ANALISIS PENGARUH RETURN ON ASSET, SALES GROWTH, ASSET GROWTH, CASH FLOW DAN LIKUIDITAS TERHADAP DIVIDEND PAYOUT RATIO (Perbandingan Pada Perusahaan Multi National Company (MNC) dan Domestic Corporation Yang Listed di Bursa Efek Jakarta Periode 2002-2004)

Laksono, , Bagus (2006) ANALISIS PENGARUH RETURN ON ASSET, SALES GROWTH, ASSET GROWTH, CASH FLOW DAN LIKUIDITAS TERHADAP DIVIDEND PAYOUT RATIO (Perbandingan Pada Perusahaan Multi National Company (MNC) dan Domestic Corporation Yang Listed di Bursa Efek Jakarta Periode 2002-2004). Masters thesis, Program Pascasarjana Universitas Diponegoro.

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Abstract

This study is performed to examine the effect of Return on Asset (ROA), Sales Growth, Asset Growth, Cash Flow, and Debt to Total Asset (DTA), toward Dividend Payout Ratio (DPR) in companies that is listed in BEJ. The objective of this study is to scale and analyze the effect of the company financial ratios performance (Return on Asset (ROA), Sales Growth, Asset Growth, Cash Flow, and Debt to Total Asset (DTA)) toward DPR in companies that is listed in BEJ over period 2002-2004. This study is expected useful in favour of concerned persons, for example; company managements, academists, investors, and for extend the financial theory. Sampling technique used here is purposive sampling on criterion (1) the company that represents their financial report per December 2002-2004; (2) the company that represents their cash flow over period 2002-2004 and (3) the company that continually share their dividend over period 2002-2004. The data is obtained based on Indonesian Capital Market Directory (ICMD 2005) publication. It is gained sample amount of 41 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%. In addition, classical assumption is also performed including normality test, multicolinearity test, heteroscedasticity test and autocorrelation test. From the analysis result, it indicates that ROA, sales growth, asset growth and DTA variable partially significant toward DPR of the company in BEJ on 2002-2004 period on the level of significance less than 5%, while it indicates that Cash Flow variable partially not significant toward DPR of the company in BEJ on 2002-2004 period on the level of significance less than 5% as 91,3%. While simultaneously (Return on Asset (ROA), Sales Growth, Asset Growth, Cash Flow, and Debt to Total Asset (DTA)) proof significantly influent DPR in BEJ in the level less than 5%. Predictable of the five variables toward DPR is 36,3% as indicated by adjusted R square that is 36,3% while the rest 63,7% is affected by other factors is not included into the study model. Company manager and investor expecting return in the form of dividend require to pay attention asset of growth, because asset of growth have an effect on biggest, then variable of sales growth, ROA variable and the last one is DTA variable equal. Penelitian ini dilakukan untuk menguji pengaruh variabel Return on Asset (ROA), Sales Growth, Asset Growth, Cash Flow, dan Debt to Total Asset (DTA), terhadap Dividend Payout Ratio (DPR) pada perusahaan yang listed di BEJ periode 2002-2004. Fokus dari penelitian ini adalah untuk mengukur dan menganalisis pengaruh dari variable-variabel tersebut terhadap Dividend Payout Ratio (DPR). Diharapkan penelitian ini dapat bermanfaat bagi pihak-pihak yang berkepentingan, seperti manajemen perusahaan, akademisi, investor, dan bagi perkembangan teori keuangan. Teknik sampling yang digunakan adalah purposive sampling dengan kriteria: (1) perusahaan yang selalu menyajikan laporan keuangan per Desember 2002-2004, (2) perusahaan yang secara kontinyu membagikan dividen per Desember 2002-2004, dan (3) perusahaan yang selalu mengumumkan laporan cash flow selama periode pengamatan (2002-2004). Data diperoleh berdasarkan publikasi Indonesian Capital Market Directory (ICMD 2005). Diperoleh jumlah sampel sebanyak 41 perusahaan dari 330 perusahaan yang terdaftar di BEJ. Teknik analisis yang digunakan adalah regresi berganda dengan persamaan kuadrat terkecil dan uji hipotesis menggunakan t-statistik untuk menguji koefisien regresi parsial serta f-statistik untuk menguji keberartian pengaruh secara bersama-sama dengan level of significance 5%. Selain itu juga dilakukan uji asumsi klasik yang meliputi uji normalitas, uji multikolinieritas, uji heteroskedastisitas dan uji autokorelasi serta uji beda dengan menggunakan variabel dummy. Dari hasil analisis menunjukkan bahwa variabel ROA sales growth, asset growth dan DTA secara parsial signifikan terhadap DPR perusahaan di BEJ periode 2002-2004 pada level of significance kurang dari 5%. Sementara variabel Cash Flow menunjukkan hasil yang tidak signifikan berpengaruh terhadap DPR perusahaan di BEJ periode 2002-2004 pada level of significance kurang dari 5% sebesar 91,3%. Sedangkan secara bersama-sama (Return on Asset (ROA), Sales Growth, Asset Growth, Cash Flow, dan Debt to Total Asset (DTA)) terbukti signifikan berpengaruh terhadap DPR perusahaan di BEJ pada level kurang dari 5%. Kemampuan prediksi dari kelima variabel tersebut terhadap DPR sebesar 36,3% sebagaimana ditunjukkan oleh besarnya adjusted R square sebesar 36,3% sedangkan sisanya 63,7% dipengaruhi oleh faktor lain yang tidak dimasukkan ke dalam model penelitian. Manajer perusahaan dan investor yang mengharapkan return berupa dividen perlu memperhatikan asset growth, karena asset growth berpengaruh paling besar dan signifikan terhadap besarnya DPR, kemudian variabel sales growth, variable ROA dan variable DTA.

Item Type:Thesis (Masters)
Subjects:H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions:Postgraduate Program > Master Program in Management
ID Code:15366
Deposited By:Mr UPT Perpus 1
Deposited On:30 Jun 2010 08:30
Last Modified:30 Jun 2010 08:30

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