Financial Management, Study Program of Management, Department of Management, Faculty of Economics, State University of Jakarta. This study aims at analyzing the effect of the agency cost, profitability, and investment opportunity set to the dividend policy at a company listed in the LQ45 in 2009-2011. The data used are the secondary ones taken from ICMD and the financial reports published by BEI. The subjects of this study are the 21 companies consistently listed in the LQ45 in 2009-2011. DPR as the dependent variable and the institutional ownership, ROA, ROE, and MTBV as the independent ones. The analysis method in this study is data panel regression with fixed effect approach that using EViews 7.1 program. The test results showed that the institutional ownership, ROA, ROE, and MTBV simultaneously and significant effect on DPR. A partial test shows that the institutional ownership and ROE variable takes a positive and significant effect on DPR. Different from institutional ownership and ROE variable, ROA variables take a positive but not significant effect on DPR, while MTBV variabel gives a negative and significant effect on DPR. Keywords: Agency Cost, Profitability, Investment Opportunity Set, LQ45, Institutional Ownership, ROA, ROE, MTBV, and DP