Analisis Pengaruh Institusional Ownership, Free Cash Flow, Growth Opportunities, Financial Leverage dan Firm Size terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2006-2009)

Oleh :
Azifa Aulia - F0207043 - Fak. Ekonomi dan Bisnis

Penelitian ini bertujuan untuk menguji pengaruh institusional ownership, free cash flow, growth opportunities, financial leverage, dan firm size terhadap kebijakan dividen. Populasi dalam penelitian ini adalah seluruh perusahaan yang termasuk dalam sektor manufaktur pada periode 2006-2009. Pengambilan sampel dilakukan dengan menggunakan metode purposive sampling dan diperoleh sampel sebanyak 147 perusahaan selama 4 tahun periode pengamatan. Data yang diteliti diperoleh dari laporan keuangan yang dipublikasikan di Indonesian Capital Market Directory (ICMD) dan www.idx.co.id. Teknik analisis data yang digunakan adalah analisis regresi linear berganda. Hasil dari penelitian ini menemukan bahwa institusional ownership dan free cash flow berpengaruh positif dan signifikan terhadap kebijakan dividen. Variabel lain dalam penelitian ini yaitu growth opportunities, financial leverage dan firm size tidak berpengaruh signifikan terhadap kebijakan dividen. Dari hasil penelitian dapat disimpulkan bahwa kelima variabel independen yaitu institusional ownership, free cash flow, growth opportunities, financial leverage dan firm size secara simultan berpengaruh signifikan terhadap variabel dependen, yaitu kebijakan dividen. Sedangkan secara parsial, variabel yang berpengaruh signifikan terhadap kebijakan dividen adalah variabel institusional ownership dan free cash flow. Kata kunci : kebijakan dividen, institusional ownership, free cash flow, growth opportunities, financial leverage, firm size. The objective of this research is to examine the influence of institusional ownership, free cash flow, growth opportunities, financial leverage and firm size toward dividend policy. The population in this research is that all company including manufacturing sector in 2006-2009. The sampling technique employed was purposive sampling and accuired 147 companies during 4 years observation period. Data were provided by Indonesian Capital Market Directory (ICMD) and www.idx.co.id. The analysis technique employed was multiple regression. The result of this research finds that institusional ownership and free cash flow gives significant positive influence on dividend policy. The other variables which is growth opportunities, financial leverage, and firm size do not gives significant influence on dividend policy. From the observation result can be concluded that all of independent variable such as institusional ownership, free cash flow, growth opportunities, financial leverage and firm size influence simultaneously and significantly the dependent variable, dividend policy. Meanwhile the variables influence dividend policy partially include institusional ownership and free cash flow. Keyword: dividend policy, institusional ownership, free cash flow, growth opportunities, financial leverage, firm size.