PENGARUH RETURN ON ASSET, CASH RATIO, DEBT RATIO, DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN KAS PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

YULIANTARI, DANIK PRONA (2011) PENGARUH RETURN ON ASSET, CASH RATIO, DEBT RATIO, DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN KAS PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA. S2 thesis, Universitas Mercu Buana Jakarta-Menteng.

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Abstract

This research is aimed to study the influence of Return on Asset (ROA), Cash Ratio, Debt Ratio, and Investment Opportunity Set (IOS) with Market Value to Book Value of Assets (MVABVA) as a proxy toward the cash dividend policy represented by Dividend Payout Ratio (DPR) either simultaneously or partially. Research population is manufacturing companies listed in Indonesia Stock Exchange (IDX) for period 2005-2009. Samples have been selected by purposive judgment sampling method and the data have been analyzed using multiple linear regression method. The results showed that ROA, Cash Ratio, Debt Ratio, and IOS simultaneously have significant influence toward the cash dividend policy. Partially, Cash Ratio and IOS have positive significant influence to the cash dividend policy, while ROA and Debt Ratio have negative influence with no significant toward the cash dividend policy. Keyword: Return on Asset (ROA), Cash Ratio, Debt Ratio, Investment Opportunity Set (IOS), and cash dividend policy. Penelitian ini bermaksud untuk menguji pengaruh Return on Asset (ROA), Cash Ratio, Debt Ratio, dan Investment Opportunity Set (IOS) yang diproksikan dengan Market Value to Book Value of Assets (MVABVA) terhadap kebijakan dividen kas yang direpresentasikan dengan Dividend Payout Ratio (DPR) baik secara simultan maupun parsial. Populasi penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2005-2009. Sampel diambil dengan metode purposive judgment sampling dan data dianalisis dengan metode regresi linear berganda. Hasil penelitian ini menunjukkan bahwa ROA, Cash Ratio, Debt Ratio, dan IOS secara simultan memiliki pengaruh yang signifikan terhadap kebijakan dividen kas. Secara parsial Cash Ratio dan IOS memiliki pengaruh positif yang signifikan terhadap kebijakan dividen kas, sementara ROA dan Debt Ratio memiliki pengaruh negatif yang tidak signifikan terhadap kebijakan dividen kas. Kata Kunci: Return on Asset (ROA), Cash Ratio, Debt Ratio, Investment Opportunity Set (IOS), dan kebijakan dividen kas.

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