ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEND PAYOUT RATIO (Studi Kasus Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia non Keuangan Periode 2005-2009)

Abstract

This research was conducted to examine the influence of the company’s financial performance through the NPM, Cash Ratio, DER, Growth and Size of the company's dividend payout ratio in non-financial companies listed on Stock Exchange Indonesia (BEI) in the period 2005 to 2009. Problems of this study is due contradiction between the theory with facts about the influence of NPM, Cash Ratio, DER, Growth and Size of dividend payout ratio during the observation period of the year 2005 to 2009. Sampling of this study using methods purposive sampling, a sample of 11 companies that accordance with the criteria that have been determined by the long study period 2005-2009, data obtained from the Indonesian Capital Market Directory. The method of analysis used is multiple regression quadratic equation with the smallest and hypothesis testing using the t-statistic to test the regression coefficient and partial F-statistics to test the influence simultaneously. Besides previously also tested the assumption which includes the classical normality test, test Multicollinearity, Heteroskedastisitas test, and test Autocorrelation. The results showed that there were no deviation classical assumptions, it indicates that the data available have been eligible to use the model multiple linear regression. The resulting regression equation is DPR = -25 571 + NPM 4421 - 8580 -2537 Cash Ratio DER -3768 +3626 Size Growth From the analysis shows partial results of that variable NPM positive and significant influence on the DPR. Variable of Cash Ratio indicates negative and significant influenceon the Dividend Payout Ratio. Debt to Equity Variable ratio (DER) and the Growth shows negative and not significant influence on the Dividend Payout Ratio , Firm Size showed positive and significant influence on the DPR. Then regression estimation results show the predictive capability of Six independent of the Dividend Payout ratio of 29.5% while the remaining 70.5% influenced by other factors outside the model that has not been included in this analysis