ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2011-2015

Abstract

This study is performed to examine the effect of Debt to Equity Ratio (DER), Current Ratio (CR), Return on Asset (ROA), Firm Size, and Growth toward Dividend Payout Ratio (DPR) in manufactures companies which is listed in IDX (Indonesian Stock Exchange) over period 2011-2015. The sample of this research was extracted with method on purpose sampling. The data is obtained based on ICMD (Indonesian Capital Market Directory). It is gained sample amount of 51 companies from 142 companies listed on IDX. The analysis technique used is multiple regression using the t-statistic for testing the partial regression coefficient and f-statisctic to test effect of simultaneous significant level. In addition, classical assumption is also performed including normality test, heteroscedasticity test, multicolinearity test, and autocorrelation test. From the result of analysis, it indicates that Return on Asset (ROA) partially and significantly affect Dividend Payout Ratio (DPR) at a significance level of less than 5% or 0,05. DER variable had positive effect but not significant toward Dividend Payout Ratio (DPR) because level of significant more than 5% or 0,05. The other variable like Current Ratio, Firm Size and Growth partially negative and not significant to Dividend Payout Ratio. The predictive ability of these five variable against Dividend Payout Ratio is 38,9% as indicated by adjusted R Square while the rest 61,1% is affected by others factors beyond research