FAKTOR PENENTU DIVIDEN DAN BIAYA KEAGENAN SERTA PENGARUHNYA PADA NILAI PERUSAHAAN
Fakultas Ekonomi Universitas Jember
Jl. Kalimantan No.37 Kampus Tegal Boto Jember, 68121.
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The goals of the research were to know about ownership structure, cash dividend policy and agency cost, to know the effect of ownership structure, risk and free cash flow to cash dividend and agency cost and to know the effect of cash dividend and agency cost to corporate value in Indonesian Stock Exchange. To find the best measurement of latent variable used was confirmatory analysis. To test causality relationship, it used structural equation model. The result of confirmatory analysis showed that the best measurement of cash dividend policy variable was dividend payout ratio while for agency cost was selling and general administrative ratio. Before millennium era, risk had a significant effect to cash dividend. Risk had a significant effect to agency cost and a significant effect to firm value. In Millennium era, risk had a significant effect to cash dividend. Risk had a significant effect to agency cost and cash dividend had a significant effect to firm value. The test result on two different time horizons had a consistency result. It could be seen on test of goodness of fit and path analysis gave a consistent result.
Key words: dividend, agency cost, corporate value, consistency model