PENGARUH INSIDER OWNERSHIP, ASSET TANGIBILITY, INSTITUTIONAL OWNERSHIP DAN PERTUMBUHAN PERUSAHAAN TERHADAP DIVIDEN PAYOUT RATIO DENGAN MEDIASI DEBT TO EQUITY RATIO

Abstract

This study is performed to test the effect of insider ownership, asset tangibility, institutional ownership, and growth toward debt to equity ratio (DER) to impact dividend payout ratio (DPR). The objective to analyze the effect of the company financial ratios performance (insider ownership, asset tangibility, institutional ownership, and growth) toward DER to impact DPR in manufacturing industry over period 2010-2012. Sampling technique used here is pusposive sampling. The data was taken Indonesian Capital Market Directory (ICMD). It is gained sample amount of 14 data. 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 5%. In addition, classical assumption is also performed including normality test, multicolinearity test, heteroscedasticity test and autocorrelation test. The result shows insider ownership and institutional ownership to have influence toward DER at level of significance less than 5%, and insider ownership and DER have influence toward DPR at level of significance less than 5%.