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