PENGARUH KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, KEBIJAKAN DIVIDENTERHADAP KINERJA KEUANGAN DAN BIAYA AGENSI (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia)

Abstract

This  study  aims  to  analyze  and  explain  the  effect  of  managerial  ownership, debt  policy,  dividend  policy  on  fi nancial  performance  and  agency  costs  in manufacturing companies in Indonesia. This study used quantitative methods with positivism approach. 20 research object manufacturing company. Collecting data using secondary data from annual reports and fi nancial statements. Data were analyzed using path analysis.  The analysis showed that managerial ownership, debt policy, dividend policy affect the fi nancial performance; managerial ownership, debt policy, dividend policy, and fi nancial performance affects the agency costs. The implication of this research is a manufacturing company needs to continue to pay attention to the shares owned by the portion of managerial control in the company, debt mana gement and distribution of large dividends. Thirdly it will lead to improved fi nancial performance so that confl icts of interest and agency costs will decrease.  managerial  ownership,  debt  policy,  dividend  policy,  fi nancial  performance, agency costs  Keywords : Managerial  ownership,  debt  policy,  dividend  policy,  fi nancial  performance, agency costs