FAKTOR –FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PADA PERUSAHAAN SEKTOR NON KEUANGAN YANG TERDAFTAR DI BEI PERIODE 2012-2016
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Keywords:
Dividend policy, profitability, growth, systematic risk
Abstract
This study aims to investigate the determinants of corporate dividend policy. Variabel used in this research is size, profitability, growth, cash, leverage, systematic risk (β) and investment opportunity. This Study uses the quantitative approach and multiple linear regression. The target populations of this study are all non-financial sector companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 1045 year observations. Subsequently, the robustness test is performed by clustering the target populations by company size, that is large company groups and small company groups. The study finds that size, profitability, cash and investment opportunity affect dividend policy negatively. While growth, leverage and systematic risk (β) affect dividend policy positively.
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References
Al-Malkawi, H.a., 2007, Determinants of Corporate Dividend Policy in Jordan: an application of the Tobit Model, Journal of Economic and Administrative Sciences, Vol. 23 No. 2, pp. 44-70.
Al-Shubiri, N., 2011, Determinants of Changes Dividend Behavior Policy: Evidence From the Amman Stock Exchange, Far East Journal of Psychology and business, Vol. 4 No.2, pp. 1-15.
Ahmed, H., dan Javid, A.Y., 2009, Determinants of Dividend Policy in Pakistan, International Research Journal of Finance and Economics, Issue 29, pp.110- 125.
Almajali., et al., 2012, “Factors Affecting the Financial Perfomance of Jordanian Insurance Companies Listed at Amman Stock Exchange”, Journal of Management Research, Vol.4 No.2, pp. 266-289.
Benjamin, S.J., Wasiuzzaman, S., Mokhtarinia, H., dan Nejad, N.R., 2016, Family Ownership Dividend Payout in Malaysia, International Journal of Managerial Finance, Vol.12 Iss 3 pp.314-334.
Berenson, M.L., et al., 2012, Basic Business Statistics Concept and Application 12th Edition, Prentice Hall.
Bhattacharya, S., 1979, Imperfect Information, Dividend Policy, and ‘the bird in the hand’ fallacy, Bell Journal of Economics, Vol.10 No 1, pp. 259-270.
Brav, A., Graham, J.R., Harvey, C.R., dan Michaely, R., 2005, Payout Policy in the 21st Century, Journal of Financial Economics, Vol. 77 No 3, pp. 483- 527.
Booth, L., dan J. Zhou., 2015, Market Power and Dividend Policy, Managerial Finance,Vol.41 Iss 2 pp. 145-163.
Coulton, J., dan Ruddock, C., 2011, Corporate Payout Policy in Australia and a Test of the Life-Cycle theory, Accounting & Finance, Vol.51 No 2, pp. 381-407.
DaSilva, C.L., Georgen, M., dan Renneboog, I., 2004 Dividend Policy and Corporate Governance, Oxford University Press, Oxford.
DeAngelo, H., DeAngelo, I., dan Skinner, D., 2004 : Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics, Vol. 72 No 3, pp. 425-456.
Farinha, J., 2003, Dividend Policy, Corporate Governance and the Managerial Entrenchment Hypothesis: an empirical analysis, Journal of Business Finance & Accounting, Vol.30 Nos 9-10, pp. 1173-1209.
Frank, M.Z., Goyal, V.K., 2009, Capital Structure Decisions:Which Factors are Realiably Important?, Financial Management, Spring 2009: 1-37.
Gujarati, D.N., 1995, Basic Econometrics, 3th Edition, The Mc.Graw-Hill, Singapore.
Gujarati, Damodar, N., 2003, Ekonometrika Dasar, Terjemahan: Sumarno Zain, Jakarta: Erlangga.
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, The Mc.Graw-Hill Gujarati, D.N, 2008, Ekonometrika Dasar, Jakarta : Erlangga.
Ghozali, H. I., 2009, Aplikasi Analisis Multivariate dengan Program SPSS, Edisi Keempat, Universitas Diponegoro.
