Research Paper Corporate Finance

Agency theory was seen as a strong base of research in the field of finance and accounting. In the study of corporate finance, notes that manajemen related to wealth management and shareholder wealth, such as capital structure policy, dividend policy and managerial ownership has been the subject interesting too scrunitized wide and deep to find a model conflict of interest between the manager and owner. Research such as differences between the results of the previous study on the variables that may affect the dividend policy due to the normality of the data and tests, which took a single manufacturing sector is in need of research covering the entire industry in the New York Stock Exchange, which can represent businesses in the New York Stock Exchange as a whole.

Research Paper Corporate Finance
This study examines the effects of management ownership, investment opportunity (IOS), return on assets (ROA) and debt-equity ratio (DER) is the dividend payout ratio (DPR). This research used by companies that the stocks included in the calculation of LQ45, because the stocks included in the calculation of LQ45 Index is a large market capitalization of approximately 75% of the market value of the New York Stock Exchange. Samples were taken using a purposive sampling method. 78 companies have received the samples. The information provided by the U.S. Capital Market Directory 2004 and the New York Stock Exchange. Multiple regression techniques are used to analyze the data.

Research Paper Corporate Finance

The results show that only the investment opportunity set (IOS) can have a significant impact on the dividend payout ratio. Management systems, return on assets (ROA) and debt-equity ratio (DER) did not affect the dividend payout ratio significantly. At the same time are independent variables may influence the dividend payout ratio significantly.