Determinan Kebijakan Dividen pada Perusahaan yang Go Public di Bursa Efek Indonesia

Neneng Suryani

Abstract


Penelitian ini dilakukan untuk menentukan kebijakan deviden dengan menguji
pengaruh variabel  cash ratio, debt to total assets, net profit margin, return on
investment dan assets growth terhadap dividend payout ratio pada perusahaan
yang tercatat di Bursa Efek Indonesia selama periode tahun 2005 sampai
dengan tahun 2009. Kriteria perusahaan yang dijadikan unit penelitian adalah
perusahaan yang membayarkan dividen tunai secara kontinyu selama periode
tahun 2005 sampai tahun 2009. Berdasarkan kriteria tersebut diperoleh
sebanyak 11 perusahaan.  Data diperoleh dari ikhtisar laporan keuangan
perusahaan yang dipublikasikan dalam Indonesian capital market directory
(ICMD 2009 & 2010). Teknik analisis yang digunakan adalah analisis regresi
linear berganda, dan  Uji F untuk menguji pengaruh variabel independen
terhadap variabel dependen secara simultan, serta Uji t  untuk menguji
pengaruh secara parsial. Hasil penelitian menunjukkan bahwa perkembangan
dividend payout ratio, cash ratio, debt  to  total  assets, net  profit  margin,
return on  investment dan  assets growth bersifat fluktuatif setiap tahun.  Dari
uji hipotesis diperoleh, cash ratio, debt to total assets, net profit margin,
return  on  investment dan  assets  growth  secara  simultan  berpengaruh
signifikan terhadap dividend payout ratio. Secara parsial , cash ratio  
berpengaruh signifikan negatif dan  return on  investment berpengaruh
signifikan positif terhadap dividend payout ratio, sedangkan debt to  total
assets, net  profit margin dan assets growth   berpengaruh tidak signifikan
terhadap dividend payout ratio.

Keywords


cash ratio, debt to total assets, net profit margin, return on investment, assets growth, dividend payout ratio.

Full Text:

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DOI: http://dx.doi.org/10.30998/jabe.v4i4.2679

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