Gill, A., Bigger, N. dan Tibrewala, R., 2010, Determinants of Dividend Payout Ratios: Evidence from United States, The Open Business Journal, Vol.3, pp.8-14.
Grullon, G., Michaely, R. dan Swaminatham, B., 2002, “Are Dividend Changes a Sign of Firm maturity?”, The Journal of Business, Vol. 75 No.3, pp.387- 424.
Halim, J.J., 2013, Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Pada Sektor Industri Barang Konsumsi Periode 2008-2011, Skripsi, Universitas Surabaya.
Ho, H., 2003, Dividend Policies in Australia and Japan, International Advances in Economic Research, Vol. 9 No.2, pp. 91-100.
Imran, K., 2011, Determinants of Dividend Payout Policy: a Case of Pakistan Engineering Sector, The Romanian Economic Journal, Vol.14 No.41.
Jensen, M.C., 1986, Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, The American Economic Review, Vol.76 No.2, pp. 323-329.
Jensen, M.C., dan W. H. Meckling, 1976, Theory of the Firm: Managerial Behaviour, Agency Cost and Ownership Structure, Journal of Financial Economics, Vol: 3: 305-360.
Kadir, A., 2010, Analisis Faktor- Faktor yang Mempengaruhi Kebijakan Deviden: Investigasi Pengaruh Teori Stakeholder, JAAI Volume 6 No.2, Desember 2002.
Kamel, I.T., 2016, Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan Non-Keuangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015, Skripsi, Universitas Surabaya.
Kowalewski, O., Stetsyuk. I., dan Talavera, O., 2007, Corporate Governance and Dividend Policy in Poland, German Institut for Economic Research.
Lee, C.F., Lee, A.C., dan Lee, J., 2010, Investment, dividend, financing, and production policies: Theory and Implications”, in Lee, C.F., Lee, A.C., dan Lee, J., (Eds), Handbook of Quantitative Finance and Risk Management, Springer-Verlag, New York, NY, pp. 23-40
Marpaung, E.I., dan B. Hadianto, 2009, Pengaruh Profitabilitas dan Kesempatan Investasi terhadap Kebijakan Dividen: Studi Empirik pada Emiten Pembentuk Indeks LQ45 di Bursa Efek Indonesia, Jurnal Akuntasi Vol.1 Mei 2009: 70-84.
Megginson, W.L., 1997, Corporate Finance Theory, Addison Wesley Longman.
Mehrani, S., Moradi, M., dan Eskandar, H., 2011, Ownership Structure and Dividend Policy: Evidence from Iran, African Journal of Business Management, Vol. 5 No 17, pp.7516-7525.
Miller,M.h., dan F. Modigliani, 1961, Dividend Policy, Growth and the Valuation of Share, Journal of Business, Vol.34: 411-433.
Murhadi, W.R., 2008, Studi Kebijakan Dividen: Anteseden dan Dampaknya Terhadap Harga Saham, Jurnal Manajemen dan Kewirausahaan, Vol.10 No.1:1-7.
Pujiastuti, Triani, 2008, Biaya Agensi Terhadap Kebijakan Dividen pada Perusahaan Go Public di Indonesia, Jurnal Keuangan dan Perbankan, Vol.12 No 2.
Putri, I.F., dan Nasir, M., 2006, Analisis Persamaan Simultan Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen dalam Perspektif Teori Keagenan, Simposium Nasional Akuntasi 9 Padang, Padang, 23-26 Agustus, 2006.
Ramli, N.M., 2010, Ownersip Structure and Dividend Policy: Evidence From Malaysian Companies, International Review of Business Research Papers, Vol.16 No 1, pp.249-259.
Riyanto, B., 1989, Dasar-Dasar Pembelanjaan Perusahaan, Edisi ke 13, Penerbit Gadjah Mada Yogyakarta 1989.
Ross, S., et al., 2005, Corporate Finance, Seventh Edition, Mc Graw Hill, Singapore.
