Date Log
Pengaruh Profitabilitas, Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Kebijakan Dividen Saham-saham yang Terdaftar pada Jakarta Islamic Index (JII) Periode Tahun 2011-2015
Corresponding Author(s) : Rika Dwi Ayu Parmitasari
Jurnal Minds: Manajemen Ide dan Inspirasi,
Vol. 4 No. 2 (2017): December
Abstract
Dividend policy becomes an important financial policy, not only from the company management side, but also from shareholders. Shareholders will apply for dividends if the company makes a profit. The growth of the Jakarta Islamic Index industry which tends to be good and stable earnings will be easier and focused to see profitability, liquidity, leverage, and firm size affect dividend payout ratio and of course dividend payout ratio. Based on the statement can be seen that investors want a stable dividend policy. However, in fact, the average growth of dividend payout ratio during the period 2010-2015 fluctuated and did not indicate the implementation of a stable dividend policy. This study aims to obtain empirical evidence about the influence of profitability, liquidity, leverage, and size of the company against dividend policy. The approach taken in this research is quantitative approach. Sample selection method in this study is purposive sampling is the method of selecting the sample by using some certain criteria so that get 11 samples of companies listed in the Jakarta Islamic Index period of 2011-2015, which amounted to 30 companies. The analysis method used is financial analysis, classical assumption test, multiple regression analysis, coefficient of determination, F test and t test. The results of this study indicate that the variables of profitability, liquidity, leverage and firm size affect simultaneously to dividend policy. Partial test shows that the variable profitability, liquidity, and size of the company have a positive and significant impact on dividend policy. Meanwhile, leverage has a negative and insignificant effect on dividend policy. The coefficient of determination showed 59.9%. These results indicate the ability of independent variables in explaining the dependent variable while 40.1% is explained by other variables. The results of this study can provide information or as a signal to the public and outside parties or investors to take investment decisions and assess the financial performance of a company.
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
References
Ahmad, Rodoni dan Herni, Ali. Manajemen Keuangan. Penerbit Mitra Wacana Media, Jakarta, 2010.
Ayu, Ida A. Idawati dan Gede M. Sudiartha. Pengaruh Profitabilitas, Likuiditas dan Ukuran Perusahaan Terhadap Kebijakan Dividen Perusahaan Manufaktur di BEI. Jurnal UNUD Vol.3 No.6, Bali, 2014.
Bambang, Riyanto. Dasar-Dasar Pembelanjaan Perusahaan. Edisi Keempat, Cetakan Ke-7, Yogyakarta: BPFE, 2001.
Brigham, Huston. Dasar-dasar Manajemen Keuangan (Buku II, Edisi 10, Jakarta: Salemba Empat, 2006).
Chang, M., dan Rhee, K.R. Testing Trade Off and Pecking Order Predictions about Dividen ds and Debt, The Center for Research in Security Prices. Working Paper, p.1-38. 1990.
Chasanah, Amalia N. Faktor-faktor yang Mempengaruhi Dividend Payout Ratio (DPR) Pada Perusahaan yang Listed Di Bursa Efek Indonesia. Tesis, Universitas Diponegoro Semarang, 2008.
Darsono P, SE, SF, MA, MM. Manajemen Keuangan Pendekatan Praktis (Jakarta: Nusantara Consulting, 2009).
Eugene, Brigham F, Joel F. Houston. Manajemen Keuangan (Buku II, Edisi Kedelapan, Erlangga: Jakarta, 2001).
Harmono, Manajemen Keuangan, Jakarta: PT Bumi Aksara, 2011.
Hartono, Jogianto. sTeori Portofolio dan Analisis Investasi. Edisi Kedua, Yokyakarta: UPPN AMP YKPN, 2000.
Hatta, Atika Jauhari. Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen: Investigasi Pengaruh Teori Stakeholder. JAAI. Vol.6, No.2, hal.1-22, 2002.
Irham Fahmi. Analisis Laporan Keuangan. Bandung: Penerbit Alfabeta, 2012.
Ita Lopolusi. Analisis Faktor-faktor yang Mempengaruhi Kebijakan Dividen. JIM. Universitas Surabaya Vol.2, No.1, 2013.
Jensen M.C. & W.H. Meckfing. “Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure” Journal of Financial Economics 3 Q North-Holland Publishing Company, 1976.
Keown, Arthur J, dkk. Manajemen Keuangan Prinsip-Prinsip dan Aplikasi. Jakarta: Pearson Education Inc. 2005.
Kuncoro, Mudrajad. Metode Riset untuk Bisnis dan Ekonomi. Jakarta: Erlangga, 2003.
Nurhayati, Mafizatun. Profitabilitas, likuiditas, dan ukuran perusahaan pengaruhnya terhdap kebijakan dividen dan nilai perusahaan sector non jasa periode 2007-2010. Jurnal keuangan Bisnis Vol.5 No.2, Juli 2013.
Nuringsih, Kartika. Analisis Kepemilikan Manajerial, Kebijakan Hutang, ROA, Dan Ukuran Perusahaan Terhadap Kebijakan Dividen (Pada Perusahaan Manufaktur Di Bursa Efek Indonesia 1995-1996). Jurnal Akuntansi dan Keuangan Indonesia, Vol.2, No. 2, 2005.
Parmitasari, Rika Dwi Ayu, 2016, Ownership Structure, Financial Decisions And Their Impact On Firm Value: Jakarta Islamic Index, Man In India, 96 (11) : 4483-4502.
Prihantoro. Estimasi pengaruh dividen payout pada perusahaan publik di Indonesia. Jurnal Ekonomi dan Bisnis No.1 Jilid.8.p.7-14, 2003.
Rodoni, Ahmad dan Herni Ali. Manajemen Keuangan. Edisi Pertama, Jakarta: Mitra Wacana Media. 2010.S
Sandy, Ahmad dan Nur Fadjrih Asyik. Pengaruh Profitabilitas dan Likuiditas Terhadap kebijakan Dividen Kas pada Perusahaan Otomotif. Jurnal Ilmu dan Riset Akuntansi Vol.1 No.1. Jakarta: STIESA, Januari 2013.
Sudarsi, Sri. Analisis Faktor-faktor yang Mempengaruhi Dividen Payout Ratio pada Industri Perbankan yang Listed Di Bursa Efek Jakarta (BEJ). Jurnal Bisnis dan Ekonomi, 2002.
Sugiyono. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Cetakan ke-23 Bandung: Alfabeta. 2016.
Suharli, Michell dan Sofyan F. Harahap. Studi Empiris Terhadap Faktor Penentu Kebijakan Jumlah Dividen. Media Riset Akuntansi, Auditing, dan Informasi. Vol.4, No.3, hal.223-245, 2004.
Sujoko dan Ugy Soebiantoro. Pengaruh Struktur Kepemilikan Saham, Leverange, Faktor Interen dan Fakator Ekstern Terhadap Nilai Perusahaan. Jurnal Manajemen dan Kewirausahaan, Vol. 9, No.1, 2007.
Syariati,A. The effect of Islamic Comercial Banks’ Health and their Cost of Fund upon its Financing in Indonesia over 2005-2009.
Van Horne, James C. dan John M. Wachowicz, JR. Prinsip-prinsip Manajemen Keuangan. Buku 1 Edisi 12. Jakarta: Salemba Empat. 2005.