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PENGARUH STRUKTUR MODAL, LIKUIDITAS DAN PROFITABILITAS TERHADAP DIVIDEND PAYOUT RATIO
This research is aimed to examine the influence of company characteristics which is proxy by debt to equity ratio,
current ratio and return on asset to the dividend payout ratio through annual financial statement which has
been prepared by automotive companies which are listed in Indonesia Stock Exchange. The population in this
research has been obtained by using purposive sampling method on automotive companies which are listed in
Indonesia Stock Exchange (IDX) in 2011 – 2015 periods and based on the predetermined criteria 4 automotive
companies have been selected as samples. The dependent variable in this research is dividend payout ratio
whereas the independent variables in this research are capital structure, liquidity and profitability. The analysis
method has been carried out by using multiple linear regressions analysis and the SPSS (Statistical Product and
Service Solutions) application. The result of the research shows that debt to equity ratio gives significant and
negative influence to the dividend payout ratio. Current ratio gives significant and positive influence to the
dividend payout ratio. Meanwhile, return on asset gives insignificant and positive influence to the dividend
payout ratio.
Keywords: capital structure, liquidity, profitability, dividend payout ratio
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