Rozeff, M.S., 1982, Growth, Beta and Agency Cost as Determinants of Dividend Payout Ratios, Journal of Financial Research, Vol. 5 No.3, pp. 249-259.
Sartono, A., 2009, Manajemen Keuangan Teori dan Aplikasi, Edisi 4, Yogyakarta:BPFE
Sartono, A., 2001, Manajemen Keuangan, Teori dan Aplikasi, Edisi keempat, Yogyakarta: BPFE.
Setiawan, Rahmat, 2009, Pengaruh Growth Opportunity dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan Industri Manufaktur di Indonesia, Majalah Ekonomi, Vol. 19 No 2, pp.163-172.
Suwaldiman, dan A. Aziz., 2006, Pengaruh Insider Ownership dan Risiko Pasar Terhadap Kebijakan Dividen, SINERGI Vol. 8 No 1, Januari 2006.
Tanzania, L.A., 2010, Analisis Faktor Yang Mempengaruhi Kebijakan Dividen, Skripsi, Universitas Surabaya.
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.
Wai, Wong Ying dan Yang Zhu, 2013, The Effect of Corporate Governance on Cash Holdings: Evidence from Hong Kong, Dissertation, Hong Kong Baptist University.
White, Halbert., dan Xun, Lu., 2010, Robustness Checks and Robustness Tests in Applied Economics, University of California, San Diego.
Yarram, S.R., dan B. Dollery, 2015, Corporate Governance and Financial Policies Influence of Board Characteristics on the Dividend Policy of Australian Firms, Managerial Finance, Vol. 41 Iss 3 pp.267-285.
Yarram, S.R., 2015, Corporate Governance Ratings and the Dividend Payout Decisions of Australian Corporate Firms, International Journal of Managerial Finance, Vol. 11 Iss 2 pp.162-178.
Yusof, Y., dan S. Ismail, 2016, Determinants of Dividend Policy of Public Listed Companies in Malaysia, Review of International Business and Strategy, Vol. 26 Iss 1 pp 88-99.
www.digilib.ubaya.ac.id/ diakses pada tanggal 16 Agustus 2017
www.elib.ubaya.ac.id diakses pada tanggal 16 Agustus 2017
www.wernermurhadi.wordpress.com diakses pada tanggal 16 Agustus 2017
www.idx.co.id diakses pada tanggal 16 Agustus 2017
www.finace.yahoo.com diakses pada tanggal 16 Agustus 2017
Al-Shubiri, N., 2011, Determinants of Changes Dividend Behavior Policy: Evidence From the Amman Stock Exchange, Far East Journal of Psychology and business, Vol. 4 No.2, pp. 1-15.
Ahmed, H., dan Javid, A.Y., 2009, Determinants of Dividend Policy in Pakistan, International Research Journal of Finance and Economics, Issue 29, pp.110- 125.
Almajali., et al., 2012, “Factors Affecting the Financial Perfomance of Jordanian Insurance Companies Listed at Amman Stock Exchange”, Journal of Management Research, Vol.4 No.2, pp. 266-289.
Benjamin, S.J., Wasiuzzaman, S., Mokhtarinia, H., dan Nejad, N.R., 2016, Family Ownership Dividend Payout in Malaysia, International Journal of Managerial Finance, Vol.12 Iss 3 pp.314-334.
Berenson, M.L., et al., 2012, Basic Business Statistics Concept and Application 12th Edition, Prentice Hall.
Bhattacharya, S., 1979, Imperfect Information, Dividend Policy, and ‘the bird in the hand’ fallacy, Bell Journal of Economics, Vol.10 No 1, pp. 259-270.
Brav, A., Graham, J.R., Harvey, C.R., dan Michaely, R., 2005, Payout Policy in the 21st Century, Journal of Financial Economics, Vol. 77 No 3, pp. 483- 527.
Booth, L., dan J. Zhou., 2015, Market Power and Dividend Policy, Managerial Finance,Vol.41 Iss 2 pp. 145-163.
