Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividen (Studi empiris Pada Perusahaan Manufaktur Yang Terdaftar di BEI 2005-2009)
WARDANI, ASTRI PARAMITA (Adv.: Irfan Nursasmito, Drs., M.Si.), Irfan Nursasmito, Drs., M.Si.
Penelitian ini dilakukan untuk menguji pengaruh return on investment, current ratio, debt to equity ratio dan investment opportunity set terhadap dividend payout ratio baik secara simultan maupun parsial pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2005-2009.
Populasi penelitian diambil dari seluruh perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2005-2009. Metode pengambilan sampel menggunakan purposive sampling dan diperoleh 22 perusahaan yang memenuhi kriteria pengambilan sampel. Data keuangan perusahaan diperoleh dari publikasi Indonesian Capital Market Directory (ICMD). Penelitian ini menggunakan regresi linear berganda.
Penelitian ini menyimpulkan bahwa return on investment, current ratio dan debt to equity ratio memiliki pengaruh signifikan positif sedangkan investment opportunity set memiliki pengaruh signifikan negatif terhadap dividend payout ratio pada perusahaan manufaktur yang terdaftar di BEI.
This study is performed to examine the effect of return on investment, current ratio, debt to equity ratio and investment opportunity set toward dividend payout ratio both simultaneously and partially in manufacturing companies that listed in Indonesia Stock Exchange during the period 2005-2009.
The researchÂ’s populations are taken from all manufacturing companies listed in Indonesia Stock Exchange from 2005-2009. The sampling methods are purposive sampling and it resulted 22 companies that fulfilling the qualifications. The financial data of the companies is obtained from publication of Indonesian Capital Market Directory (ICMD). This studyÂ’s using multiple linear regressions.
This study concludes that return on investment, current ratio and debt to equity ratio have significance positive while investment opportunity set have significance negative toward dividend payout ratio in manufacturing companies that listed in Indonesia Stock Exchange during 2005-2009.
Kata Kunci : return on investment, current ratio, debt to equity ratio, investment opportunity set, dividend payout ratio, dividend policy
