DETERMINAN KEBIJAKAN DIVIDEN

Nurani Puspa Ningrum

Abstract


Abstrak: Determinan Kebijakan Dividen. Penelitian ini bertujuan menguji determinan kebijakan dividen berdasarkan profitabilitas dan leverage dengan menggunakan moderasi kepemilikan manajerial dan likuiditas. Analisis regresi multipel digunakan sebagai metode untuk menguji determinan tersebut. Penelitian ini menunjukkan bahwa besarnya laba sangat menentukan pembagian dividen, sedangkan ada atau tidaknya pembatasan hutang tidak mampu memengaruhi dividen. Sebaliknya, kepemilikan manajerial menurunkan jumlah dividen pada saat kepemilikan saham oleh manajer tersebut cukup tinggi, dan likuiditas tidak mampu meningkatkan atau menurunkan jumlah dividen karena tingginya likuiditas akan semakin menimbulkan konflik agensi.

 

Abstract: Determinant of Dividend Policy. This study would examine the determinants of dividend policy based on profitability and leverage by using moderation of managerial and liquidity ownership. Multiple regression analysis was used as a method. This study showed that the amount of profit is very decisive dividend distribution, whereas the presence or absence of debt restrictions were not able to affect dividends. In contrast, managerial ownership decreased the amount of dividends when the share ownership by the manager was high enough, and liquidity wass not able to increase or decrease the amount of dividends because of the high liquidity would increase the agency conflicts.


Keywords


profitabilitas; leverage; likuiditas; dividen

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DOI: http://dx.doi.org/10.18202/jamal.2017.12.7069

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