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PENGARUH PROFITABILITAS, LIKUIDITAS, GROWTH POTENTIAL, DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN
INTISARI
Penelitian ini memiliki tujuan yaitu untuk menguji pengaruh profitabilitas,
likuiditas, growth potential, dan kepemilikan manajerial terhadap kebijakan
dividen. Dalam penelitian ini profitabilitas diukur menggunakan rumus return on
assets (ROA), likuiditas diukur menggunakan rumus current ratio (CR), growth
potential diukur menggunakan rumus growth (GP), kepemilikan manajerial
diukur menggunakan rumus OWNSP, dan kebijakan dividen diukur menggunakan
rumus dividen tunai (KDK).
Populasi dalam penelitian ini adalah perusahaan yang bergerak dalam bidang
industri manufaktur yang listing di Bursa Efek Indonesia (BEI). Teknik dalam
pengambilan sampel dalam penelitian ini menggunakan purposive sampling dan
diperoleh 11 sampel perusahaan yang dijadikan sebagai kriteria perusahaan
industri manufaktur yang listing di Bursa Efek Indonesia selama tahun 20102013.
Sumber data dari penelitian ini berasal dari Indonesia Stock Exchange
(IDX), www.idx.co.id, Indonesian Capital Market Directory (ICMD), dan Pojok
Bursa Efek STIESIA (Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya).
Pengujian hipotesis penelitian ini menggunakan teknik analisis persamaan regresi
berganda.
Hasil penelitian ini menunjukkan profitabilitas dan likuiditas tidak berpengaruh signifikan terhadap kebijakan dividen. Sedangkan growth potential
berpengaruh signifikan negatif terhadap kebijakan dividen, artinya semakin besar
kebutuhan dana di masa yang akan datang maka semakin besar pula kemungkinan
perusahaan menahan laba atau keuntungan dengan tidak membayar dividen
kepada pemegang saham atau investor dan kepemilikan manajerial berpengaruh
signifikan positif terhadap kebijakan dividen, artinya semakin besar tingkat
proporsi kepemilikan saham dalam perusahaan maka pihak manajemen akan
berusaha untuk mengendalikan kebijakan keuangan dan meningkatkan kinerja
keuangan perusahaan sebaik mungkin guna kepentingan pemegang saham baik itu
mereka sendiri ataupun investor.
Kata Kunci: Profitabilitas, Likuiditas, Growth Potential, Kepemilikan Manajerial,
dan Kebijakan Dividen.
ABSTRACT
The purpose of this research is to examine the influence of profitability,
liquidity, growth potential, and managerial ownership to the dividend policy. In
this research the profitability is measured by using return on assets (ROA)
formula, liquidity is measured by using current ratio (CR) formula, growth
potential is measured by using OWNSP formula, and the dividend policy is
measured by using the cash dividend (KDK) formula.
The population is the companies which are engaged in the field of
manufacturing industries which are listed in Indonesia Stock Exchange (IDX).
The sample collection technique has been done by using purposive sampling and
11 companies which meet the criteria of manufacturing industries which are listed
in Indonesia Stock Exchange in 2010-2013 periods have been selected as samples.
The source of data of this research has been obtained from the Indonesia Stock
Exchange (IDX), www.idx.co.id, Indonesian Capital Market Directory (ICMD),
and the STIESIA Stock Exchange Corner (Indonesia School of Economic
Surabaya). The hypothesis test has been done by using the multiple regressions
equation analysis technique.
The result of the analysis shows that profitability and liquidity does not have
any significant influence to the dividend policy whereas growth potential has
negative and significant influence to the dividend policy, it means that when the
need for fund is getting bigger in the future, the possibility of the company to
retain its earnings or profit is getting bigger as well which is done by not paying
dividends to shareholders or investor and managerial ownership has positive
influence to the divident policy, it means that when the porportion rate of
shareholding is getting bigger in the company, the management will try to control
its financial policy and to increase the financial performance of the company as
good as possible for the sake of shareholders either individually or investors.
Keywords: Profitability, Liquidity, Growth Potential, Managerial Ownership,
and Dividend Policy.
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