Determinan Kebijakan Dividen Pada Sektor Nonkeuangan (Determinants of Dividend Policy in the Non-Financial Sector)

SULTANIST: Jurnal Manajemen dan Keuangan, 2019

10 Pages Posted: 8 Feb 2020

See all articles by Ahmad Aziz Putra Pratama

Ahmad Aziz Putra Pratama

Airlangga University - Faculty of Economics and Business

Date Written: December 24, 2019

Abstract

Indonesian Abstract: Dividen yang diperoleh merupakan salah satu alasan investor untuk menanamkan dananya pada suatu perusahaan. Dividen merupakan kebijakan yang penting dalam perusahaan karena menyangkut pemegang saham yang notabene merupakan sumber modal dari perusahaan tersebut. Investor dalam menginvestasikan dananya kedalam instrumen saham tentunya menginginkan return yang tinggi. Penelitian ini bertujuan untuk mengetahui pengaruh size, leverage, growth opportunities, return on on equity, price earning ratio, quick ratio, dan free cash flow terhadap kebijakan dividen pada perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia selama periode 2013-2018. Data diperoleh berdasarkan informasi pada laporan keuangan dan tahunan perusahaan. Penelitian ini menggunakan sampel 122 perusahaan dengan jumlah pengamatan sebanyak 732 pengamatan dengan menggunakan metode purposive sampling dan model regresi linier berganda. Penelitian diolah menggunakan SPSS 25 Statistic for Windows. Variabel independen pada penelitian ini adalah size, leverage, growth opportunities, return on on equity, price earning ratio, quick ratio, dan free cash flow. Variabel dependen dalam penelitian ini adalah kebijakan dividen. Berdasarkan hasil analisis dapat disimpulkan bahwa size dan price earning ratio berpengaruh positif signifikan terhadap kebijakan dividen. Quick ratio dan free cash flow berpengaruh positif tidak signifikan terhadap kebijakan dividen. Leverage dan return on on equity berpengaruh negatif tidak signifikan terhadap kebijakan dividen dan growth opportunities berpengaruh negatif signifikan terhadap kebijakan dividen.

English Abstract: Obtained dividends are one of the reasons for investors to invest their funds in a company. Dividends are an important policy in a company because it involves shareholders who incidentally are a source of capital from the company. Investors in investing funds into stock instruments certainly want a high return. This study aims to determine the effect of size, leverage, growth opportunities, return on equity, price earning ratio, quick ratio, and free cash flow on dividend policy on non-financial companies listed on the Indonesia Stock Exchange during the 2013-2018 period. Data obtained based on information on the firm's financial and annual reports. This study used a sample of 122 companies with a total of 732 observations using the purposive sampling method and multiple linear regression models. This research was processed using SPSS 25 Statistics for Windows. The independent variables in this study are size, leverage, growth opportunities, return on equity, price earnings ratio, quick ratio, and free cash flow. The dependent variable in this study is dividend policy. Based on the results of the analysis, it can be concluded that the size and price earning ratio have a significant positive effect on dividend policy. Quick ratio and free cash flow have a significant positive effect on dividend policy. Leverage and return on equity do not have a significant negative effect on dividend policy and growth opportunities have a significant negative effect on dividend policy.

Note: Downloadable document is in Indonesian.

Keywords: Dividend policy, non-financial sector, multiple linear regression

JEL Classification: G0, G1, G3

Suggested Citation

Pratama, Ahmad Aziz Putra, Determinan Kebijakan Dividen Pada Sektor Nonkeuangan (Determinants of Dividend Policy in the Non-Financial Sector) (December 24, 2019). SULTANIST: Jurnal Manajemen dan Keuangan, 2019 , Available at SSRN: https://ssrn.com/abstract=3518416

Ahmad Aziz Putra Pratama (Contact Author)

Airlangga University - Faculty of Economics and Business ( email )

Airlangga 4-6
Surabaya, East Java
Indonesia
082135948540 (Phone)

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
12
Abstract Views
87
PlumX Metrics