Analisa Faktor-Faktor yang Mempengaruhi Payout Policy pada Perusahaan Finansial vs Perusahaan Non-Finansial yang Terdaftar di Bursa Efek Indonesia

Anzelina, Cichi (2019) Analisa Faktor-Faktor yang Mempengaruhi Payout Policy pada Perusahaan Finansial vs Perusahaan Non-Finansial yang Terdaftar di Bursa Efek Indonesia. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh struktur kepemilikan dan rasio keuangan terhadap kebijakan dividen pada perusahaan finansial dan non-finansial yang terdaftar di Bursa Efek Indonesia (BEI). Penelitian ini menggunakan managerial shareholder, institutional shareholder, block shareholder, foreign shareholder, profitability, leverage, tangibility, growth opportunities, dividend volatility, firm’s size, dan growth sebagai variabel independen. Terdapat 24 perusahaan finansial dan 113 perusahaan non-finansial yang dijadikan sebagai sampel penelitian dengan menggunakan purposive sampling. Data penelitian diperoleh dari laporan tahunan perusahaan yang diunduh dari www.idx.co.id dengan periode penelitian mulai dari tahun 2013 hingga 2017. Metode yang digunakan dalam penelitian ini yaitu analisis regresi panel dengan fixed effect model (FEM) sebagai hasil dari pemilihan model terbaik. Penelitian ini membuktikan adanya pengaruh simultan variabel independen secara signifikan terhadap variabel dependen. Hasil penelitian pada perusahaan finansial yaitu profitability dan dividend volatility berpengaruh signifikan terhadap kebijakan dividen, sedangkan managerial shareholder, institutional shareholder, block shareholder, foreign shareholder, liquidity, leverage, tangibility, growth opportunities, firm’s size, dan growth tidak berpengaruh signifikan terhadap kebijakan dividen. Hasil penelitian pada perusahaan non-finansial yaitu managerial shareholder, institutional shareholder, profitability, liquidity, firm’s size, dan dividend volatility berpengaruh signifikan terhadap kebijakan dividen, sedangkan block shareholder, foreign shareholder, leverage, tangibility, growth opportunities, dan growth tidak berpengaruh signifikan terhadap kebijakan dividen. ********************************************************************** The purpose of this research is to determine the effect of corporate shareholder and financial ratio on dividend policy in financial and non-financial firms listed in Indonesia Stock Exchange (IDX). This study uses managerial shareholder, institutional shareholder, block shareholder, foreign shareholder, profitability, leverage, tangibility, growth opportunities, dividend volatility, firm’s size, and growth as independent variables. There are 24 financial firms and 113 non-financial firms which are used as research samples using purposive sampling. The research data was obtained from the company's annual report that downloaded from www.idx.co.id over the period from 2013 to 2017. This research uses panel regression analysis with fixed effect model as the result of selecting the best model. This research proves that independent variables simultaneously have significant effect on the dependent variable. The result shows on financial firms variabels profitability and dividend volatility have signifikan impact to dividend policy, while managerial shareholder, institutional shareholder, block shareholder, foreign shareholder, liquidity, leverage, tangibility, growth opportunities, firm’s size, and growth have not signifikan impact to dividend policy. The result shows on non-financial firms variabels managerial shareholder, institutional shareholder, profitability, liquidity, firm’s size, and dividend volatility have signifikan impact to dividend policy, while block shareholder, foreign shareholder, leverage, tangibility, growth opportunities, and growth have not signifikan impact to dividend policy.

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