STRUKTUR KEPEMILIKAN, KEBIJAKAN DIVIDEN, DAN NILAI PERUSAHAAN MANUFAKTUR YANG GO PUBLIC
I Ketut Yadnyana
Fakultas Ekonomi Universitas Udayana
Jl. PB Sudirman Denpasar Bali, 80232
Ni Wayan Alit Erlina Wati
Fakultas Ekonomi Universitas Hindhu Indonesia
Jl. Sangalangit Tembua Penatih Denpasar, Bali.
Telp./Fax. +62 361 224 133
The aim of this study was to obtain the empirical evidence about the effect of managerial ownership structure and dividend policy on company value. This study consisted of 66 manufacturing companies which had shared dividends in year period of 2005 until 2008 with 161 observations. The certainty sample method used was purposive sampling. Statistics methods used for testing the hypothesis were simple linear regression and multiple linear regression method. Based on the statistical test showed that positive impact of managerial ownership was on dividend policy and firm value. It showed that the greater level of managerial ownership was followed the increasing of dividends value paid to the shareholders and it also caused the value of companies getting better. The variables of dividend policy caused positive impact for the company’s value. The result showed that larger the dividend distributed to the shareholders, the better the value of the company was.
Key words: managerial ownership, dividend policy, corporate value.