ANALISIS PENGARUH FREE CASH FLOW, LEVERAGE, PROFITABILITY, RISK, GROWTH DAN FIRM SIZE TERHADAP DIVIDEND PAYOUT RATIO (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA PADA TAHUN 2007-2011)

Abstract

This study was conducted to examine the effect of agency cost in dividend policy (dividend payout ratio). In this case, the agency cost is represented by free cash flow, debt equity ratio, return on equity, risk, growth, and frim size. Basically, the purpose of this study is to know how big the influence of agency cost on dividen policy (dividend payout ratio) in a company which are listed in Indonesia Stock Exchange. The population of this research is 147manufacture companies that listed in Indonesian Stock Exchange period 2007-2011. Sampling technique used here is purposive sampling on criterion (1) the manufacture company that listed in Indonesian Stock Exchange period 2008-2011, and (2) the company that continually share their dividend and publish the financial data relating to measure of variables each period 2007 to 2011. The data is obtained from Indonesian Capital Market Directory (ICMD 2007- 2012) and Annual Report 2007-2011 publication. This sample gained amount of 26 companies from 147 companies those are listed in Indonesian Stock Exchange. The analysis technique used 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%. Before tested with a multiple linear regression test, testified with classical assumptions test first. The results showed that distortion there in classical assumption. Those things indicate the data which available in this study has been qualified for use in linear regression model. The result regression equation is DPR = 6,721 + 0,050FCF – 4,655DER + 0,134ROE + 1,449E-008RISK + 0,055GROWTH + 1,674SIZE From the analysis shows that in partially profitability (ROE) variable and firm size variable are influence positively and significantly on DPR. This research also found that leverage (DER) has negative and significant influence on DPR. The other variables in the research which are free cash flow, risk, and growth did not affect on DPR. The result of regression estimation show the ability of model prediction is 10,4% while the remaining 89,6% influenced by other factors outside the model that has not been included in the study