Faktor Penentu Kebijakan Dividen Pada Perusahaan Manufaktur Di Indonesia

Abstract

Penelitian ini bermaksud menganalisis secara empiris faktor apa saja yang memengaruhi kebijakan deviden pada sebuah perusahaan. Beberapa variabel akuntansi non akuntansi yang berkaitan dengan deviden diantaranya seperti profitabilitas perusahaan, likuiditas, leverage , growth , size , inflasi dan suku bunga. Populasi yang digunakan mencakup semua perusahaan sektor industri yang terdaftar di BEI. Sample akhir berupa 32 perusahaan yang dipilih dengan teknik purposive sampling dalam kurun waktu 2011 hingga 2015. Metode analisis menggunakan analisis faktor yang dimaksudkan untuk menguji faktor-faktor apa saja yang menentukan kebijakan dividen suatu perusahaan. Hasil penelitian menunjukkan bahwa ada enam faktor pendorong kebijakan dividen: likuiditas, pertumbuhan, ukuran, utang, inflasi, dan SBI. Faktor Abstract The purpose of this study is to conduct an empirical investigation of the elements that determine a company's dividend policy. Company profitability, liquidity, leverage, growth, size, inflation, and interest rates are all non-accounting accounting variables associated to dividends. All industrial sector enterprises listed on the IDX are included in the population. The final sample comprises of 32 organizations chosen using a purposive selection technique between 2011 and 2015. The method of analysis employs factor analysis, which is intended to investigate what factors influence a company's dividend policy. The findings suggest that six factors influence dividend policy: liquidity, growth, size, debt, inflation, and SBI. ROA does not indicate the profitability aspect that determines the company's dividend policy. According to our research, two major elements are generated, namely internal factors and external influences. Liquidity, expansion, scale, and leverage are examples of internal forces, whereas inflation and SBI are examples of external ones. Based on the findings of this study, management is necessary to enhance the company's performance so that dividend distributions do not cease and the company's value improves, and investors must pay attention to the elements that influence the company's dividend policy.