ANALISIS PENGARUH RETURN ON EQUITY, DEBT TO EQUITY RATIO, FREE CASH FLOW, MANAGEMENT OWNERSHIP, dan SIZE TERHADAP DIVIDEND PAYOUT RATIO (Studi Empiris pada Perusahaan Manufaktur yang Listed di BEI 2009-2012)

Abstract

In manufacture companies that is listed in Indonesia Stock Exchange over period 2009-2012 differ from year previous, this matter is caused by got the fact that many company doesn't distribute dividend continually, besides dividend that distributed during period is fluctuation. Come from phenomenon and contradiction theory that unfolded on so researcher interested to analyze about dividend policy. This study is performed to examine the effect of Return on Equity (ROE), Debt to Equity Ratio (DER), Free Cash Flow (FCF), Management Ownership (MO) and Size toward Dividend Payout Ratio (DPR) in manufacture companies that is listed in Indonesian Stock Exchange over period 2009-2012. The population of this research is 142 manufacture companies that listed in Indonesian Stock Exchange period 2009-2012. Sampling technique used here is method of purposive sampling. The data is obtained based on and Indonesia Stock Exchange (IDX) 2009-2012 publication. It is gained sample amount of 16 manufacture companies from 142 manufacture companies those are listed in Indonesian Stock Exchange. The analysis technique used here is multiple regression with the least square difference and hypothesis test using F-statistic to examine the mean of mutual effect with level of significance 5% and t-statistic to examine partial regression coefficient. In the classical assumption test results showed that there were no deviations classical assumptions, it means that available data was conform with criterias of multiple regression analysis. Regression equation is DPR= 30,041 + 44,294 ROE - 7,494 DER - 35,765 FCF - 0,407 MO + 0,180 SIZE + e. According to analysis indicates that ROE has a significant positive influence on Dividend Payout Ratio, DER has a significant negative influence on Dividend Payout Ratio. Simultaneously, ROE and DER significant effect on DPR. In the other hand, the result of regression estimation of 5 independent variables on DPR shows the prediction ability 21,4% as indicated by adjust R square that is 21,4% while the rest 78,6% is affected from other factors outside of this model.