PENGARUH DEBT TO EQUITY RATIO, NET PROFIT MARGIN, ASSET GROWTH, FIRM SIZE, DAN CURRENT RATIO TERHADAP DIVIDEND PAYOUT RATIO. (Studi Kasus Pada Perusahaan Non Financial Yang Terdaftar Di Bursa Efek Indonesia Periode 2005-2009)

Abstract

This study is performed to examine the effect of Debt to Equity Ratio (DER), Net Profit Margin (NPM), Asset Growth, Firm Size, and Current Ratio (CR) toward Dividend Payout Ratio (DPR) in companies non finacial that is listed Indonesian Stock Exchange over period 2005-2009. The population of this research in 245 company that listed in Indonesian Stock Exchange period 2005-2009. Sampling technique used here is purposive sampling on criterion (1) the company that represents their financial report per 2005-2009, and (2) the company that continually share their dividend period 2005-2009. The data is obtained based on Indonesian Capital Market Directory (ICMD 2010) publication. It is gained sample amount 11 companies from 245 companies those are listed in Indonesian Stock Exchange. The analysis technique used here is multiple regression 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 % This research results that Net Profit Margin (NPM), and Firm Size gives significantly positive effect on Dividend Payout Ratio (DPR). Debt to Equity Ratio (DER), Asset Growth, and Current Ratio are not significantly and negative to Dividend Payout Ratio (DPR). We suggest for investors in Indonesian Stock Exchange whose purpose to gain dividend should be pay attention for information that issued by the company, because with those information they can make the best decision for their investments. On this research, Firm Size shows the most influencing variable toward DPR that pointed by the amount of beta standardized coefficient value 0.444, Net Profit Margin are 0.410, Debt to Equity Ratio are - 0.105, Asset Growth are -0.159, and Current Ratio are -0.319