ANALISIS PENGARUH PEMBAGIAN DIVIDEN DAN STOCK REPURCHASE KEPADA SIGNALING FACTORS

Sumariyah, Sukmawati Sukamulja, Prof., Dr.,

2007 | Tesis | S2 Magister Management

Cara pembagian keuntungan perusahaan kepada para pemegang saham adalah dengan pembagian dividen atau melakukan pembelian kembali saham, atau melakukan keduanya secara sekaligus . Beberapa perusahaan di Indonesia bahkan sudah aktif melakukan pembelian kembali saham, selain melakukan pembagian dividen. Seperti halnya pengumuman dividen, pembelian kembali saham juga memberikan signal yang positif kepada para pemegang saham. Signaling factors yang digunakan dalam penelitian adalah operating cash flow/assets, operating income/assets, interest expense/assets, market to book assets, log of assets, debt/assets, cash/assets, dan perubahan harga saham. Hasil uji statistik menunjukkan bahwa pembagian dividen dan pembelian kembali saham memiliki karakteristik yang hampir sama, dimana keduanya mempertimbangkan aliran kas, kesempatan investasi, dan marginal financing cost. Kata kunci: dividen, pembelian kembali saham, faktor signal.

Company's profit sharing to shareholders is by dividend sharing or stock repurchase or both. Besides dividend sharing, some Indonesian companies have conducted stock repurchase frequently. Like dividend sharing announcement, stock repurchase is also giving positive signal to shareholders. Variables used in this research are operating cash flow/assets, operating income/assets, interest expense/assets, market to book assets, log of assets,

debt/assets, cash/assets, and changing in stock price. Statistical test shows that dividend sharing and stock repurchase have similar characteristics where both

consider cash flow, investment opportunity, and marginal financing cost. Keywords: dividend, stock repurchase, signaling factors

Kata Kunci : dividen, pembelian kembali saham, faktor signal