The aims of the research are (1) to analysis the effect of dividend payment to corporate value, and (2) to analysis the effect of agency cost to corporate value The technic sampling is purposive sampling. Secondary data is used in this research. It is from financial report like balance sheet, financial statement and cash flow report. It is gotten from Indonesian Stock Exchane. Analysis data is structural equation model (SEM), because the model has a ladder causality relationship and several variable like ownership structure, agency cost, risk , dividend payment and corporate value are latent variables. The results show that dividend payment has a positive significant effect to the corporate value and It supports the-birds-in-the-hand theory