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Abstrak :
ABSTRAK
Kebijakan dividen merupakan salah sam isu menarik dalam literatur keuangan. Sampai saat ini beberapa penelitian tentang biaya agensi dan kebijakan dividen telah dipublikasikan, tetapi sebagian besar pcnelitian tersebut dilakukan di pasar modal negara maju (developed marker). Seperti kita ketahui, pasar modal di negara berkembang (emerging marker) agak berbeda dengan developed marker dalam beberapa hal. Jadi hasil-hasil penelitian yang sekarang ada kurang relevan untuk mengidentii1l ABSTRACT
Dividend policy is an interesting issue in financial literature. Up until now, some researches about agency problem has been published, but most are being done in the capital market of developed country. As we know, the capital market in emerging country is different with the one in developed country. So the result of current researches are not relevant to identify the impact of agency cost to the dividend policy in emerging market. The main goal of this research is to identify the impact of agency cost to the dividend policy in emerging market. Sample used consist of 35 non financial companies listed in the Jakarta Stock Exchange (JSX). Data used is for five (5) years period from 1998 to 2002. OLS Regression Model is being used to identify the impact of agency cost to the dividend policy in emerging market. Findings indicate that outstanding stocks and collaterazible assets are positively related to dividend payout ratio; insider ownership and free cash How are negatively related to dividend payout ratio. Three coetiicients are consistent with researchers? assumptions and consistent with Rozeffs findings (1982) and other researches. But free cash flow is negatively related to dividend payout ratio. Based on the findings it is concluded that there is impact of agency cost to the dividend policy in emerging market.

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Abstrak :
Penelitian ini bertujuan menguji kembali teori hipotesis free cash flow yang dikemukakan Jensen (1986). Penelitian terdahulu masih memberikan hasil yang berbeda-beda. Free cash flow diproksikan menggunakan free cash flowt-1, agency cost diproksikan menggunakan operating expenses ratio. Kinerja perusahaan dibagi menjadi tiga, yaitu kinerja operasional dengan ROA, nilai perusahaan dengan tobin's q ratio, dan return saham dengan holding period return (HPR). Penelitian ini dilakukan pada perusahaan manufaktur yang terdaftar di BEI periode 2017-2021. Penelitian ini menggunakan analisis regresi berganda. Hasil penelitian menunjukkan free cash flow berpengaruh positif tidak signifikan terhadap kinerja perusahaan. Agency cost berpengaruh signifikan negatif terhadap kinerja perusahaan. ......This study aims to re-examine the free cash flow hypothesis developed by Jensen (1986). Recent study resulting mixed result. Free cash flow measured by free cash flow t-1, agency cost proxied by operating expenses ratio. Firm performance divided into three, operational performance with ROA, firm value with tobin's q ratio, and share return with holding period return. This study conduct on manufacturing companies listed on IDX period of 2017-2021. Data were analyzed using multiple regression analysis. The result show that free cash flow has insignificant positive effect on firm performance. Agency cost has significant negative effect on firm performance.

Abstrak :
Penelitian ini bertujuan untuk menganalisis pengaruh Board Diversity dengan efek moderasi pandemi Covid-19 terhadap arus kas bebas pada perusahaan publik di Indonesia. Periode waktu pengamatannya yaitu tujuh tahun dengan data 279 observasi terdiri dari 59 perusahaan dengan periode laporan keuangan tahun 2015-2021. Metode pengujian menggunakan analisis regresi Least Squares untuk data panel untuk menguji pengaruh variabel independen terhadap variabel dependen. Temuan dalam penelitian ini yaitu board gender, board specific skills, dan board size secara signifikan mengurangi tingkat arus kas bebas. Perusahaan yang memiliki arus kas bebas yang tinggi dengan peluang pertumbuhan yang rendah, menunjukan semakin besar risiko arus kas. Kehadiran gender wanita dalam Boar, adanya anggota Board yang memiliki latar belakang industri tertentu atau latar belakang keuangan yang kuat, dan jumlah anggota Board yang cukup dapat mencegah perilaku oportunis manajer sehingga cenderung mengurangi kelebihan dana melalui pembayaran dividen. Hasil penelitian menunjukkan bahwa Board yang beragam mengurangi konflik keagenan dan meningkatkan alokasi sumber daya yang mendukung praktik tata kelola perusahaan. Ketika terjadi pandemi Covid-19, kehadiran gender wanita dalam Board, adanya Board yang memiliki afiliasi dengan perusahaan lain, dan kecukupan jumlah anggota Board terbukti memberikan pengawasan yang lebih efektif terhadap pengalokasian arus kas perusahaan. Temuan ini bermanfaat bagi para pembuat kebijakan karena hal ini menjelaskan pentingnya menerapkan langkah-langkah untuk meningkatkan efektivitas peran Board dengan menambahkan persyaratan Board Diversity. ......In this study, we propose pandemic Covid-19 as moderating effect on the role of board diversity in enhancing the allocation of free cash flow. The board diversity variables are examined using least squares regression for panel data by exploiting the variables to board gender diversity, board member affiliation, board specific skills, and board size variables for a observation of 279 Indonesian listed firms over the period 2015–2021. We found that the presence of female gender on the board, the presence of board members who have either an industry specific background or a strong financial background, and the sufficient number of board members deter the opportunistic conduct of managers and likely to reduce excess funds through dividend payouts. The results demonstrate that a diverse board reduces agency conflicts and enhances resource allocation supporting governance practices. During the Covid-19 pandemic, the presence of female gender in the board, the presence of boards member with other corporate affiliations, and the adequacy of board size proved to provide more effective supervision of the company's cash flow allocation. The findings are beneficial to policymakers since this explains the significance of implementing measures to enhance the efficacy of the board's role by instituting a diversity requirement.