Analisis Pengaruh Return on Equity Debt to Total Asset, Firm Size, Isider-Ownership, Institutional Ownership, Dividend Yield, dan Earnings Perusahaan terhadap Kebijakan Dividen: studi empiris BEJ 2003-2006

Sitepu, Matius Prananta, Drs. SUmiyana, M.Si., Ak.

2008 | Skripsi | S1 Extention - Accounting

Dunia keuangan sudah mengembangakan sebuah model pengindikasi proses dimana perusahaan menciptakan kebijakan dividen yang efektif. Berhubungan ini, masih ada kontroversi antara nilai dividen sendiri dengan firma dan investornya. Banyak penelitian dividen, beberapa peneliti telah menggunakan pendekatan normatif, dengan melihat langsung manajemen untuk menjawab faktor yang digunakan dalam proses pengambilan keputusan. Secara sederhana, kebijakan dividen adalah ukuran dimana porsi earning kas seharusnya ditahan di perusahaan untuk investasi kembali dan dana yang dikeluarkan untuk investor dari akumulasi laba ditahan, tapi kompleksitas pembayaran ini berlanjut pada komunitas keuangan, penelitianini untuk mengidentifikasi pengaruh dari data keuangan tertentu. Penelitian ini menguji pengaruh variabel keuangan pada kebijakan dividen (sebagai ukuran payout ratio perusahaan) sebagai sampel dari perusahaan di JSE selama periode observasi 2003-2006. dengan menganalisis faktor keuangan yang terpilih pada semua perusahaan yang terdaftar di BEJ, penelitian ini juga mengidentifikasi variabel keuangan yang dibuktikan secara historis signifikan dalam menjelaskan keputusan dividen. Sampel terdiri dari 34 perusahaan, teknik analisis adalah multiple regression analysist with ordinary least square. Penemuan menunjukkan bahwa Insider ownership, Institutional ownership, Earnings and dividend yield signifikan mempengaruhi secara positif pada dividen kas untuk level kurang dari 5% dan 1% sementara ROE, debt to total asset dan ukuran perusahaan tidak signifikan. keywords: dividend policy,dividend payout ratio, financial variabels, insider ownership, institutional ownership, earnings, ROE, DTTA, dan dividend yield.

The financial world has yet to develop a model indicative of the process by which corporations create an effective dividend policy. In conjunction with this, there still remains controversy over the value of dividends themselves to both the firm and the investor. Many studies are dividend in their findings, as some researchers have taken a normative approach, looking directly to management for asnwers on the factors that enter into their decision-making process. Simply, dividend policy is the determination of which portion of cash earnings should be retained in the firm for reinvestment and which funds are paid out to investors from either current or accumulated retained earnings, but the complexities of this payout have continued to mystify the financial community. This study attempt to identify the impact of certain financial data. The study test the effect of financial variabels on dividend policy (as measured by the firms payout ratio) for as sample of firms on Jakarta Stock Exchange during 2003-2006 observation period. By analyzing these selected financial factors on all firms listed in Bursa efek jakarta, this study will also identify those financial variables that have proven historically significant in explaining the dividend decision. Samples obtained 34 firms, analysis technique was multip;e regression analysist with ordinary least square. Finding shows that Insider ownership, Institutional ownership, Earnings and dividend yield had significantly positive influence on cash dividend for the level less than 5% and 1%. while ROE, debt to total asset and firm size is not significant. Keywords: dividend policy,dividend payout ratio, financial variabels, insider ownership, institutional ownership, earnings, ROE, DTTA, and dividend yield.

Kata Kunci : Return on Equity; ROE; DTA; Firm Size; Dividend Yield; Earnings; Kebijakan Dividen