ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI RASIO PEMBAYARAN DIVIDEN PADA PERUSAHAAN YANG GO PUBLIC DI BURSA EFEK JAKARTA PERIODE 1999-2000

Abstract

This research is carried out to analyze the influential factors toward the dividend payout ratio for various companies which did go public in Jakarta Stock Exchange from 1999 up to 2000. The dividend payout ratio is regarded to be the dependent variable, whereas the insider ownership, shareholder dispersion, institutional ownership, firm growth and firm size are appointed to be the independent one. The data pooling is used in this research. The sample is selected from the available population, definitely, they are the companies listed in Jakarta Stock Exchange from 1999 up to 2000 by applying purposive sampling procedure. Based on this procedure, it is found that 17 companies deserve to be the appropriate samples. Meanwhile, the analysis technique used is multiple regression technique which is suitable to analyze the influence of independent variable toward the dependent one, whether it is carried out partially as well as simultaneously. The partial test result show that insider ownership, institutional ownership and firm growth obviously gives influence toward the dividend payout ratio. The simultaneous test result show that insider ownership, shareholder dispersion, institutional ownership, firm growth and firm size joint together and influence the dividend payout ratio. As a result, the determination coefficient is 0,303. It means that 30,3% change of the dividend payout ratio can be explained by the independent variable used in research. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi rasio pembayaran dividen pada perusahaan yang go public di Bursa Efek Jakarta (BEJ) pada tahun 1999 hingga 2000. Rasio pembayaran dividen dijadikan variabel dependen, sedangkan insider ownership, shareholder dispersion, institutional ownership, pertumbuhan perusahaan, dan ukuran perusahaan dijadikan variabel independen. Pooling data digunakan dalam penelitian ini. Sampel dipilih dari populasi yang ada yakni perusahaan yang terdaftar di BEJ tahun 1999 sampai 2000, dengan menggunakan prosedur purposive sampling. Didapatkan 17 perusahaan sebagai sampel penelitian. Teknik analisis yang digunakan yakni teknik regresi berganda untuk menganalisis pengaruh variabel independen terhadap variabel dependen baik secara parsial maupun simultan. Hasil pengujian sacara parsial menunjukkan bahwa insider ownership, institutional ownership dan pertumbuhan perusahaan berpengaruh terhadap rasio pembayaran dividen. Hasil pengujian secara simultan menunjukkan bahwa insider ownership, shareholder dispersion, institutional ownership, pertumbuhan perusahaan dan ukuran perusahaan secara bersama-sama berpengaruh terhadap rasio pembayaran dividen. Koefisien determinasi didapatIcan sebesar 0,303 artinya 30,3% perubahan rasio pembayaran dividen dapat dijelaskan oleh variabel independen yang digunakan dalam penelitian.