Coulton, J., dan Ruddock, C., 2011, Corporate Payout Policy in Australia and a Test of the Life-Cycle theory, Accounting & Finance, Vol.51 No 2, pp. 381-407.
DaSilva, C.L., Georgen, M., dan Renneboog, I., 2004 Dividend Policy and Corporate Governance, Oxford University Press, Oxford.
DeAngelo, H., DeAngelo, I., dan Skinner, D., 2004 : Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics, Vol. 72 No 3, pp. 425-456.
Farinha, J., 2003, Dividend Policy, Corporate Governance and the Managerial Entrenchment Hypothesis: an empirical analysis, Journal of Business Finance & Accounting, Vol.30 Nos 9-10, pp. 1173-1209.
Frank, M.Z., Goyal, V.K., 2009, Capital Structure Decisions:Which Factors are Realiably Important?, Financial Management, Spring 2009: 1-37.
Gujarati, D.N., 1995, Basic Econometrics, 3th Edition, The Mc.Graw-Hill, Singapore.
Gujarati, Damodar, N., 2003, Ekonometrika Dasar, Terjemahan: Sumarno Zain, Jakarta: Erlangga.
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, The Mc.Graw-Hill Gujarati, D.N, 2008, Ekonometrika Dasar, Jakarta : Erlangga.
Ghozali, H. I., 2009, Aplikasi Analisis Multivariate dengan Program SPSS, Edisi Keempat, Universitas Diponegoro.
Gill, A., Bigger, N. dan Tibrewala, R., 2010, Determinants of Dividend Payout Ratios: Evidence from United States, The Open Business Journal, Vol.3, pp.8-14.
Grullon, G., Michaely, R. dan Swaminatham, B., 2002, “Are Dividend Changes a Sign of Firm maturity?”, The Journal of Business, Vol. 75 No.3, pp.387- 424.
Halim, J.J., 2013, Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Pada Sektor Industri Barang Konsumsi Periode 2008-2011, Skripsi, Universitas Surabaya.
Ho, H., 2003, Dividend Policies in Australia and Japan, International Advances in Economic Research, Vol. 9 No.2, pp. 91-100.
Imran, K., 2011, Determinants of Dividend Payout Policy: a Case of Pakistan Engineering Sector, The Romanian Economic Journal, Vol.14 No.41.
Jensen, M.C., 1986, Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, The American Economic Review, Vol.76 No.2, pp. 323-329.
Jensen, M.C., dan W. H. Meckling, 1976, Theory of the Firm: Managerial Behaviour, Agency Cost and Ownership Structure, Journal of Financial Economics, Vol: 3: 305-360.
Kadir, A., 2010, Analisis Faktor- Faktor yang Mempengaruhi Kebijakan Deviden: Investigasi Pengaruh Teori Stakeholder, JAAI Volume 6 No.2, Desember 2002.
Kamel, I.T., 2016, Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan Non-Keuangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015, Skripsi, Universitas Surabaya.
Kowalewski, O., Stetsyuk. I., dan Talavera, O., 2007, Corporate Governance and Dividend Policy in Poland, German Institut for Economic Research.
Lee, C.F., Lee, A.C., dan Lee, J., 2010, Investment, dividend, financing, and production policies: Theory and Implications”, in Lee, C.F., Lee, A.C., dan Lee, J., (Eds), Handbook of Quantitative Finance and Risk Management, Springer-Verlag, New York, NY, pp. 23-40
Marpaung, E.I., dan B. Hadianto, 2009, Pengaruh Profitabilitas dan Kesempatan Investasi terhadap Kebijakan Dividen: Studi Empirik pada Emiten Pembentuk Indeks LQ45 di Bursa Efek Indonesia, Jurnal Akuntasi Vol.1 Mei 2009: 70-84.
Megginson, W.L., 1997, Corporate Finance Theory, Addison Wesley Longman.
Mehrani, S., Moradi, M., dan Eskandar, H., 2011, Ownership Structure and Dividend Policy: Evidence from Iran, African Journal of Business Management, Vol. 5 No 17, pp.7516-7525.
