Pengaruh Profitabilitas, Growth, Leverage, Ukuran Perusahaan dan Kepemilikan Institusional Terhadap Kebijakan Dividen (Studi pada Perusahaan Non Financial Go Public Yang Terdaftar di BEI Tahun 2009-2012)

Abstract

One of the results expected by investors of investment is gain dividends. Dividends are earnings (earnings) or sharing some of the benefits given to shareholders. Dividends paid in cash or in the form of shares are usually issued on a quarterly basis. The size of the dividends paid by the company to shareholders depends on the dividend policy of each company. In determining the dividend policy will need to consider several factors that influence the dividend policy.

This study aims to empirically examine and analyze the effect of profitability, growth, leverage, firm size and institutional ownership on dividend policy.

The population in this study are all non-financial companies listed on the Indonesia Stock Exchange (IDX) during the period 2009-2012 in the amount of 318 companies. The sample used in this study as many as 32 companies to obtain a sample of 128 observational data. The sampling technique used purposive sampling. Statistical analysis was conducted on the multiple linear regression and hypothesis testing.

Based on the analysis of data it can be concluded; There is a positive and significant effect of profitability on dividend policy, are negative and significant influence between Growth on dividend policy, are negative and significant effect of leverage on dividend policy, no significant effect of firm size on dividend policy, are negative and significant effect between institutional ownership on dividend policy. Value of coefficient of determination (Adjusted R Square) is approximately 0.198 or 19.8% mean variation dividend policy change affected the profitability variable, Growth, leverage, company size and Institutional Ownership by 19.8% and the remaining 80.2% is influenced by factors other

Keywords: Profitability, Growth, Leverage, Company Size, Institutional Ownership, Dividend Policy