ANALISIS PENGARUH CASH RATIO, DEBT TO TOTAL ASSET, ASSET GROWTH, FIRM SIZE DAN RETURN ON ASSET TERHADAP DIVIDEND PAYOUT RATIO (Studi Komparatif pada Perusahaan Listed di BEJ yang Sahamnya Ikut Dimiliki Manajemen dan Yang Sahamnya Tidak Dimiliki Manajemen Periode Tahun 2002-2005)

Abstract

This study is performed to examine the effect of Cash ratio, Debt to Total Asset (DTA), Asset Growth, Size, and Return on asset (ROA), toward Dividend Payout Ratio (DPR) in companies that are listed in BEJ. The objective of this study is to scale and analyze the effect of the company financial ratios performance (Cash ratio, DTA, Growth, Size, and ROA) toward DPR in companies that is listed in BEJ over period 2002-2005. 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 2002-2005; and (3) the company that continually share their dividend per December 2002-2005. The data is obtained based on Indonesian Capital Market Directory (ICMD 2006) 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 cash ratio and DTA variable partially significant toward DPR of the company in BEJ on 2002-2005 period on the level of significance less than 5% (each 0,1%, and 3,9%), while it indicates that growth, size and ROA variable partially not significant toward DPR of the company in BEJ on 2002-2005 period on the level of significance more than 5% as 65,1%; 57,3%; and 13,4%. While simultaneously (Cash ratio, Debt to Total Asset (DTA), Asset Growth, Size, and Return on asset (ROA)) proof significantly influent DPR in BEJ in the level less than 5%. Predictable of the five variables toward DPR is 65,8% as indicated by adjusted R square that is 65,8% while the rest 34,2% is affected by other factors is not included into the study model. Penelitian ini dilakukan untuk menguji pengaruh variabel Cash ratio, Debt to total asset (DTA), Asset Growth, Size, dan return on asset (ROA), terhadap Dividend Payout Ratio (DPR). pada perusahaan yang listed di BEJ periode 2002- 2005. Teknik sampling yang digunakan adalah purposive sampling dengan kriteria (1) perusahaan yang sahamnya aktif diperdagangkan di Bursa Efek Jakarta; (2) perusahaan yang selalu menyajikan laporan keuangan per Desember 2002-2005 dan (3) perusahaan yang secara kontinyu membagikan dividen per Desember 2002- 2005. Data diperoleh berdasarkan publikasi Indonesian Capital Market Directory (ICMD 2006). 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 tstatistik untuk menguji koefisien regresi parsial serta uji asumsi klasik yang meliputi uji normalitas, uji multikolinieritas, uji heteroskedastisitas dan uji autokorelasi. Dari hasil analisis menunjukkan bahwa variabel cash ratio dan DTA secara parsial signifikan terhadap DPR perusahaan di BEJ periode 2002-2005 pada level of significance kurang dari 5% (masing-masing sebesar 0,1%, dan 3,9%). Sementara variabel growth, size dan ROA menunjukkan hasil yang tidak signifikan berpengaruh terhadap DPR perusahaan di BEJ periode 2002-2005 pada level of significance diatas dari 5% sebesar 65,1%; 57,3%; dan 13,4%. Sedangkan secara bersama-sama (Cash ratio, Debt to total asset (DTA), Asset Growth, Size, dan return on asset (ROA)) terbukti signifikan berpengaruh terhadap DPR perusahaan di BEJ pada level kurang dari 5%. Kemampuan prediksi dari kelima variabel tersebut terhadap DPR sebesar 65,8% sebagaimana ditunjukkan oleh besarnya adjusted R square sebesar 65,8% sedangkan sisanya 34,2% dipengaruhi oleh faktor lain yang tidak dimasukkan ke dalam model penelitian.