ANALISIS PENGARUH NPM, QUICK RATIO, DER, SALES GROWTH DAN SIZE TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN NON-FINANSIAL YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE TAHUN 2005-2009

Abstract

This study is performed to examine the effect of Net Profit Margin (NPM), Quick Ratio (Quick), Debt to Equity Ratio (DER), Sales Growth and Size toward Dividend Payout Ratio (DPR) in non-financial company that is listed in BEI. The objective of this study is to analyze the effect of the company financial ratios performance (Net Profit Margin (NPM), Quick Ratio (Quick), Debt to Equity Ratio (DER), Sales Growth and Size toward DPR in non-financial company that is listed in BEI over period 2005-2009. Purposive sampling is used on this research with criterion (1) the company that represents their financial report per December 2005-2009; (2) the company that continually share their dividend over period 2005-2009. The data is obtained based on Indonesian Capital Market Directory (ICMD 2007, 2008, 2009 and 2010) publication. Sample of this research amount of 8 companies from 321 companies those are listed in BEI. Multiple regression and hypothesis test using tstatistic is used to examine partial regression coefficient and f-statistic to examine the mean of mutual effect with level of significance 5%. In addition, classical assumption test also performed including normality test, multicolinearity test, heteroscedasticity test and autocorrelation test. This research results that Net Profit Margin gives significantly positive effect on Dividend Payout Ratio (DPR), while Quick Ratio and Sales Growth give significantly negative effect on Dividend Payout Ratio. It also funds that the other variables which is Debt to Equity Ratio (DER) and Size are not significant to DPR. Suggested for investors in Indonesian Stock Exchange whose purpose to gain dividend should be pay attention for informations that issued by the company, because with those information they can make the best decision for their investments. On this research, NPM shows the most influencing variable toward DPR that pointed by the amount of beta standardized coefficients value 0.369, Quick is 0.353, Growth is 0.332, Size is 0.197 and DER 0.028.