PENGARUH KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN SEKTOR INDUSTRI PROPERTY, REAL ESTATE, DAN KONSTRUKSI BANGUNAN YANG TERDAFTAR DI BEI PERIODE 2011-2015
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Keywords:
Kebijakan Dividen, Agency Theory, Signaling Theory, Kepemilikan Institusional
Abstract
Penelitian ini bertujuan untuk mengetahui pengaruh kepemilikan insitusional terhadap kebijakan dividen pada badan usaha industri property, real estate dan konstruksi bangunan yang terdaftar di Bursa Efek Indonesia periode 2011-2015. Teori yang terkait adalah Teori Keagenan dan Teori Signaling. Variabel yang digunakan antara lain kepemilikan institusional, kepemilikan manajerial, free cash flow, utang, pertumbuhan, ukuran perusahaan, profitabilitas, dan volatilitas. Penelitian ini menggunakan pendekatan kuantitatif dengan model panel least square. Jumlah Observasi yang digunakan dalam penelitian ini adalah 155 observasi. Hasil penelitian menunjukkan bahwa pada sektor property, real estate, dan konstruksi bangunan variabel kepemilikan institusional, profitabilitas, dan volatilitas memiliki pengaruh positif signifikan terhadap kebijakan dividen. Variabel pertumbuhan dan ukuran perusahaan memiliki pengaruh negatif signifikan terhadap kebijakan dividen. Sedangkan variabel kepemilikan manajerial, utang, dan free cash flow tidak berpengaruh secara signifikan terhadap kebijakan dividen.
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References
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Amidu, M., 2007, How Does Dividend Policy Affect Performance of the Firm on Ghana Stock Exchange?, Investment Management and Financial Innovations, Vol. 4.
Brealey, Myers, dan Allen, 2006, Corporate Finance, Eight Edition, Mc Graw Hill.
Brigham, Eugene dan Houston Joel, 2009, Dasar-dasar Manajemen Keuangan, Edisi kesepuluh, Salemba Empat, Jakarta.
Cahyani, Krisnati Adi, 2014, Analisis Perbedaan Dividen Pada Perusahaan Keluarga dan Non Keluarga Berdasarkan Kepemilikan Ultimat, Jurnal Ekonomi Akuntansi, Vol. 26
Crutchley, Jensen, Jabera, dan Raymond, 1999, Agency Problems and The Simultaneity of Financial Decision Making: The Role of Institusional Ownership, International Review of Financial Analysis 8:2, 177-197.
Devi, N.P.Y., dan Ni Putu Adi Erawati, 2014, Pengaruh Kepemilikan Manajerial, Leverage, dan Ukuran Perusahaan Pada Kebijakan Dividen Perusahaan Manufaktur, Jurnal Akuntansi Universtitas Udayana, Vol. 9.3 :709-716.
Dewi, S.C., 2008, Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Hutang, Profitabilitas, dan Ukuran Perusahaan terhadap Kebijakan Dividen, Jurnal Bisnis dan Akuntansi, Vol. 10, No 1: 47-58.
Dhailami, A.F., 2006, Pengaruh Insider Ownership dan Risiko Pasar terhadap Kebijakan Dividend Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Jakarta Periode 2000-2003, Skripsi,. Universitas Islam Indonesia.
Emery, Douglas R., John D. Finnerty, dan John D. Stowe, 1998, Principles Financial Management, Prentice Hall, Inc., Upper Saddle River, New Jersey.
Firth, M, Jin Gao, Jianghua Shen, dan Yuanyuan Zhang., 2016, Institutional Stock Ownership and Firms Cash Dividend Policies: Evidence from China, Journal of Banking and Finance, Vol. 65: 91-107.
Farooq, O., Saoud, S., Agguenaou, S., 2012. Dividend Policy As a Signaling Mechanism Under Different Market Condition: Evidence From The Casablanca Stock Exchange, International Research Journal Economics and Finance, Vol. 83: 187-198.
Gitman, J. Lawrence dan Zutter, Chad J., 2012, Principles of Managerial Finance, 13th Edition, Edinburgh: Pearson.
Graham, John R, dan Champbell. R Harvey, 2001, The Theory and Practice of Corporate Finance: Evidence From The Field, Journal of Financial Economics,Vol. 60 :187-243.
Gujarati, D.N., 1995, Basic Econometrics, 3th Edition, Singapore: The Mc.Graw-Hill Companies, Inc.
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, The Mc.Graw-Hill Companies, Inc.
Hampton, John J., 1989, Financial Decision Making Concepts, Problems and Cases, Fourth Edition, Prentice-Hall International, Inc.
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.
Harahap, N.I., 2004, Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio Pada Perusahaan Manufaktur Go-Public di Bursa Efek Jakarta, Thesis, Universitas Sumatra Utara.
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.
Published
2017-09-01
Section
Bidang Manajemen (M)
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