ANALISIS PENGARUH CASH RATIO, DEBT TO EQUITY RATIO, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY SET (IOS), DAN PROFITABILITY TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris pada perusahaan Automotive di Bursa Efek Indonesia Periode Tahun 2004-2006)

Andriyani, Maria (2008) ANALISIS PENGARUH CASH RATIO, DEBT TO EQUITY RATIO, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY SET (IOS), DAN PROFITABILITY TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris pada perusahaan Automotive di Bursa Efek Indonesia Periode Tahun 2004-2006). Masters thesis, program Pascasarjana Universitas Diponegoro.

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Abstract

This study is performed to examine the effect of cash ratio, DER, Insider ownership, IOS, and ROA, toward Dividend Payout Ratio (DPR) in automotive 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, DER, Insider ownership, IOS, and ROA) toward DPR in automotive companies that is listed in BEI over period 2004-2006. Sampling technique used here is purposive sampling on criterion (1) the company that trade their stocks in Indonesian Stock Exchange; (2) the company having insider ownership per December 2004-2006; and (3) the company that continually share their dividend per December 2004-2006. The data is obtained based on Indonesian Capital Market Directory (ICMD 2007) publication. It is gained sample amount of 12 companies from 21 automotive companies those are listed in BEI. 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. During 2004-2006 period show as deviation has not founded this indicate clasiccal assumption that the available data has fulfill the condition to use multi linier regression model. In domestic corporation company, empirical evidence show Cash Ratio, DER, IOS and ROA to have influence toward DPR at level of significance less than 5%, Insider ownership have not influence toward DPR at level of significance more than 5%. Keywords: cash ratio, DER, Insider ownership, IOS, ROA, and Dividend Payout Ratio (DPR) Penelitian ini dilakukan untuk menguji pengaruh variabel Cash Ratio, DER, Kepemilikan saham manajemen, IOS, dan ROA terhadap Dividend Payout Ratio (DPR) pada perusahaan otomotif yang listed di BEI periode 2004-2006. Teknik sampling yang digunakan adalah purposive sampling dengan kriteria: (1) perusahaan yang selalu menyajikan laporan keuangan per Desember 2004-2006, (2) perusahaan yang sahamnya ikut dimiliki manajemen per Desember 2004-2006 dan (3) perusahaan yang secara kontinyu membagikan dividen per Desember 2004-2006. Data diperoleh berdasarkan publikasi Indonesian Capital Market Directory (ICMD 2007). Diperoleh jumlah sampel sebanyak 12 perusahaan dari 21 perusahaan otomotif yang terdaftar di BEI. 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. Selama periode pengamatan menunjukkan bahwa data penelitian berdistribusi normal. Berdasarkan hasil penelitian tidak ditemukan ditemukan adanya penyimpangan asumsi klasik, hal ini menunjukkan bahwa data yang tersedia telah memenuhi syarat untuk menggunakan model persamaan regresi linier berganda. Dari hasil analisis pada perusahaan otomotif menunjukkan bahwa Cash Ratio, DER, IOS, dan ROA secara parsial signifikan terhadap DPR di BEI periode 2004-2006 pada level of significance kurang dari 5%, sedangkan kepemilikan saham manajemen, tidak signifikan terhadap DPR dengan level of significance lebih besar dari 5%.

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:18097
Deposited By:Mr UPT Perpus 2
Deposited On:29 Jul 2010 09:29
Last Modified:29 Jul 2010 09:29

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