SKRIPSI Jurusan Manajemen - Fakultas Ekonomi UM, 2009

Ukuran Huruf:  Kecil  Sedang  Besar

ANALISIS KEBIJAKAN HUTANG, PROFITABILITAS, DAN PERTUMBUHAN PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA (BEI) TAHUN 2005-2008

Ayu Yenia Sari

Abstrak


ABSTRACT
Sari, Ayu Yenia. 2009. The Analysis on Liability Policy, Profitability, Organization Growth Toward Dividend Policy on Manufacture Firms Listed on Indonesia Stock Exchange (BEI) in the Year of 2005 – 2008. Advisors: (I) Ely Siswanto, S.Sos., M.M., (II) Fadia Zen, S.E., M.M.
Keywords: liability policiy, profitability, organization growth, dividend policy
Dividend policy on an organization is a complex things to decide since it involves the interests of many sides such as stock holder, manager, creditor, and other external party who has an interest on the information issued by the organization. Dividend policy basically is the determining factor of the profit amount proportion which is supposed to be shared with the stock holders. Dividend payment decision policy is an important part related to the paid cash flow to the investor or retained cash for reinvestment. The specified amount either big or small of the paid dividend by the organization to the stock holder depends on the dividend policy of each organization. Therefore, the management consideration related to the dividend affecting factors is much needed.
This research aims to know the effect of liability policy, profitability, and organization growth toward dividend policy. The research design employed is a descriptive quantitative approach which is included in an explanatory research. The research populations are those manufacture firms listed in Indonesia Stock Exchange (BEI) in the year of 2005 through 2008. The sampling technique utilizes purposive sampling which the samples specification are based on some specific criteria adjusted to the research aims, and therefore we can get 20 organizations as the samples. The utilized data are secondary data gathered from Indonesia Stock Exchange (BEI) through Indonesian Capital Market Directory (ICMD) by the year of 2005 through 2009. The data analysis takes multiple linear regression techniques.
The research result shows that the liability policy variable description experienced fluctuation condition which tended to raise up, the profitability variable also got fluctuation which tend to raise up, the organization growth variable did so as the two previous variables; while the dividend policy variable had fluctuation variable which tended to stable. This research result also indicated partial effect, liability policy variable and organization growth does not affect significantly toward dividend policy; while profitability variable makes positive significant effect toward dividend policy. The simultaneous effect of those three variables is significant toward dividend policy. This indicates that before defining the dividend policy, a manager should consider liability policy, profitability, and organization growth. Besides, the result confirms that 8.1% variation on dividend policy can be explained by these three independent variables which are liability policy, profitability, and organization growth; while the rest of 91.9% is explained by other variables excluding from this research.
Based on the research result, it is suggested to the further research to add more independent variables such as managerial ownership, organization size, and other variables related to dividend. Also, it suggests that the further research should develop a bigger sample size.

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