PENGARUH KEBIJAKAN UTANG, PROFITABILITAS DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN DENGAN SIZE SEBAGAI VARIABEL MODERASI PADA SEKTOR MANUFAKTUR PERIODE 2008-2011
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Keywords:
dividend policy, debt policies, profitability, liquidity, dummy size
Abstract
This study aims to analyze the factors that influence dividend policy in Manufacturing sector, both in big companies and small companies, which is listed on the Indonesia Stock Exchange during the period 2008-2011. Variable used is debt policy, profitability and liquidity. Number of companies used in this study is 26 companies. This study uses quantitative approach with multiple linier regression method. This study found that in Manufacturing Sector since 2008 up to 2011; debt policies, profitability and liquidity are simultaneous significantly affect dividend policy. Partially, debt policies, profitability and liquidity are significantly affect dividend policy. But, the variable of interaction of debt policies with dummy size, the variable of interaction of profitability with dummy size, and the variable of interaction of liquidity with dummy size are not significantly affect dividend policy.
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References
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Anand, Manoj, 2004, Factors Influencing Dividend Policy Decisions of Corporate India, The ICFAI Journal of Applied Finance.
Anil, K. dan Kapoor, S., 2008, Determinants of Dividend Payout Ratios – A Study of Indian Information Technology Sector, International Research Journal of Finance and Economics – Issue 15.
Crain, M.A., 2011, A Literature Review of the Size Effect, Working Paper, Florida Atlantic University.
Damodaran, Aswath, 2001, Corporate Finance Theory and Practice, Second Edition, Hermitage Publishing Service, Wiley International Edition.
Darminto, 2008, Pengaruh Profitabilitas, Likuiditas, Struktur Modal dan Struktur Kepemilikan Saham terhadap Kebijakan Dividen, Jurnal Ilmu-Ilmu Sosial, Vol. 20, No. 2.
Deitiana, Tita, 2009, Faktor-Faktor yang Mempengaruhi Kebijakan Pembayaran Dividen Kas, Jurnal Bisnis dan Akuntansi, Vol. 11 No. 1, Hlm . 57-64.
Dewi, S. C., 2008, Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Kebijakan Hutang,
Profitabilitas dan Ukuran Perusahaan terhadap Kebijakan Dividen, Jurnal Bisnis dan Akuntansi, Vol. 10, No. 1 : 48-57.
Fama, E.F., dan French, K.R., 2001, Disappearing Dividend : Changing Firm Characteristics or Lower Propensity to Pay, Journal of Financial Economics, Vol. 60 : 3-43.
Gitman, L.J., 2009, Principles of Managerial Finance, 12th Edition, Pearson International Edition.
Gupta, Amitabh dan Banga, Charu, 2010, The Determinants of Corporate Dividend Policy, Decision, Vol. 37, No. 2.
Gujarati, D. N., 2004, Basic Econometrics, 4th Edition, McGraw-Hill.
Gusaptono, R. Hendri, 2010, Faktor-Faktor yang Mendorong Penciptaan Nilai Perusahaan di BEI, Buletin Ekonomi, Vol. 8, No. 2, Hlm. 70-170.
Islamiyah, Rizki, 2012, Pengaruh Free Cash Flow, Profitabilitas, Likuiditas, Leverage dan Growth terhadap Kebijakan Dividen pada Perusahaan Manufaktur di BEI, Skripsi, Sekolah Tinggi Ilmu Ekonomi Perbanas.
Jensen, Michael. C., 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, Vol. 76, No. 2, Hlm. 323-329.
Jensen, M. C. dan Meckling, W. H., 1976, Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Vol. 3, No. 4, Hlm. 305-360.
Kadir, Abdul, 2010, Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividen pada Perusahaan Credit Agencies Go Public di Bursa Efek Indonesia, Jurnal Manajemen dan Akuntansi, Vol. 11, No.1.
Lopolusi, Ita, 2013, Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividen Sektor Manufaktur yang Terdaftar di PT Bursa Efek Indonesia Periode 2007-2011, Skripsi, Universitas Surabaya.
