Posisi Pajak, Investment, Opportunity Set (IOS) dan Efek Signaling Sebagai Pengontrol Simultanitas Kebijakan Hutang dan Kebijakan Dividen (Studi Empirik di Bursa Efek Jakarta)

Elok Pakaryaningsih (Adv: Dr. Marwan Asri, MBA), Dr. Marwan Asri, MBA

2002 | Tesis | S2 Management

Penelitian mengenai kebijakan hutang dan kebijakan dividen pada umumnya dilakukan dengan asumsi: dua kebijakan tersebut saling independen atau tidak simultan. Dalam perkembangannya, teori keagenan mampu menjelaskan simultanitas kebijakan hutang dan kebijakan dividen. Barclay, Smith dan Watts (1995) berpendapat bahwa simultanitas dua kebijakan tersebut tidak hanya dipengaruhi oleh faktor keagenan. Melalui sebuah studi empirik Barclay et.al (1995) menemukan bahwa, kebijakan hutang dan kebijakan dividen dipengaruhi oleh tiga faktor, yaitu: posisi pajak, investment opportunity set (I0S) dan efek signaling.

Berdasarkan kerangka pemikiran Barclay et.al (1995) tersebut maka, penelitian ini bertujuan untuk menguji pengaruh posisi pajak, investment opportunity set (10S) dan efek signaling terhadap simultanitas kebijakan hutang dan kebijakan dividen pada perusahaan manufaktur di Indonesia.

Periode tahun penelitian yang digunakan adalah tahun 1994 sampai dengan tahun 1998, dengan 100 perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta sebagai sampel. Metode pengumpulan data dilakukan dengan menggunakan metode pooling data sedangkan untuk metode pengambilan sampel digunakan metode purposive sampling.

Sebagai variabel dependen digunakan market leverage ratio dan dividend payout ratio. Sedangkan variabel kontrol yang digunakan meliputi; non-debt tax shield, market-to-book value of equity, future abnormal earning, assets tangibility dan liquidity position. Dengan menggunakan metode analisis simultan two-stage least square (2SLS), ditemukan pengaruh signifikan variabel posisi pajak, investment opportunity set (105) dan efek signaling terhadap kebijakan hutang maupun kebijakan dividen. Variabel kontrol lain yaitu; assets tangibility dan liquidity position juga memiliki pengaruh signifikan, masing-masing terhadap kebijakan hutang dan kebijakan dividen Selain itu penelitian ini juga mampu membuktikan dugaaan adanya simul anitas kebijakan hutang dan kebijakan dividen dengan arah hubungan positif.

Studies on corporate leverage and dividend policy usually take under the assumption that both, leverage and dividend policy are independent. Recently, many researchers found that, in order to lessen the agency conflict, leverage and dividend policy are simultaneous. On that case, agency theory is capable to explain their simultaneity. Even though there is an agreement on this argument, Barclay, Smith and Watts (1995) argue that, not only agency theory can explain the leverage and dividend policy simultaneity. Through their empirical study Barclay et.al (1995) found three factors that can affect the simultaneity, there are: tax position, investment opportunity set (I0S), and signaling effect.

According to Barclay et.al (1995), this study aimed to, test the three factors on leverage and dividend policy simultaneity on Indonesian manufacture industry. This study use 100 firm sample, which consists of firms listed in Jakarta Stock Exchange (JSX) from 1994 until 1998. The sample and data are collected, using pooling data and purposive sampling method.

In order to test the simultaneity, this study use two-stage least square (2SLS) method analysis, which is more capable than ordinary least square (OLS). As dependent variables this study use market leverage ratio and dividend payout ratio, and the independent variables consists of: non-debt tax shield, market-to book value of equity, future abnormal earning, assets tangibility, and liquidity position. The result of the analysis shows that variables used, as a proxies for tax position, investment opportunity set (I0S) and signaling effect have significant influence on leverage and dividend policy simultaneity. The other variables, assets tangibility and liquidity position also have significant effect on leverage and dividend policy. This study also found the simultaneous relationship between leverage and dividend policy positively.

Kata Kunci : Leverage, Dividend, Posisi Pajak, Investment Opportunity Set (I05), dan Efek Signaling, Leverage, Dividend, Tax Position, Investment Opportunity Set (LOS), and Signaling Effect