Ni Luh Putu Wiagustini_abstract_1332009

INVESTMENT OPPORTUNITY, INSTITUTIONAL OWNERSHIP, CASH FLOW, COMPANY LIFE CYCLE TERHADAP
KEBIJAKAN DIVIDEN DAN RETURN SAHAM
 
 Ni Luh Putu Wiagustini
Fakultas Ekonomi Universitas Udayana
Jl. P.B. Sudirman – Denpasar
 
Korespondensi dengan Penulis:
Ni Luh Putu Wiagustini: +Telp /Fax: +62 361 229 119
E-mail: wiagustini@yahoo.com 
Abstract:

The objective of this research was to examine and to analyze the influences of investment opportunity, cash flow, company institutional ownership, and company life cycle stages to dividend policy; and the influences of dividend policy to investment opportunity, cash flow, institutional ownership, and company life cycle stages to share return. The samples used in this research were manufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularly within the period of 2003 – 2006. Path Analysis was used as technical analysis in this research. The research result indicated that, the investment opportunity negatively influenced the dividend policy, while the cash flow did not influence the dividend policy determination; ownership structure did not influence dividend policy determination; the company life cycle stages influenced the dividend policy determination; dividend policy determination influenced company share return; investment opportunity did not directly influence to share return; the cash flow negatively influenced to share return; company institutional ownership negatively influenced the company share return;  and company life cycle stages negatively influenced the company share return.  

Key words:  investment opportunity, company institutional ownership, free cash flow, company life cycle stages

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