RODIYAH, HANI AISATUN (2017) PENGARUH RASIO KEUANGAN DAN UKURAN PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN DENGAN IMPLEMENTASI CORPORATE GOVERNANCE SEBAGAI VARIABEL INTERVENING (Studi Empiris Pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014). S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
Penelitian ini bertujuan untuk menguji dan mengkaji Pengaruh Rasio Keuangan dan Ukuran Perusahaan terhadap Kebijakan Dividen dengan Implementasi Corporate Governance sebagai Variabel Intervening (Studi Empiris pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014). Variabel Rasio Keuangan diproksikan dengan profitabilitas, leverage dan growth serta ukuran perusahan (firm size). Variabel implementasi Corporate Governance diproksikan berupa skor pemeringkatan CGPI. Dan variabel dependen Kebijakan Dividen diproksikan dengan Dividend Payout Ratio. Data yang digunakan dalam penelitian ini adalah data sekunder berupa laporan tahunan audit per 31 Desember dan laporan pemeringkatan Corporate Governance Perception Index (CGPI). Data penelitian ini diambil dari situs resmi Bursa Efek Indonesia dan website masing-masing perusahaan. Teknik analisis data yang digunakan teknik analisis pendekatan Partial Least Square (PLS). Populasi dalam penelitian ini berjumlah 139 perusahaan dengan periode penelitian tahun 2011 sampai dengan tahun 2014. Sampel yang digunakan sebanyak 10 perusahaan BUMN yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2011-2014 yang masuk dalam skor pemeringkatan implementasi Corporate Governance Perception Index (CGPI) yang dilakukan oleh The Indonesian Institute For Corporate Governance (IICG). Pengambilan sample dengan menggunakan teknik purposive. Hasil penelitian ini menunjukan bahwa profitabilitas memiliki pengaruh signifikan positif terhadap kebijakan dividen. leverage dan ukuran perusahaan memiliki pengaruh signifikan negatif terhadap kebijakan dividen, sedangkan growth tidak memiliki pengaruh terhadap kebijakan dividen. Profitabilitas memiliki pengaruh signifikan negatif terhadap corporate governance. Leverage dan ukuran perusahaan memiliki pengaruh signifikan positif terhadap corporate governance. Sedangkan growth tidak memiliki pengaruh terhadap corporate governance. Corporate Governance secara simultan tidak memiliki pengaruh terhadap kebijakan dividen, sedangkan secara langsung memiliki pengaruh signifikan terhadap kebijakan dividen. Corporate Governance secara parsial maupun simultan tidak memediasi hubungan antara profitabilitas, leverage, growth dan ukuran perusahaan dengan kebijakan dividen dengan melalukan uji intervening melalui pendekatan perbedaan koefisien.This study aims to examine and assess the Influence of Financial Ratios and size of the Company's Dividend Policy to Implementation of Corporate Governance as an intervening variable (Empirical Study on Listed state-owned company in Indonesia Stock Exchange Period 2011-2014). Financial Ratios variable is proxied by profitability, leverage and growth as well as the size of company (firm size). Variables such as the implementation of Corporate Governance diproksikan score ranking CGPI. Dividend Policy and the dependent variable is proxied by the Dividend Payout Ratio. The data used in this research is secondary data in the form of annual report and audit report as of December 31 Corporate Governance Perception Index (CGPI). The research data was taken from the official website of Indonesia Stock Exchange and the website of each company. Data analysis techniques used approach analysis techniques Partial Least Square (PLS). The population in this research were 139 companies with a study period of 2011 to 2014. The sample used as many as 10 state-owned enterprises listed on the Indonesia Stock Exchange (BEI) in 2011-2014 were included in the ranking scores implementation of Corporate Governance Perception Index (CGPI) conducted by the Indonesian Institute for Corporate Governance (IICG). The samples using purposive technique. These results indicate that profitability had a positive significant effect on dividend policy. leverage and the size of the company has significantly negative effect on dividend policy, while the growth had no effect on dividend policy. Profitability has significantly negative influence on corporate governance. Leverage and size of the company has a significant positive effect on corporate governance. While growth has no influence on corporate governance. Corporate Governance simultaneously has no effect on dividend policy, while directly has a significant influence on dividend policy. Corporate Governance partially and simultaneously does not mediate the relationship between profitability, leverage, growth and size of the company with a dividend policy with an intervening test pass through coefficient difference approach.
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