ABSTRAK
Penelitian ini bertujuan untuk menguji pengaruh corporate governance terhadap dividen policy pada perusahaan sektor jasa sub sektor hotel restoran dan pariwisata yang terdaftar di bursa efek Indonesia periode 2010-2014.
Pada penelitian ini corporate governance diproksikan oleh variabel board size, board independency, board intensity, dan foreign ownership. Sedangkan untuk dividend policy menggunakan proksi variabel dummy dengan kriteria 0 untuk tidak membagikan dividen dan 1 untuk membagikan dividen. Penelitian ini juga menggunakan variabel kontrol profitabilitas dan laverage.
Data yang digunakan adalah data sekunder, sampel penelitian ini diperoleh dari annual report perusahaan sektor hotel, restoran, dan pariwisata yang terdaftar di Bursa Efek Indonesia periode 2010 – 2014. Kriteria pengambilan sampel penelitian ini adalah perusahaan sektor hotel restoran dan pariwisata yang mengeluarkan annual report pada periode 2010-2014. Sampel dari penelitian ini sebanyak 18 perusahaan.
Hasil pengujian menunjukkan bahwa Board size berpengaruh positif signifikan terhadap pembagian dividen. Board independency tidak berpengaruh terhadap pembagian dividen. Board intensity berpengaruh positif signifikan terhadap pembagian dividen. Foreign ownership berpengaruh negatif signifikan terhadap pembagian dividen. Variabel kontrol profitabilitas (ROA) dan laverage (DTA) tidak memiliki pengaruh terhadap pembayaran dividen.
Kata kunci : Corporate Governance, Dividend Policy, Board Size, Board Independency, Board Intensity, Foreign Ownership.
ABSTRACT
This study aimed to examine the effect of corporate governance to the dividend policy on service sector companies sub-sector and tourism hotel restaurants listed in Indonesia Stock Exchange 2010-2014.
In this research, corporate governance is proxied by the variable board size, board independency, board intensity, and foreign ownership. As for the dividend policy using dummy variables proxy with criteria 0 not to distribute dividend and 1 for dividends. This study also uses control variable profitability and leverage.
The data used is secondary data, the study sample was obtained from the annual report the company's hotel sector, restaurants, and tourism are listed in Indonesia Stock Exchange period 2010 - 2014. The sampling criteria of this research is the company's restaurant and tourism sector which issued the annual report on 2010-2014. Samples from this study as many as 18 companies.
The test results indicate that the Board size significant positive effect on the distribution of dividends. Board independency no effect on the distribution of dividend. Board intensity significant positive effect on the distribution of dividend. Foreign ownership significant negative effect on the distribution of dividend. Control variables profitability (ROA) and leverage (DTA) has no effect on dividend payments.
Keywords : Corporate Governance, Dividend Policy, Board Size, Board Independency, Board Intensity, Foreign Ownership.