PERSPEKTIF BIRD IN THE HAND: PENENTU DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR
Sri Dwi Ari Ambarwati
Prodi Manajemen Fakultas Ekonomi
Universitas Pembangunan Nasional ‘Veteran’ Yogyakarta
Jl. SWK Lingkar Utara No.104, Condongcatur, Yogyakarta, 55283, Indonesia.
Korespondensi dengan Penulis:
Sri Dwi Ari Ambarwati: Telp./Fax.+62 274 486 372
This research was specially to test impact of Return On Investment’s (ROI), Insider Ownership (INSD), Debt to Equity Ratio (DER) to dividend payout ratio (DPR) by the use of free cash flow (FCF) as moderating variable on manufacturing firm listed on Indonesian Stock Exchange (ISE) period 2005 until 2011. This research hypothesized that moderating variable had a positive influence to dividend payout ratio (DPR). Hypothesis testing was done by the use of linear regression model (OLS). Empirical result on panel A (without moderating variable) and panel B (with moderating) were simultaneously ROI, INSD, DER, FCF and moderated variable (FCF*ROI) had a significant impact to DPR. Meanwhile panel A showed an evident that DER variable and FCF had an impact to dividend payout ratio (DPR) and panel B pointed out that DER, FCF, FCF*ROI and FCF*INSD had a significant impact to dividend payout ratio (DPR). Based on moderated regression analysis (Panel B) FCF as moderating variable had an influence on the relationship between insider ownership and dividend payout ratio (DPR). It was seen in increasing R2 and Adjusted R2 in regression model before being moderated and after. It meant that FCF as moderating variable increased the contribution on model one which was proposed.
Keywords: debt to equity ratio, free cash flow, insider ownership, return on investment
FAKTOR-FAKTOR YANG MEMENGARUHI KEBIJAKAN UTANG PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
Christine Dwi Karya Susilawati
Fakultas Ekonomi Jurusan Akuntansi Universitas Kristen Maranatha
Jl. Suria Sumantri No.65 Bandung, 40164.
In the last several years, there had been an increase on the research emphasized on the agent-principal concept at financial corporation. The objective of this research was to test empirically the agency concept and their relation toward the debt policy of corporations. This research analyzed the factors influencing debt policy at manufacturing firms in Indonesia. Analyzing instruments in this research was multiple regression analysis. The result of this research showed that firm size, profitability and free cash flow had significant influence to debt policy while managerial ownership, institutional ownership, dividend policy and structure asset did not have significant influence to debt policy. However, simultaneously the seven variables had significant influence to debt policy.
Key words: debt policy, managerial ownership, institutional ownership, structure asset, firm size, free cash flow
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
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