ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO (Studi pada Perusahaan Manufaktur yang Listed di BEI Periode 2006-2009)

Abstract

This study is performed to examine the effect of Return On Asset (ROA), Debt to Equity Ratio (DER), Current Ratio (CR), and SIZE toward Dividend Payout Ratio (DPR) in manufacturers companies that is listed in Indonesia Stock Exchange (IDX) over period 2006-2009. The sample of this research was extracted with method of purposive sampling. The data is obtained based on Indonesian Capital Market Directory publication. It is gained sample amount of 11 companies from 158 companies those are listed in Indonesia Stock Exchange (IDX). The analysis technique used here is multiple regression 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 Return On Asset (ROA), Debt to Equity Ratio (DER), and SIZE variable partially significant toward Dividend Payout Ratio (DPR) of the manufacturers companies in Indonesia Stock Exchange (IDX) on 2006-2009 period on the level of significance less than 5%, while it indicates that Current Ratio (CR) partially not significant toward Dividend Payout Ratio (DPR). While simultaneously (Return On Asset (ROA), Debt to Equity Ratio (DER),Current Ratio (CR), and SIZE) proof significantly influent Dividend Payout Ratio (DPR) in Indonesia Stock Exchange (IDX) in the level less than 5%. Predictable of the four variables toward Dividend Payout Ratio (DPR) is 36,5% as indicated by adjusted R square that is 36,5% while the rest 63,5% is affected by other factors is not included into the study model.