Analisis kebijakan dividen perusahaan yang listing di Bursa Efek Jakarta (BEJ) :: Besaran dan stabilitas dividen

TAMBUNAN, Pontas, Jogiyanto Hartono, Prof.Dr.,MBA

2005 | Tesis | Magister Manajemen

Tujuan objektif dari penelitian ini untuk mempelajari salah satu topic kebijakan dividen, yaitu stabilitas dividend, khususnya bagaimana perusahaan-perusahaan yang terdaftar di Jakarta Stock Exchange (JSX) menjalan kebijakan dividen-nya. Apakah menganut kebijakan dividen yang stabil atau tidak stabil. Selain itu juga penelitian ini memberikan gambaran mengenai perbedaan besaran dan strategy dividend di Jakarta Stock Exchange (JSX). Penelitian ini menggunakan data selama 5 tahun (1999-2003) terhadap perusahaan yang melakukan pembayaran dividend secara tunai. Penelitian menggunakan model regresi dan korelasi. Hasil penelitian ini menunjukan perusahaan yang terdaftar di Jakarta Stock Exchange (JSX) melakukan kebijakan dividen yang stabil. Semakin stabil perusahaan dalam melakukan pembayaran dividend akan semakin menarik investor dalam melakukan investasi. Penelitian ini menyimpulkan bahwa debt equity ratio mempunyai pengaruh yang paling kuat terhadap dividend payout ratio.

Objective purpose of this research to study one of the topic policy of dividend, that is stability dividend, especially how do the companies enlisting in Jakarta Stock Exchange (JSX) policy of his dividend. Do embracing policy of unstable or stable dividend. Besides also this research give the picture concerning difference and strategy dividend in Jakarta Stock Exchange ( JSX). Objective purpose of this research to study one of [the] topic policy of dividend, that is stability dividend, specially how do the companies enlisting in Jakarta Stock Exchange (JSX) policy of his dividend. Do embracing policy of unstable or stable dividend. Besides also this research give the picture concerning difference and strategy dividend in Jakarta Stock Exchange ( JSX). This research use the data during 5 year ( 1999-2003) to the company do the payment dividend cash only. Research use the regression and correlation model. This Research result the company enlisting in Jakarta Stock Exchange (JSX) do policy of stable dividend. Progressively stabilize company in doing the payment dividend will progressively draw the investor in doing the invest. This research conclude that debt equity ratio have the strongest influence to dividend payout ratio.

Kata Kunci : dividend payout ratio, earning before interest and tax plus depreciation and amortization, Interest coverage Ratio, net profit margin and debt equity ratio