Hubungan Pembagian Dividen dan Stock Repurchase terhadap Beberapa Faktor Signal: studi empiris BEJ, 2001-2005

Ridzkika, Nidya, Drs. Sumiyana, Ak.

2007 | Skripsi | S1 Accounting

Dividend payments is one of the methods of distributing free cash to stockholders. However, stock repurchases become the interesting ways for many corporations to distribute their cash flow in recent years. Stock repurchases can convey or signal to stockholders, likewise dividend payments. The purpose of this research is to investigate empirically the relation between dividend payments and stock repurchases and the signalling factors, that is, operating cash flow/assets, operating income/assets, market-to-book assets, interest expense/assets, total debt/total assets, cash/assets, stock price changes, dividend yield. As much as 57 non-financial firms listed in Jakarta Stock Exchange (BEJ),

during 2001-2005, were taken as a sample using purposive sampling method. The logistic regression model is applied in this research. The result of this research is that dividend payments positively related to operating income/assets, log of assets and cash assets, and negatively related to total debt/total assets. Stock repurchase positively related to operating income/assets and log of assets. Key words: dividend payments, stock repurchases, signalling factors

Kata Kunci : Dividen, Stock Repurchase, Saham, signalling factors