ANALISIS PENGARUH KEPEMILIKAN MANAJERIAL, INVESTMENT OPPORTUNITY SET, RETURN ON ASSET DAN DEBT TO EQUITY RATIO TERHADAP DIVIDEND PAYOUT RATIO (Studi Kasus Pada Saham LQ45 di Bursa Efek Jakarta)

Abstract

ABSTRACT Agency theory have been viewed as strong research basic in field of finance and accounting. In study about corporate finance, manajemen emphasize which related with manager wealth, and shareholder wealth such as capital structure policy, dividend policy and managerial ownership have been interesting topic to widely and deeply scrunitized to find a pattern in conflict of interest between manager and the owner. Research such as differences among results of previous study about variables which may effect dividend policy caused by abandoning data normality and samples which took from one sector only namely manufacture need a research which involving whole sector in Jakarta Stock Exchange which may represent companies in Jakarta Stock Exchange as a whole. This research will study the effect of managerial ownership, investment opportunity set (IOS), return on asset (ROA) and debt to equity ratio (DER) on dividend payout ratio (DPR). This study will use companies which its stocks included in LQ45 Index computation, because stocks included in LQ45 Index computation have big market capitalization approximately 75% market capitalization in Jakarta Stock Exchange. Samples took by using purposive sampling method. 39 companies were obtained as samples. Data provided by Indonesian Capital Market Directory 2004 and Jakarta Stock Exchange. Multiple regression technique used to analyse the data. The results show that only investment opportunity set (IOS) significantly may have effect on dividend payout ratio. Managerial ownership, return on asset (ROA) and debt to equity ratio (DER) did not effect dividend payout ratio significantly. Simultaneously, those independent variables may have effect on dividend payout ratio significantly. Keywords : Managerial ownership, IOS, ROA, DER, and DPR