Darlis, EdfanGusmayeni, Wina2015-03-112015-03-112015-03-11wahyu sari yenihttp://repository.unri.ac.id/xmlui/handle/123456789/6827The study is based on the relationship between dividend policy , agency problems and transaction costs is to examine the relationship of agency factors and the factors that affect the cost of the transaction to the dividend payout ratio . Agency factors in this study are in the possession (insider ownership) , institutional ownership (institutional ownership) , the spread ofshareholders (shareholder dispersion ) , while the factors that affect the cost of the transaction represented by the company's growth (growth) and enterpriserisk (beta). By using the Spearman rank correlation in the data cross-sectional results show that insider ownership and growth of the company has a negative correlation (inverse) and significant dividend payout ratio . Meanwhile, institutional o-wnership , and the risk of spread of shareholders the cornpany does not have a relationship to the dividend payout ratioenagency problemstransaction costsdividendsinsider ownershipinstitutional o-wnershipthe spread of shareholderscorporate growth and corporate riskUR-Scientific Work Lecturer