FAKTOR-FAKTOR YANG MEMPENGARUHI DIVIDEN PERUSAHAAN NON-KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2015

  • Ivan Tjahja Kamel Jurusan Manajemen Keuangan Fakultas Bisnis dan Ekonomika Universitas Surabaya
Abstract Views: 177 times
PDF - FULL TEXT Downloads: 221 times
Keywords: Kebijakan dividen, teori keagenan, signaling theory, regresi linear berganda

Abstract

Penelitian ini bertujuan untuk meneliti faktor-faktor yang menentukan kebijakan dividen perusahaan seperti kepemilikan institusional, kepemilikan manajerial, free cash flow, investment opportunity, leverage, life cycle stage, firm size, volatility, dan profitabilitas pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) dengan pendekatan teori keagenan dividen dan signaling dividend theory. Penelitian ini menggunakan pendekatan kuantitatif dengan menggunakan metode regresi linear berganda untuk melakukan analisis data. Target populasi dalam penelitian ini adalah seluruh perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2011-2015 yang berjumlah sebanyak 1530 observasi. Selanjutnya juga dilakukan uji sensitivitas dengan membagi target populasi menjadi sektoral. Variabel independen dari penelitian ini adalah kepemilikan institusional, kepemilikan manajerial, free cash flow, investment opportunity, leverage, life cycle stage, firm size, volatility, dan profitabilitas. Temuan dari penelitian ini adalah bahwa kepemilikan institusional, leverage, dan life cycle stage berpengaruh signifikan negatif terhadap dividend payout ratio. Di lain sisi, kepemilikan manajerial, profitabilitas, dan firm size berpengaruh signifikan positif terhadap dividend payout ratio. Sementara itu, free cash flow, investment opportunity, dan volatility tidak berpengaruh signifikan terhadap dividend payout ratio.

Downloads

Download data is not yet available.

References

Abor, J., Fiador, V., 2013, Does corporate governance explain dividend policy in Sub-Saharan Africa?, International Journal of Law and Management, Vol. 55 Iss 3 pp. 201 – 225.

Amidu, M., 2007, How Does Dividend Policy Affect Performance of the Firm on Ghana Stock Exchange?, Investment Management and Financial Innovations, Vol. 4.

Baskin, J., 1989, An Empirical Investigation of the Pecking Order Theory, Financial Management, Vol. 18: 26–35

Chang, K., Kang, Eun., Li, Ying., 2015, Effect of institutional ownership on dividends: An agency-theory-based analysis, Journal of Business Research, Vol. 69 No. 2551-2559

Han, K.C., S.H. Lee, and D.Y. Suk, 1999, Institutional Shareholders and Dividends, Journal of Financial and Strategic Decision, Spring, Vol. 12: 53-62.

Jaafar, H. dan Halim, H.A., 2016, Refining the Firm Life Cycle Classification Method: A Firm Value Perspective, Journal of Economics, Business, and Management, Vol. 4 No. 2.

Jabbouri, I., 2016, Determinants of Corporate Dividend Policy in Emerging Markets: Evidence from MENA Stock Markets, Research in International Business and Finance, Vol. 37: 283-298.

Jacob, M. dan Jacob, M., 2013, Taxation and the Cash Flow Sensitivity of Dividends, Economics Letters, Vol 118: 186-188.

Lu, C.S., 2016, Management Ownership and Dividend Policy: The Role of Managerial Overconfidence, Zhongsan Management Review, Vol.23 No.2: 591-629.

Mahadwartha, P.A., 2004, Pengawasan dan Pengikatan Berbasis Kepemilikan Institusional Internal, Disertasi, Universitas Gadjah Mada.

Michael, G. dan Wesley, H. Jones, 1979, Determinants of Financial Structure: A New Methodological Approach, Journal of Finance, Vol. 34 (3): 631–44.

Murhadi, W.R., 2010, Study On Dividend Policy: Antecedent and Its Impact On Share Price, Disertasi, Universitas Brawijaya.

Murhadi, W.R., 2013, Analisis Laporan Keuangan: Proyeksi dan Valuasi Saham, Salemba Empat

M’rabet, R. dan Boujiat, W., 2016, The Relationship Between Dividend Payment And Firm Performance: A Study of Listed Compannies in Morocco, European Scientific Journal, Vol.12 No.4.

Suharli, M., 2007 Pengaruh Profitability dan Investment Opportunity Set Terhadap Kebijakan Dividend Tunai dengan Likuiditas sebagai Variabel Penguat pada perusahaan yang Terdaftar di Bursa Efek Jakarta, Jurnal Akuntansi dan Keuangan, Vol. 9 No.1.

Tandelilin, E., Wardhana, L.I., Lantara, I.W.N., dan Junarsin, E., 2014, Dividend Policy in Indonesia: A Life-Cycle Explanation, Asian Finance Association 2014 Conference Paper.

Ullah, H. dan Fida, A., 2012, The Impact of Ownership Structure on Dividend Policy Evidence from Emerging Markets KSE-100 Index Pakistan, International Journal of Business and Social Science, Vol. 3 No. 9.
Published
2017-09-01
Issue
Vol. 6 No. 2 (2018): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Section
Bidang Manajemen (M)

Creative Commons License

  • Articles published in CALYPTRA are licensed under a Creative Commons Attribution-ShareAlike 4.0 International license. You are free to copy, transform, or redistribute articles for any lawful purpose in any medium, provided you give appropriate credit to the original author(s) and the journal, link to the license, indicate if changes were made, and redistribute any derivative work under the same license.
  • Copyright on articles is retained by the respective author(s), without restrictions. A non-exclusive license is granted to CALYPTRA to publish the article and identify itself as its original publisher, along with the commercial right to include the article in a hardcopy issue for sale to libraries and individuals.
  • By publishing in CALYPTRA, authors grant any third party the right to use their article to the extent provided by the Creative Commons Attribution-ShareAlike 4.0 International license.