Mahadwartha, P.A, 2002, Interdependensi antara Kebijakan Leverage dengan Kebijakan Dividen: Perspektif Teori Keagenan, Jurnal Riset Akuntansi , Manajemen dan Ekonomi 2 No. 2.
Megginson, W. L., 1997, Corporate Finance Theory, Addison Wesley.
Miller, M. H., dan Rock, K., 1985, Dividend Policy under Asymetric Information, Journal of Finance, No. 40: Jlm. 1031-1052.
Padnyawati, K. D., 2010, Pengaruh Aliran Kas, Kepemilikan Manajerial dan Kepemilikan Institusional pada Keputusan Pembayaran Dividen, Thesis, Universitas Udayana.
Ramachandran, A. dan Packkirisamy, 2010, The Impact of Firm Size on Dividend Behaviour: A Study with Reference to Corporate Firms across Industries in India, Managing Global Transitions, 8 (1): 49-78.
Smith, et al, 2008, Sensitivity Analysis: a Powerful System Validation Technique, The Open Cybernetics and Systemics Journal, 2, 39-56.
Smits, R, 2012, Effect of a Financial Crisis on the Dividend Payout Policy of a Firm, Thesis, Master Thesis Tilburg University.
Sofi, 2012, Faktor-Faktor yang Mempengaruhi Debt Maturity pada Pinjaman Korporasi di Indonesia Periode 2000-2010, Skripsi, Universitas Surabaya.
Sofyaningsih, Sri dan Hardiningsih, Pancawati, 2011, Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang dan Nilai Perusahaan, Dinamika Keuangan dan Perbankan, Vol. 3: 68-87.
Sudarsi, Sri, 2002, Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio pada Industri Perbankan yang Listed di Bursa Efek Jakarta (BEJ), Jurnal Bisnis dan Ekonomi.
Suharli, Michell, 2006, Studi Empiris Mengenai Pengaruh Profitabilitas, Leverage, dan Harga Saham terhadap Jumlah Dividen Tunai (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta Periode 2002-2003), Jurnal MAKSI, Vol. 6 No. 2 : 243-256.
Sulistyowati, et al, 2010, Pengaruh Profitabilitas, Leverage, dan Growth terhadap Kebijakan Dividen dengan Good Corporate Governance sebagai Variabel Intervening, Simposium Nasional Akuntansi XIII Purwokerto.
Sundjaja dan Barlian, 2003, Manajemen Keuangan, Literata Lintas Media.
http://www.idx.co.id diunduh pada 18 Maret 2013
Anand, Manoj, 2004, Factors Influencing Dividend Policy Decisions of Corporate India, The ICFAI Journal of Applied Finance.
Anil, K. dan Kapoor, S., 2008, Determinants of Dividend Payout Ratios – A Study of Indian Information Technology Sector, International Research Journal of Finance and Economics – Issue 15.
Crain, M.A., 2011, A Literature Review of the Size Effect, Working Paper, Florida Atlantic University.
Damodaran, Aswath, 2001, Corporate Finance Theory and Practice, Second Edition, Hermitage Publishing Service, Wiley International Edition.
Darminto, 2008, Pengaruh Profitabilitas, Likuiditas, Struktur Modal dan Struktur Kepemilikan Saham terhadap Kebijakan Dividen, Jurnal Ilmu-Ilmu Sosial, Vol. 20, No. 2.
Deitiana, Tita, 2009, Faktor-Faktor yang Mempengaruhi Kebijakan Pembayaran Dividen Kas, Jurnal Bisnis dan Akuntansi, Vol. 11 No. 1, Hlm . 57-64.
Dewi, S. C., 2008, Pengaruh Kepemilikan Managerial, Kepemilikan Institusional, Kebijakan Hutang,
Profitabilitas dan Ukuran Perusahaan terhadap Kebijakan Dividen, Jurnal Bisnis dan Akuntansi, Vol. 10, No. 1 : 48-57.
Fama, E.F., dan French, K.R., 2001, Disappearing Dividend : Changing Firm Characteristics or Lower Propensity to Pay, Journal of Financial Economics, Vol. 60 : 3-43.
