FINANCIAL LEVERAGE, PROFITABILITY, SIZE COMPANIES, MANAGERIAL OWNERSHIP OWNERSHIP OF INSTITUTIONAL AND DIVIDEND PAYOUT RATIO OF ITS REAL ESTATE AND PROPERTY LISTED IN BEI

Abstract

Dividend is one of the causes of the motivation of investors to invest their funds in capital markets and for information held by investors in the capital markets is limited, then the change devidenlah that will serve as a signal to determine the performance of the company. However, the size of dividends paid to shareholders depend on the dividend policy of each company and is based on consideration of various factors.
The purpose of this study is to empirically examine the effect of the cash ratio, current ratio, operating leverage, financial leverage, profitability, firm size, institutional ownership and managerial ownership on dividend policy and Property Real Estate companies listed on the Stock Exchange in 2012-2014.
This study uses the cash ratio, current ratio, operating leverage, financial leverage, profitability, firm size, institutional ownership and managerial ownership as the independent variable and the dividend policy as the dependent variable. The sampling technique was by purposive sampling. The samples are firm Real Estate and Property companies listed on the Stock Exchange in the period 2012-2014 in succession speak. The analysis method used is quantitative analysis, including descriptive statistical analysis, logistic regression analysis, and analysis of the model goodness.
Based on test results, current ratio, operating leverage, profitability, and the size of the positive effect on the company's dividend policy, while the financial leverage negative effect on dividend policy. While the cash ratio, institutional ownership and managerial ownership does not affect the dividend policy. Based on the test results showed that showed that the regression model can be used to predict the dividend policy. While variations dividend policy is able to be explained by the independent variable was 27.9%.
Key words: cash ratio, current ratio, operating leverage, financial leverage, profitability, firm size, institutional ownership, managerial ownership, dividend policy.