PENGARUH PROFITABILITAS, LEVERAGE, COLLATERALIZABLE ASSETS, DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN

Abstract

Penelitian ini bertujuan untuk menganalisis dan memberi bukti empiris mengenai pengaruh profitabilitas, leverage, collateralizable assets dan investment opportunity set (IOS) terhadap kebijakan dividen perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2010-2013. Penelitian ini merupakan studi empiris dengan menggunakan teknik purposive sampling dalam pengumpulan data. Penelitian ini menggunakan pendekatan metode regresi common effect model dengan metode analisis ordinary least square. Setelah melalui purposive sampling, terpilih 32 perusahaan manufaktur yang menjadi sampel penelitian. Hasil uji hipotesis menemukan bahwa profitabilitas dan IOS berpengaruh positif terhadap kebijakan dividen, sedangkan collateralizable assets berpengaruh negatif terhadap kebijakan dividen. Sementara itu, leverage tidak berpengaruh terhadap kebijakan dividen.Kata

Kunci : Kebijakan dividen, profitabilitas, leverage, collateralizable assets, investment opportunity set

This research aims to analyze and give empirical results about the influence of profitability, leverage, collateralizable assets and investment opportunity set (IOS) to dividend policy of manufacturing companies listed in Indonesia Stock Exchange in the year 2010-2013. This research is an empirical study with purposive sampling techniques in data collection. This research uses common effect model regression method approach with ordinary least square analysis method. After going through purposive sampling, 32 manufacturing companies are selected as samples. Hypothesis testing results found that both of profitability and IOS had positive effect to dividend policy, whereas collateralizable assets had negative effect to dividend policy. Meanwhile, leverage didn’t have any effect to dividend policy.

Keywords : Dividend policy, profitability, leverage, collateralizable assets, investment opportunity set