PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, KEBIJAKAN HUTANG, PROFITABILITAS, UKURAN PERUSAHAAN DAN CASH POSITION TERHADAP KEBIJAKAN DEVIDEN

Abstract

This study aimed to determine the effect of managerial ownership, institutional ownership, debt policy, profitability, firm size and cash position to dividend policy.

The population in this study are manufacturing companies listed in Indonesia Stock Exchange in 2009-2013. The sample in this study were taken by purposive sampling method. Data were analyzed using the Kolmogorov-Smirnov normality test, classical assumption, koofisiendeterminasi test, F test and test hypotheses.

First hypothesis testing results showed that the positive managerial ownership has no effect on dividend policy. The second hypothesis testing results showed that institutional ownership has positive effect on dividend policy, the third hypothesis testing results showed that the positive effect of debt policy on dividend policy, the fourth hypothesis testing results showed that the positive profitability does not affect the dividend policy, the fifth hypothesis testing results showed that the size of the company positive effect on dividend policy, the sixth hypothesis testing results showed that the positive cash position has no effect on dividend policy.

Keywords: managerial ownership, institutional ownership, debt policy, profitability, firm size, cash position, dividend policy.