ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DEVIDEN (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2005-2009)

Abstract

In manufacture companies that is listed in Indonesia Stock Exchange over period 2005-2009 differ from year previous, this matter is caused by got the fact that many company doesn't distribute dividend continually, besides dividend that distributed during period is fluctuation. Come from phenomenon and contradiction theory that unfolded on so researcher interested to analyze about dividend policy. This study is performed to examine the effect of Current Ratio (CR), Debt to Equity Ratio (DER), Growth, Collateralizable Assets (COL) and Return on Equity (ROE) toward Dividend Payout Ratio (DPR) in manufacture companies that is listed in Indonesian Stock Exchange over period 2005-2009. The population of this research is 190 manufacture companies that listed in Indonesian Stock Exchange period 2005-2009. Sampling technique used here is method of purposive sampling. The data is obtained based on Indonesia Capital Market Directory (ICMD) and Indonesia Stock Exchange (IDX) 2005-2009 publication. It is gained sample amount of 8 manufacture companies from 190 manufacture companies those are listed in Indonesian Stock Exchange. The analysis technique used here is multiple regression with the least square difference and hypothesis test using F-statistic to examine the mean of mutual effect with level of significance 5% and t-statistic to examine partial regression coefficient. In the classical assumption test results showed that there were no deviations classical assumptions, it means that available data was conform with criterias of multiple regression analysis. Regression equation is DPR = 2,265 + 1,481 CR + 0,666 DER – 3,475 Growth – 4,484 COL + 1,373 ROE. According to analysis indicates that COL has a significant positive influence on Dividend Payout Ratio. Growth has significant negative influence on Dividend Payout Ratio. CR, ROE, and DER has a positive influence on Dividend Payout Ratio but it failed to show its significant effect. All of independent variable has a significant effect simultaneously. In the other hand, the result of regression estimation of 5 independent variables on DPR shows the prediction ability 34,8% as indicated by adjust R square that is 34,8% while the rest 65,2% is affected from other factors outside of this model.