PENGARUH DEBT TO EQUITY RATIO, INSIDER OWNERSHIP, SIZE DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN (Studi pada Industri Manufaktur yang terdaftar di Bursa Efek Indonesia Periode Tahun 2005-2007)

Abstract

ABSTRACT This study is performed to examine the effect of Debt to Equity Ratio (DER), Insider Ownership, Size and Investment Opportunity Set (IOS) toward Dividend Policy in manufacturing company which is listed in BEJ and share the dividend to shareholder. The objective this study is to scale and analyze the effect of the company financial ratios performance Debt to Equity Ratio (DER), Insider Ownership, Size and Investment Opportunity Set (IOS) toward Dividend Payout Ratio (DPR) in manufacturing company which is listed in BEJ over period 2005- 2007. Sampling technique used here is purposive sampling on criterion (1) the company that trade their stocks in Bursa Efek Jakarta; (2) the company that represent their financial report per December 2005 – 2007; and (3) the company that continually share their dividend per December 2005 – 2007. The data is obtained based on Indonesia Capital Market Directory (ICMD 2008) publication. It is gained sample amount of 17 company from 151 company those are listed in BEJ. The analysis technique used here is multiple regressions 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 0,05 or 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 DER and Ln IOS variable partially significant toward DPR of the company on 2005-2007 period on the level of significance less than 5%, while it indicates that Ln Insider Ownership and Size variable partially not significant toward DPR. While simultaneously DER, Ln Insider, Size, Ln IOS proof significantly influent DPR in BEJ in level less than 5%. Predictable of four variables toward DPR is 43,3% as indicated by adjusted R square that is 43,3% while the rest 56,7% is affected by other factors which are not included into the study model. Keywords: Debt to Equity Ratio (DER), Insider Ownership, Size, Investment Opportunity Set (IOS) and Dividend Payout Ratio (DPR) ABSTRAKSI Penelitian ini dilakukan untuk menguji pengaruh variable Debt to Equity Ratio (DER), Insider Ownership, Size and Investment Opportunity Set (IOS) terhadap kebijakan Dividen dalam perusahaan manufaktur yang terdaftar di BEJ dan membagikan sahamnya pada pemegang saham. Tujuan penelitian ini adalah untuk mengukur dan menganalisis pengaruh rasio-rasio keuangan perusahaan Debt to Equity Ratio (DER), Insider Ownership, Size and Investment Opportunity Set (IOS) terhadap Dividend Payout Ratio (DPR) dalam perusahaan manufaktur yang terdaftar di BEJ selama periode 2005-2007. 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 2005 – 2007; and (3) perusahaan yang secara kontinyu membagikan dividen per Desember 2005 – 2007. Data diperoleh berdasarkan publikasi Indonesia Capital Market Directory (ICMD 2008). Diperoleh sampel sebanyak 17 perusahaan dari 151 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 siginificane 0,05 atau 5%. Selain itu juga dilakukan uji asumsi klasik yang meliputi uji normalitas, uji multikolinearitas, uji heteroskedastisitas dan uji autokorelasi. Dari analisis ditunjukkan bahwa variabel DER dan Ln IOS secara parsial berpengaruh signifikan terhadap DPR perusahaan selama periode 2005-2007 period pada level signifikan kurang dari 5%, sementara variable Ln Insider dan Size dan Ownership secara parsial tidak signifikan terhadap DPR. Sedangkan secara bersamasama DER, Ln Insider, Size, Ln IOS terbukti signifikan berpengaruh teradap DPR di BEJ pada level kurang dari 5%. Kemampuan prediksi dari keempat variable terhadap DPR sebesar 43,3% sebagaimana ditunjukan oleh besarnya adjusted R square sebesar 43,3% sedangkan sisanya 56,7% dipengaruhi faktor lain yang tidak dimasukkan ke dalam model penelitian. Kata Kunci: Debt to Equity Ratio (DER), Insider Ownership, Ukuran Perusahaan (Size, Investment Opportunity Set (IOS) dan Dividend Payout Ratio (DPR)