Saldo Laba dan Kebijakan Dividen : Percobaan Menggunakan Finacial Life Cycle Theory pada Pasar Modal Indonesia

Bakri, David Hartanto (2012) Saldo Laba dan Kebijakan Dividen : Percobaan Menggunakan Finacial Life Cycle Theory pada Pasar Modal Indonesia. Undergraduate thesis, Universitas Internasional Batam.

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Abstract

In Indonesia there only 72 companies who paid dividend 5 years consecutively from 2006 to 2010. What factors drive the indonesian company in paying the dividends? Does the retained earning affect the probability of paying dividends when we conduct the financial life cycle theory? This research use the annual report of company listed in Indonesian Stock Exchanges as the object starting from 2006 until 2010. This research use logistic regression to analize the effect of retained earning to firm’s dividend policy with profitability, growth, firm size, cash holdings, lagged profitability, and lagged dividend policy as the control. It shown that retained earning has a positive and significant effect on firm’s probability of paying dividend but it also shown that maturity and growth opportunities of a company in Indonesia doesn’t effect the use of retained earning as dividend payment. Keywords: retained earning, dividend policy, financial life cycle theory, indonesian capital market.

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