PENGUJIAN DEBT FINANCED DIVIDEND PADA PENGARUH KEBIJAKAN HUTANG TERHADAP KEBIJAKAN DIVIDEN DAN KEPUTUSAN INVESTASI DI PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2009-2013
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Keywords:
Debt Policy, Dividend Policy, Investment Decision, Agency Theory
Abstract
Penelitian ini menguji pengaruh kebijakan hutang terhadap kebijakan dividen dan keputusan investasi pada perusahaan sektor manufaktur di BEI periode 2009-2013. Penelitian ini menggunakan pendekatan kuantitatif dengan model analisis regresi linier berganda. Penelitian ini menggunakan sampel berupa perusahaan/emiten yang berada di dalam sektor manufaktur di BEI periode 2009-2013. Temuan penelitian menunjukkan bahwa kebijakan hutang tidak berpengaruh signifikan terhadap kebijakan dividen, sementara variabel kontrol MBVE berpengaruh negatif dan signifikan terhadap kebijakan dividen. Kebijakan hutang berpengaruh positif dan signifikan terhadap keputusan investasi, sementara MBVE berpengaruh tidak signifikan terhadap keputusan investasi pada perusahaan sektor manufaktur di BEI periode 2009-2013.
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References
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Baker, M., Wurgler, J., 2004, A Catering Theory of Dividends, The Journal of Finance, Vol. LIX, No.3
Brigham, E.F., L.C. Gapenski, and P.R. Dave, 1999, Intermediate Financial Management, 6th Edition, The Dryden Press, Harcourt Brace College, Fort Worth
Cahyo, A.D., 2013, Pengaruh Laba Bersih, Arus Kas Operasi dan Investment Opportunity Set Terhadap Kebijakan Dividen Perusahaan Manufaktur yang Terdaftar di BEI Periode 2009-2012, Program Studi Akuntansi Fakultas Ekonomi, Universitas Maritim Raja Ali Haji Tanjungpinang
Easterbrook, F.H., 1984, Two Agency-Cost Explanations of Dividends, The American Economic Review, Vol. 74, No. 4
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, New York: McGraw-Hill Companies
Handayani, D., 2010, Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio pada Perusahaan manufaktur di Bursa Efek Indonesia Periode 2005-2007, Tesis, Universitas Diponegoro
Harris, M., and Raviv, A., 1990, Capital Structure and the Informational Role of Debt, The Journal of Finance, Vol. 45, No. 2
Jensen, M.C., 1986, Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers, The American Economic Review, Vol. 76, No. 2, pp 323-329
Jensen, M.C., and Meckling, W.H., 1976, Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure, Journal of Financial Economics, Vol. 3, No. 4
Kaaro, H., 2002, Investment Decision and Dividend Policy as Determinants of Financing Decision: A New Empirical Evidence, Journal of Accounting, management, and Economics Research (JAMER), Vol. 2(1), 41-55
Published
2015-09-01
Section
Bidang Manajemen (M)
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