ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN (Perbandingan Pada Perusahaan PMA dan PMDN Yang Go Publik di Bursa Efek Jakarta)

Abstract

This study is performed to examine the effect of Cash Ratio, Debt Ratio, and Return of Investment (ROI) toward Dividend Payout Ratio (DPR) in PMA and PMDN companies that is listed in BEJ. The objective of this study is to scale and analyze the effect of the company financial ratios performance (Cash Ratio, Debt Ratio, and Return of Investment) toward DPR in PMA and PMDN companies that is listed in BEJ. Sampling technique used here is purposive sampling on criterion (1) the company that trade their stocks in Bursa Efek Jakarta; (2) the company that represents their financial report per December 2000-2002; and (3) the company that continually share their dividend per December 2000-2002. The data is obtained based on Indonesian Capital Market Directory (ICMD 2003) publication. It is gained sample amount of 52 companies from 330 companies those are listed in BEJ. The analysis technique used here is multiple regression with the least square difference and hypothesis test using t-statistic to examine partial regression coefficient and f-statistic to examine the mean of mutual effect with level of significance 5%. hi addition, classical assumption is also performed including normality test, multicolinearity test, heteroscedasticity test and autocorrelation test. While to examine the difference in dividend policy in PMA and PMDN companies those are listed in BEJ using Chow Test. Based on the study result, it is found that there is no deviate variable from classical assumption, it shows that available data is in condition to perform multiple linear regression equation model From the analysis result, it indicates that Cash Ratio, Debt Ratio, and Return of Investment (ROI) data partially significant toward DPR of the company in BEJ on 2000-2002 period on the level of significance less than 5% (each 0,2%, 4,8%, and 4,7%), while simultaneously (Cash Ratio, Debt Ratio, and ROI) proof significantly influent DPR in BEJ in the level less than 5%. Predictable of the three variables toward DPR is 46,2% as indicated by adjusted R square that is 46,2% while the rest 53,8% is affected by other factors is not included into the study model While Chow Test result indicates the difference in determining dividend policy PMA company in order to strengthen its position in the market by business widespread, while PMDN company is to strengthen its financial position by obligation restructured.