Determinan Kebijakan Dividen pada Perusahaan yang Go Public di Bursa Efek Indonesia
(1) Universitas MH Thamrin Jakarta
(*) Corresponding Author
Abstract
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
Full Text:
PDF (Indonesian)References
Agung Galih Satwiko, 2004, “Kebijakan Dividen Perusahaan yang Listing di Bursa efek Jakarta (BEJ) : Besaran, Strategi, dan Stabilitas Dividen”, Universitas Indonesia
Arief Prasetyo, 2009, “Corporate Governance, Kebijakan dividend dan Nilai Perusahaan : Studi empiris pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia tahun 2006-2007”, Universitas Indonesia.
Atika Jauhari Hatta, 2002, “ Faktor-Faktor Yang Mempengaruhi Kebijakan Deviden: Investigasi pengaruh teori Stakeholder”, JAAI Volume 6 No. 2.
Baker H kent and Gary E Powell, 2000, “Factors Influencing The Dividend Policy Decisions”, Financial Practices and Education.
Brigham, Eugene F, 1983, “Fundamental of Financial Management” , Third Edition, Holt-Saunders, The Dryden Press. Bursa Efek Indonesia, 2010, “ FactBook “.
Chambers David, 1972, “Dividend Plans and Balance Sheet Management”, Journal of Business Finance, Vol. 4
Chang, M dan Rhee, K,R, 1990, “ Testing, trade Offand Pecking Order Predictions about Dividend ds and Debt”. The center for Research in Security Prices Working Paper.
Crutchley, Claire E, Hansen, Robert S, 1989, “ The Agency Theory of Managerial Ownership, Corporate Leverage and Corporate Dividens, Financial Management, Vol. 18.
Dini Rosdini, 2009, “ Pengaruh Free Cash flow terhadap Dividend Payout Ratio”, Universitas Padjadjaran.
Fajar Niasti Pasaribu, 2009, “Pengaruh Kebijakan Hutang dan Kebijakan dividen terhadap Nilai Perusahaan pada Perusahaan manufaktur yang terdaftar di BEI”, Universitas Indonesia.
Farrelly, Gail E, Baker H. kent, Edelman, Richard B, 1986, “Corporate Dividens : Views of The Policy Makers”, Akron Business and Economic Review, Vol. 17.
Feldstein, Martin, Green, Jerry, 1983, “ Why Do Companies Pay Dividends?”, The American Economic Review, Nashville, Vol. 73.
Fira Puspita, 2009 , “ Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividend Payout Ratio”, Universitas Diponegoro.
Fischel Daniel R, 1981, “ the Law and Economics Of Diviend Policy”, Virginia Law Review, Charlottesville, Vol. 67.
Ghozali Imam, 2005, “ Aplikasi Analisis Multivariate dengan program SPSS”, Edisi Ketiga.
Gil Cohen and Joseph Yagil, 2007, “ A Multinational Survey of Corporate Financial Policies”, Journal of Applied Finance”, Pg 57.
Gordon M.J, 1989, “ Corporate Finance Under The MM Theorems”, Finansial Management, Vol. 18.
Gujarati, D, 1995, “Ekonometrika Dasar”, Penerbit Erlangga, Jakarta.
Hairani, 2001, “ Analisis Variabel – Variabel yang Mempengaruhi Dividend Payout Ratio pada Perusahaan Publik di Indonesia”, universitas Sumatera Utara.
Hakansson, Nils H, Constantinides, George M, 1982, “ To Pay Or Not To Pay Dividend / Discussion”, The Journal of Finance, Vol. 37.
Hakiman, 2005, “Model Penentuan Harga IPO di Bursa Efek Jakarta Dengan Menggunakan Metode Real Option”. Universitas Padjadjaran
Hersh Shefrin, 1948, “Behavioral Corporate Finance”, McGraw-Hill Irwin.
Hunter, Sam R, 1983, “ The Dividend Growth Rate and The Cost of Equity Capital”, Public Utilities Fortnightly, Washington, Vol. 112.
I.M Pandey and Ramesh Bhat, 2007, “ Dividend Behaviour of Indian Companies under Monetary Policy Restriction”, Managerial Finance, Vol 33.
Indonesian Capital Market Directory , 2010, Institute for Economic and Finansial Research.
Indonesian Capital Market Directory Compilation, 2009, Institute for Economic and Financial Research.
Joko Suliyono, S.Si, 2010, “6 hari jago SPSS 17”, Cakrawala.
Jorgensen, Steffen, Kort, Peter M, Van Schijndel, Geert-Jan. C. Th, 1989, “Optimal Investment, Financing, and dividend : A Stackelberg Differential Game”, Journal Of economics Dynamics of Control, Amsterdam, Vol.13.
Kalay. A and R.Michaely, 2000, “ Dividends and Taxes : A Re-Examination”, Financial Management 29.
