FAKTOR - FAKTOR YANG MEMPENGARUHI DIVIDEND PAYOUT RATIO PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2010 - 2012

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Abstraksi

Penelitian ini bertujuan untuk menguji faktor-faktor yang mempengaruhi Dividend payout ratio pada perusahaan yang terdaftar di Bursa Efek Indonesia   periode  2010-2012. Populasi dalam penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia  periode 2010-2012. Teknik  sampel yang digunakan adalah purposive sampling dan didapat  jumlah observasi sebanyak 97 perusahaan.

Teknik analisis yang digunakan adalah regresi linear berganda.  Persamaan regresi yang diperoleh adalah DPR = 7,371 - 0,074LN INSD - 0,175LN DER – 0,268LN ROE - 2,033LN FS + 0.435LN IOS + e. Proporsi variasi Dividend payout ratio dari rata-ratanya yang dijelaskan oleh Insider ownership, Debt to equity ratio , Return on equity , Firm size dan Investment opportunity set sebesar 20,4%. Sedangkan sisanya sebesar 79,6% dijelaskan variabel lain di luar penelitian .

Hasil pengujian hipotesis menunjukkan bahwa variabel Insider ownership, Debt to equity ratio dan Firm size berpengaruh negatif  tidak signifikan terhadap Dividend payout ratio . Return on equity berpengaruh negatif  signifikan dan Investment opportunity set berpengaruh positif  signifikan terhadap Dividend payout ratio.

Kata kunci :  Insider ownership, Debt to equity ratio, Return on equity , Firm size , Investment opportunity set dan Dividend payou ratio.

Abstract

The aim of this study is to examine the factors which is influence Dividend Payout Ratio campenies listed on the Indonesia Stock Exchange in the period 2010 to 2012. The population in this study are allcompanies listed on the Indonesia Stock Exchange in the period of 2010-2012. The research sample was determined by purposive sampling to obtain sum observation of 97companies.

Technick analysis is a multiple regression. Regression equation obtained is DPR = 7,371 - 0,074LN INSD - 0,175LN DER – 0,268LN ROE - 2,033LN FS + 0.435LN IOS + e . Coefficient of determination  is 20,40 % which means the proportion of variation in the DPR of the average described by INSD, DER, ROE and IOS is 20,40%, where as the remaining balance of 79,60% is explained by other variable not prensented in the study.

This study showed that the insider ownership, debt to equity ratio and fime size have a negative not significant effect on the dividend payout ratio, return on equity ratio has negative  significant on the  dividend payout ratio and investment  opportunity set has positif and significant on the dividend payout ratio.

Keywords: Insider ownership, Debt to equity ratio, Return on equity, Firm size , Investment opportunity set dan Dividend payout ratio