Pengaruh rasio keuangan terhadap dividen kas pada perusahaan manufaktur yang terdaftar di BEI perioda 2005-2007
PRATIWI, RETNA DWI , Drs. M. Irfan Nursasmito, M.Si,Ak
Penelitian ini bertujuan untuk memperoleh bukti empiris mengenai faktor-faktor yang berpengaruh terhadap pembayaran dividen kas. Variabel-variabel yang digunakan antara lain Cash Ratio, Current Ratio, Total Debt to Total Asset, Total Debt to Equity Ratio, ROE, Earning per Share (EPS) dan Total Assets Turnover sebagai variabel independen dan dividen kas sebagai variabel dependen. Pemilihan sampel menggunakan metode purposive sampling. Sampel yang digunakan dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia yang secara konsisten membagikan dividen kas berturut-turut selama perioda observasi 2005-2007.
Teknik analisis menggunakan analisis regresi linear berganda. Sebelum dilakukan analisis regresi, dilakukan uji asumsi klasik terlebih dahulu pada model regresi untuk mendeteksi normalitas, multikolinearitas, heteroskedastisitas, dan autokorelasi.
Hasil penelitian menunjukkan bahwa Total Debt to Equity Ratio berpengaruh signifikan negatif terhadap dividen kas dan EPS berpengaruh signifikan positif terhadap dividen kas, sedangkan Cash Ratio, Current Ratio, Total Debt to Total Asset, ROE, dan Total Assets Turnover tidak memberikan pengaruh signifikan terhadap besarnya dividen kas. Secara simultan Cash Ratio, Current Ratio, Total Debt to Total Asset, Total Debt to Equity Ratio, ROE, Earning per Share (EPS) dan Total Assets Turnover berpengaruh signifikan terhadap dividen kas.
This research aim to receive empirical evidence about influential factors against cash dividend. The variables used in this research are Cash Ratio, Current Ratio, Total Debt to Total Asset, Total Debt to Equity Ratio, ROE, Earning per Share (EPS) and Total Assets Turnover as independent variable and Cash Dividend as dependent variable. The sample election used purposive sampling method. Sample in this research are manufacturing company listed on Indonesian Stock Exchange that consistently distribute their cash dividend successive during 2005-2007 observation period.
Analysis techniques use multiple linear regressions. The first step before regression analyze is classical assumption test on the regression model to detect normality, multicollinearity, heteroskedasticity, and autocorrelation.
The result show that Total Debt to Equity Ratio had significantly negative influence on Cash Dividend, EPS had significantly positive influence on Cash Dividend, while Cash Ratio, Current Ratio, Total Debt to Total Asset, ROE, and Total Assets Turnover is not significant. Simultaneously Cash Ratio, Current Ratio, Total Debt to Total Asset, Total Debt to Equity Ratio, ROE, Earning per Share (EPS) and Total Assets Turnover were proved that they influenced on Cash Dividend.
Kata Kunci : dividen kas, rasio keuangan, cash ratio, current ratio, total debt to total asset, total debt to equity ratio, ROE, earning per share (EPS), total assets turnover
