This study aimed to test the concept of managerial opportunistic behavior in the perspective of agency theory, as one of the causes of overvalued equity. Their relationship will also be further strengthened by their managerial stock ownership and dividend policy. Research related to opportunistic managerial behavior and overvalued equity is still very limited, especially newly done in developed countries with the object of research involving several industrial sectors. This study takes the object at the manufacturing companies in Indonesia to determine the impact of opportunistic managerial behavior on overvalued equity, and also the role of managerial ownership and dividend policy in managerial opportunistic behavior and overvalued equity relationship