Miller,M.h., dan F. Modigliani, 1961, Dividend Policy, Growth and the Valuation of Share, Journal of Business, Vol.34: 411-433.
Murhadi, W.R., 2008, Studi Kebijakan Dividen: Anteseden dan Dampaknya Terhadap Harga Saham, Jurnal Manajemen dan Kewirausahaan, Vol.10 No.1:1-7.
Pujiastuti, Triani, 2008, Biaya Agensi Terhadap Kebijakan Dividen pada Perusahaan Go Public di Indonesia, Jurnal Keuangan dan Perbankan, Vol.12 No 2.
Putri, I.F., dan Nasir, M., 2006, Analisis Persamaan Simultan Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen dalam Perspektif Teori Keagenan, Simposium Nasional Akuntasi 9 Padang, Padang, 23-26 Agustus, 2006.
Ramli, N.M., 2010, Ownersip Structure and Dividend Policy: Evidence From Malaysian Companies, International Review of Business Research Papers, Vol.16 No 1, pp.249-259.
Riyanto, B., 1989, Dasar-Dasar Pembelanjaan Perusahaan, Edisi ke 13, Penerbit Gadjah Mada Yogyakarta 1989.
Ross, S., et al., 2005, Corporate Finance, Seventh Edition, Mc Graw Hill, Singapore.
Rozeff, M.S., 1982, Growth, Beta and Agency Cost as Determinants of Dividend Payout Ratios, Journal of Financial Research, Vol. 5 No.3, pp. 249-259.
Sartono, A., 2009, Manajemen Keuangan Teori dan Aplikasi, Edisi 4, Yogyakarta:BPFE
Sartono, A., 2001, Manajemen Keuangan, Teori dan Aplikasi, Edisi keempat, Yogyakarta: BPFE.
Setiawan, Rahmat, 2009, Pengaruh Growth Opportunity dan Ukuran Perusahaan Terhadap Profitabilitas Perusahaan Industri Manufaktur di Indonesia, Majalah Ekonomi, Vol. 19 No 2, pp.163-172.
Suwaldiman, dan A. Aziz., 2006, Pengaruh Insider Ownership dan Risiko Pasar Terhadap Kebijakan Dividen, SINERGI Vol. 8 No 1, Januari 2006.
Tanzania, L.A., 2010, Analisis Faktor Yang Mempengaruhi Kebijakan Dividen, Skripsi, Universitas Surabaya.
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.
Wai, Wong Ying dan Yang Zhu, 2013, The Effect of Corporate Governance on Cash Holdings: Evidence from Hong Kong, Dissertation, Hong Kong Baptist University.
White, Halbert., dan Xun, Lu., 2010, Robustness Checks and Robustness Tests in Applied Economics, University of California, San Diego.
Yarram, S.R., dan B. Dollery, 2015, Corporate Governance and Financial Policies Influence of Board Characteristics on the Dividend Policy of Australian Firms, Managerial Finance, Vol. 41 Iss 3 pp.267-285.
Yarram, S.R., 2015, Corporate Governance Ratings and the Dividend Payout Decisions of Australian Corporate Firms, International Journal of Managerial Finance, Vol. 11 Iss 2 pp.162-178.
Yusof, Y., dan S. Ismail, 2016, Determinants of Dividend Policy of Public Listed Companies in Malaysia, Review of International Business and Strategy, Vol. 26 Iss 1 pp 88-99.
www.digilib.ubaya.ac.id/ diakses pada tanggal 16 Agustus 2017
www.elib.ubaya.ac.id diakses pada tanggal 16 Agustus 2017
www.wernermurhadi.wordpress.com diakses pada tanggal 16 Agustus 2017
www.idx.co.id diakses pada tanggal 16 Agustus 2017
www.finace.yahoo.com diakses pada tanggal 16 Agustus 2017
Published
2018-03-01
Section
Bidang Manajemen (M)
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