Fina Cecaria Putyawati, 7311416098 (2020) PERBEDAAN KEBIJAKAN DIVIDEN ANTARA PERUSAHAAN DENGAN KEPEMILIKAN MANAJERIAL DAN INSTITUSIONAL. Under Graduates thesis, Universitas Negeri Semarang.

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Abstract

Shareholders' welfare starts from the company policy to hold earnings into retained earnings or to distribute profits in the form of dividends that can be realized through the company’s dividend policy. One of the factors that influence dividend policy is the ownership structure in a company. The differences in ownership structure within a company will cause differences in interests that will lead to agency problems. This study is aimed to determine whether there are differences in dividend policy in companies with managerial and institutional ownership. The method of this study used a quantitative approach with research objects of non – financial companies listed on the Indonesia Stock Exchange period 2008 – 2018. The sample selection used a simple random sampling method. This study used 3.214 observational data units. Secondary data is used in this study. The data is originated from the company’s annual report and financial statements. Descriptive analysis and non-parametric analysis Wilcoxon Rank Sum Test are used as an analytical method. The analysis tool for this study is Microsoft Excel 2010. This study found that there were median differences between managerial ownership and institutional ownership. This is indicated that the agency problems in the company are still relatively high. So, it is proven that there are differences in interest between companies with managerial and institutional ownership. There are some suggestions, first for the future researcher is to be able to add another ownership variables to compare and examine different objects with different conditions so that they can produce varies research with the same basic theory, namely agency theory. Second, investors are expected to consider the investment decisions in companies based on their ownership structure because the ownership structure can influence dividend payout policies. Third, the company is expected to pay attention to management performance and maximize the monitoring so that management doesn’t act opportunistically

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