ANALISIS PENGARUH ASIMETRI INFORMASI TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA PERIODE 2002-2009

Abstract

Managers who know the prospects of the company's internal information and sometimes do not pass it on to investors in a transparent manner. This causes problems of information asymmetry that will affect dividend policy. This study aims to determine the effect of independent variables of information asymmetry that can be proven from previous studies wich proxied by the bid-ask spread (Kusuma, 2006), earnings forecast errors (Li and Zhao, 2008), firm size (Lu, 2002), and the opportunity to grow (Leary and Michaely, 2008) against the dependent variable dividend policy. Research using purposive sampling method to capture the sample, with the following criteria: (1) the Company includes manufacturing companies that are successively listed on the Stock Exchange (Bursa Efek Indonesia) in 2002-2009, (2) share price data is available during the estimated period of observation, (3) the Company in its financial statements have complete data on the ratios of the Dividend Payout Ratio (DPR), earnings forecast errors, and Market to Book Value of Assets (MBVA) during the estimated period of observation. Data obtained by the publication of Indonesian Capital Market Directory (ICMD), obtained the sample of 13 manufacturing companies. Analysis technique used is multiple linear regression analysis. Based on the results of data analysis can be concluded that the partially firm size (SIZE), and the chance to grow (MBVA) has positive and significant impact on dividend policy (DPR). While the variable bid-ask spread (SPREAD) and the earnings forecast error (FE) but not significant negative effect on dividend policy (DPR). Simultaneous bid-ask spread (SPREAD), earnings forecast error (FE), firm size (SIZE), and the chance to grow (MBVA) has a significant influence on dividend policy variables (DPR) with a significance value P value of 0.000. The amount of ability to explain the dependent variable given by the four variables amounted to 29.3%.