PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN KESEMPATAN INVESTASI TERHADAP KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERATING (PADA PERUSAHAAN INDUSTRI BARANG KONSUMSI YANG TERDAFTAR DI BEI PERIODE 2011-2016)

Abstract

This study aims to determine and examine the effect of managerial ownership, institutional ownership, and investment opportunities on dividend policy with liquidity as moderating variables, case studies on consumer goods industry companies listed on the IDX of the 2011-2016 research year.
This research is quantitative research. The variables used include managerial ownership, institutional ownership, and investment opportunities, independent variables (x) while dividend policy is the dependent variable (y) and liquidity as a moderating variable (z). For variable dividend policy research using Dividend Payout Ratio while the variable liquidity uses Current Ratio.
The company samples used are 2 companies listed on the Stock Exchange in the Consumer Goods Industry sector, namely PT GudangGaramTbk, and PT Mayora Indah Tbk.
This research method is quantitative analysis classic assumption test, multicollinearity test, heteroscedasticity test, normality test, autocorrelation and regression analysis using MRA. While the hypothesis testing is path analysis, simultaneous, t test, and coefficient of determination. After conducting a research analysis, it was found that managerial ownership had no significant effect, institutional ownership had a significant effect, and investment opportunities have no significant influence, liquidity does not affect dividend policy, and managerial ownership, investment opportunities moderate the dividend policy have no significant effect, while institutional ownership affects significantly on dividend policy
Keywords: managerial ownership, institutional ownership, and investment opportunities