Krishna Palepu, Paul M. Haely & Victor L. Bernard, 2004, “Business Analysis & Valuation : Using Financial Statements”, Thomson South-Western.
Kumar Suwendra, 2007, “ Analisis Pengaruh Struktur Kepemilikan, Investment Opportunity Set (IOS), dan Rasio – Rasio Keuangan Terhadap DPR, Universitas Diponegoro.
Lawrence J. Gitman, 2009, “Principles of Managerial Finance”, Pearson Internatinal Edition
Litner,J, 1956, “Distribution of Incomes of Corporations Among Dividends, Retained Earnings and Taxes”, American Economic Review.
Lukman Syamsuddin, 1995, “Manajemen Keuangan Perusahaan”, PT. Raja Grafindo Perkasa.
M. Rustam, 1998, “Analisis Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Pada Perusahaan-Perusahaan Yang Go Public di Bursa Efek Jakarta”, Universitas Indonesia
Maria Andriyani, 2008 , “ Analisis Pengaruh Cash Ratio, Debt To Equity Ratio, Insider Ownership, Investment Opportunity Set (IOS) , dan Probability terhadap Kebijakan Dividen”, Universitas Diponegoro.
Michel Allen, 1979, “Industry Influence on Dividend Policy”, Finansial Management, Vol. 8
Michel, Allen J, shaked, Israel, 1986, “ Country and Industry Influence on Dividend Policy : evidence from Japan and The U.S.A”, Journal of Business Finance & accounting, Vol. 13.
Modigliani, F and M.H. Miller, 1958, “The Cost of Capital, Corporation Finance, and the Theory of Investment”, American Economic Review 46.
Modigliani, Franco, 1982, “ Debt, Dividend Policy, Taxes, Inflation and Market Valuation, The Journal of Finance, Cambridge, Vo. 37.
Myers, Stewart C, 1991, “Merton H.Miller’s Cntributions to Financial Economics ; Bibliography of Merton H. Miller’s Publications 1948-1990”, The scandinavian Journal Of Economics, Oxford, Vol. 93.
N. Bhattacharyya, 2007, “ Dividend Policy : A Review”, Patrington, Vol 33.
Omid Pourheydari, 2009, “A Survey of Management Views On dividend Policy in Iranian Firms”, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 2 No. 1.
Pan, Carrie H, Ph.D, 2007, “Two Essay in Corporate Finance”, The Ohio state University.
Prui, Stephen W and Lawrence J. Gitman, 1991, “The Interaction Between Investment, Financing and Dividend Decisions of Major US Firms”, Financial Review
Richard Fairchild, 2010, “ Dividend Policy, Signalling and Free Cashflow : an integrated approach”, Managerial Finance, Patrington, Vol 36, No.5.
na, A.K , 1999, “Determinant of Dividend policy : Regulated Versus Unregulated Firms”. The Journal of Finance.
Smirlock, Michael, Marshall, William, 1983, “ An Examination of The Empirical Relationship Between The Dividend and Investment Decisions : A Note”, The Journal of Finance, Vol. 38.
Smith C. W & Watts. R., 1992, The Investment Opportunity set and Corporate Financing, Dividend, and Compensation Policies, Papers 92-02.
Sunarto dan Andi Kartika, 2003, Analisis Faktor – Faktor Yang Mempengaruhi Dividen Kas di Bursa Efek Jakarta, Jurnal Bisnis dan Ekonomi, Vol. Maret 2003.
Suroso, 2006, “Hubungan Kinerja Jangka Panjang Saham Pasca – IPO dengan Optimisme dan Divergensi Opini Investor serta Tindakan Oportunis Emiten”, Universitas Indonesia.
Sutrisno, 2001, “Analisis Faktor – faktor yang Mempengaruhi Dividend Payout Ratio, TEMA, Volume II.
Syahbana, A, 2007, “ Faktor – faktor yang Berpengaruh Terhadap Kebijakan dividen pada Perusahaan Manufaktur yang Terdaftar di BEJ periode tahun 2003-2005.
Van Erlach, Juli, 2002, “A History Lesson For Stocks and Bonds (USA Edition)”, Financial Times, London (UK).
Werner R Murhadi, 2008, “Studi Kebijakan Deviden : Anteseden dan Dampaknya terhadap Harga Saham”, Universitas Kristen Petra
Wing Wahyu Winarno, 2009, “Analisis Ekonometrika dan Statistika dengan Eviews”, UPP STIM YKPN
DOI: http://dx.doi.org/10.30998/jabe.v4i4.2679
Refbacks
- There are currently no refbacks.
Alamat:Kampus B | Jl. Raya Kampung Gedong
Phone: +62 (021) 7818718 – 78835283
Work Hours: 09.00 AM – 08.00 PM
JABE (Journal of Applied Business and Economic) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.