Gitman, L.J., 2009, Principles of Managerial Finance, 12th Edition, Pearson International Edition.
Gupta, Amitabh dan Banga, Charu, 2010, The Determinants of Corporate Dividend Policy, Decision, Vol. 37, No. 2.
Gujarati, D. N., 2004, Basic Econometrics, 4th Edition, McGraw-Hill.
Gusaptono, R. Hendri, 2010, Faktor-Faktor yang Mendorong Penciptaan Nilai Perusahaan di BEI, Buletin Ekonomi, Vol. 8, No. 2, Hlm. 70-170.
Islamiyah, Rizki, 2012, Pengaruh Free Cash Flow, Profitabilitas, Likuiditas, Leverage dan Growth terhadap Kebijakan Dividen pada Perusahaan Manufaktur di BEI, Skripsi, Sekolah Tinggi Ilmu Ekonomi Perbanas.
Jensen, Michael. C., 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, Vol. 76, No. 2, Hlm. 323-329.
Jensen, M. C. dan Meckling, W. H., 1976, Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Vol. 3, No. 4, Hlm. 305-360.
Kadir, Abdul, 2010, Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividen pada Perusahaan Credit Agencies Go Public di Bursa Efek Indonesia, Jurnal Manajemen dan Akuntansi, Vol. 11, No.1.
Lopolusi, Ita, 2013, Analisis Faktor-Faktor yang Mempengaruhi Kebijakan Dividen Sektor Manufaktur yang Terdaftar di PT Bursa Efek Indonesia Periode 2007-2011, Skripsi, Universitas Surabaya.
Mahadwartha, P.A, 2002, Interdependensi antara Kebijakan Leverage dengan Kebijakan Dividen: Perspektif Teori Keagenan, Jurnal Riset Akuntansi , Manajemen dan Ekonomi 2 No. 2.
Megginson, W. L., 1997, Corporate Finance Theory, Addison Wesley.
Miller, M. H., dan Rock, K., 1985, Dividend Policy under Asymetric Information, Journal of Finance, No. 40: Jlm. 1031-1052.
Padnyawati, K. D., 2010, Pengaruh Aliran Kas, Kepemilikan Manajerial dan Kepemilikan Institusional pada Keputusan Pembayaran Dividen, Thesis, Universitas Udayana.
Ramachandran, A. dan Packkirisamy, 2010, The Impact of Firm Size on Dividend Behaviour: A Study with Reference to Corporate Firms across Industries in India, Managing Global Transitions, 8 (1): 49-78.
Smith, et al, 2008, Sensitivity Analysis: a Powerful System Validation Technique, The Open Cybernetics and Systemics Journal, 2, 39-56.
Smits, R, 2012, Effect of a Financial Crisis on the Dividend Payout Policy of a Firm, Thesis, Master Thesis Tilburg University.
Sofi, 2012, Faktor-Faktor yang Mempengaruhi Debt Maturity pada Pinjaman Korporasi di Indonesia Periode 2000-2010, Skripsi, Universitas Surabaya.
Sofyaningsih, Sri dan Hardiningsih, Pancawati, 2011, Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang dan Nilai Perusahaan, Dinamika Keuangan dan Perbankan, Vol. 3: 68-87.
Sudarsi, Sri, 2002, Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio pada Industri Perbankan yang Listed di Bursa Efek Jakarta (BEJ), Jurnal Bisnis dan Ekonomi.
Suharli, Michell, 2006, Studi Empiris Mengenai Pengaruh Profitabilitas, Leverage, dan Harga Saham terhadap Jumlah Dividen Tunai (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta Periode 2002-2003), Jurnal MAKSI, Vol. 6 No. 2 : 243-256.
Sulistyowati, et al, 2010, Pengaruh Profitabilitas, Leverage, dan Growth terhadap Kebijakan Dividen dengan Good Corporate Governance sebagai Variabel Intervening, Simposium Nasional Akuntansi XIII Purwokerto.
Sundjaja dan Barlian, 2003, Manajemen Keuangan, Literata Lintas Media.
http://www.idx.co.id diunduh pada 18 Maret 2013
Published
2013-03-01
Section
Bidang Manajemen (M)
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