The purpose of this study was to first analyse the effect of agency costs and investment on dividend policy of state-owned and non-state-owned companies and second, to examine the effect of agency costs, dividend policy and investment on the capital structure of these companies. A total of 40 companies divided equally between state-owned and 20 non state-owned companies, were surveyed The Partial Least Square was used to test the hypotheses. Results showed agency cost had an effect on dividend policy of non-state-owned companies. It did not have any effect on the capital structure of both types of companies. In terms of investment, agency cost did have an effect on the capital structure of both types of companies.