Dividend Policy and the Test of the Life-Cycle Theory in Indonesia

PANJI PAMUNGKAS, Tandelilin Eduardus, Prof., Dr., M.B.A., Ph.D

2015 | Skripsi | MANAJEMEN

Riset ini bertujuan untuk mempelajari penerapan teori fase kehidupan dividen di Indonesia, dengan menguji perusahaan-perusahaan non-finansial dan non-utilitas yang terdaftar di Bursa Efek Indonesia sejak tahun 2010 hingga 2014. Fase kehidupan perusahaan diukur dengan proxy berbentuk earned/contributed capital mix, peluang investasi, dan usia riil perusahaan. Riset dilakukan menggunakan metode binomial logistic regression dengan panel data. Hasil-hasil menunjukkan bahwa earned/contributed capital mix memiliki pengaruh positif siginifikan terhadap pembayaran dividen, peluang investasi memiliki pengaruh negatif siginifikan terhadap pembayaran dividen, dan usia perusahaan memiliki pengaruh positif siginifikan terhadap pembayaran dividen. Semua temuan ini konsisten dengan teori-teori yang dikemukakan oleh riset-riset terdahulu. Dapat disimpulkan bahwa studi ini menemukan bahwa teori fase kehidupan dividen dapat diterapkan di Indonesia, dan perusahaan-perusahaan Indonesia memiliki kecenderungan untuk membayar dividen seiring dengan pendewasaan mereka.

This research aims to study the viability of the dividend life-cycle theory in Indonesia, as tested with non-financial and non-utility companies listed in the Indonesia Stock Exchange during the course of the years 2010 to 2014. The corporate life-cycle is measured in proxies of the earned/contributed capital mix, investment opportunities, and real age of firms. The research was conducted using binomial logistic regression method with panel data. The results of the analysis imply that the earned/contributed capital mix has a significant positive influence towards dividend payments, investment opportunities have a negative significant influence towards dividend payments, and real age has a positive significant influence towards dividend payments. All of these findings are consistent with the theories of the research proposed by the original researchers. In conclusion, the study found that the dividend life-cycle theory is applicable in Indonesia, and that Indonesian companies have a higher tendency to pay dividends as they mature.

Kata Kunci : Dividend life-cycle, dividend policy, earned/contributed capital mix, investment opportunities, real age