PENGUJIAN HIPOTESIS PECKING ORDER : ANALISIS TERHADAP KETERTARIKAN DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTASI

FLORENTINA, INDRI ERKANINGRUM (Pembimbing: DRS. R. AGUS SARTONO, MBA), DRS. R. AGUS SARTONO, MBA

2012 | Tesis | S2 Management

Penelitian ini bertujuan untuk menguji prediksi dari hipotesis pecking order bahwa terdapat hubungan yang negatif antara dividend payout ratio dan investasi. Motivasi lain bagi pelaksanaan penelitian ini adalah melihat adanya suatu keterkaitan antara dividend payout ratio, financial leverage dan investasi. Determinan dividend payout ratio adalah financial leverage, investment, liquidity, profitability, size dan variability of eamings. Determinan financial leverage adalah dividend payout ratio, investment, profitability, size, assets structure dan variability of eamings. Determinan investasi adalah dividend payout ratio, financial leverage, sales growth, profitability, Q ratio dan size.

Penelitian ini menggunakan data perusahaan-perusahaan manufaktur yang terdaftar pada Jakarta Stock Exchange untuk periode tahun 1994 sampai dengantahun 1996. Model persamaan simultan three stage least square (3 SLS) digunakan untuk melihat keterkaitan dividend payout ratio, financial leverage dan investasi.

Penelitian ini menemukan bahwa financial leverage tidak memberikan pengaruh yang signifikan pada dividend payout ratio, investasi berhubungan negatif dan signifikan pad a dividend payout ratio; dividend payout ratio dan investasi tidak memberikan pengaruh yang signifikan pada financial leverage; dividend payout ratio dan financial leverage berhubungan secara negatif dan signifikan pada investasi.

This study is aimed at examining the prediction of pecking order hypothesis that there is negative relationship between dividend payout ratio and investment. In addition, this study will learn the relationship between dividend payout ratio, financial leverage and investment. The dividend payout ratio determinants are financial leverage, investment, liquidity, profitability, size and variability of earnings. The financial leverage determinants are dividend payout ratio, investment, profrtability, size, assets structure and variability of earnings. The determinants of investment are dividend payout ratio, financial leverage, sales growth, profitability, Q ratio and size.

The data of this study is collected from some manufacturing companies as listed in the Jakarta Stock Exchange for the period of 1994 to 1996. The three stage least square simultaneous equation model is used to learn the relationship between dividend payout ratio, financial leverage and investment.

In this study, it is found that the financial leverage do not give a significant influence on dividend payout ratio, investment negatively and significantly relate with dividend payout ratio; dividend payout ratio and investment do not give significant influence on financial leverage; dividend payout ratio and financial leverage negatively and significantly relate with investment.

Kata Kunci : pecking order, dividend payout ratio, financial leverage, investment,