STUDI KETERKAITAN ANTARA DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTASI DALAM PENGUJIAN HIPOTESIS PECKING ORDER (Studi Kasus: Perusahaan Manufaktur yang Terdaftar dan Listed di Bursa Efek Jakarta periode 2004-2005)

Abstract

This study is aimed to examine the prediction of pecking order hypothesis in Indonesia. The hypothesis states that there is negative relationship between dividend payout ratio and investment. In addition, this study will learn the the relationship between dividend payout ratio, financial leverage and investment. The dividend payout ratio determinants are financial leverage, investment, liquidity, profitability, size and earnings change. The financial leverage determinants are dividend payout ratio, investment, profitability, size, assets structure and earnings change. And then the investment determinants are dividend payout ratio, financial leverage, sales growth, profitability, Q ratio and size. This researchis focused on manufacturing companies as listed in the Indonesian Capital Market Directory for the period of 2004 – 2005. The method of data collection is pooling method and result 74 firm observation. The statistical method used by this research is hausmant test and two stage least square regression to minimize bias that is exist in ordinary least square analizing. In this study, it is found that there is significant evidence that manufacturing companies in Indonesia tend to follow the pecking order hypothesis. In addition, it is found that the dividend payout ratio give a positive and significant influence on financial leverage, financial leverage do not give a significant influence on dividend payout ratio; the investment give a negative and significant influence on dividend payout ratio, dividend payout ratio do not give a significant influence on investment; the invesment give a positive and significant influence on financial leverage, financial leverage do not give a significant influence on invesment, Penelitian ini bertujuan untuk menguji Hipotesis Pecking Order Theory di Indonesia. Hipotesis ini mengatakan bahwa terdapat hubungan negative antara dividend payout ratio dan investasi. Pada saat ini, akan dipelajari hubungan antara dividend payout ratio, financial leverage dan investasi. Variabel pengontrol dari dividend payout ratio yaitu : financial leverage, investment, liquidity, profitability, size dan earnings change. Financial leverage terdiri dari dividend payout ratio, investment, profitability, size, assets structure dan earnings change. Yang terakhir untuk investasi terdiri dari dividend payout ratio, financial leverage, sales growth, profitability, Q ratio dan size. Penelitian ini difokuskan pada perusahaan manufaktur yang terdaftar di Indonesian Capital Market Directory (ICMD) untuk periode 2004-2005. Metode yang digunakan adalah pooling data dan sample 74 perusahaan. Untuk metode penggolahan statistik digunakan Hausmant Test dan regresi Two Stage Least Square (2SLS) untuk meminimalkan angka bias yang dihasilkan dalam analisis ordinary least square. Pada penelitian ini ditemukan bahwa perusahaan manufaktur di Indonesia mengikuti hipotesis Pecking order. Dividend payout ratio berpengaruh positif dan signifikan terhadap financial leverage, financial leverage tidak berpengaruh signifikan pada dividend payout ratio; investasi berpengaruh negative dan signifikan pada dividend payout ratio, dividend payout ratio tidak berpengaruh signifikan pada investasi; investasi berpengaruh positif dan signifikan pada financial leverage, financial leverage tidak berpengaruh signifikan pada investasi.