Analisa Faktor-Faktor yang Mempengaruhi Kebijakan Dividen dengan cash ratio Sebagai Variabel Moderating pada Perusahaan Barang-Barang Konsumsi di Bursa Efek Indonesia

Abstract

The purpose of this study was 1) to test and analyze the influence of return on asset, return on equity, growth, long term debt, debt equity ratio, debt to total asset, current ratio, profit, earning per share and cash ratio on dividend policy, 2) to test and analyze the factors influencing dividend policy represented by return on asset, return on equity, profit, long term debt, debt to total asset, and current ratio on the consumption goods registered in the Indonesian Stock Exchange, and 3) to test and analyze whether cash ratio as the moderating variable influenced the relationship between return on asset, return on equity, profit, long term debt, debt to total asset, and current ratio and dividend policy. The population of this study was 39 consumption goods companies registered in the Indonesian Stock Exchange from 2008 to 2011, and 12 of them were selected to be the samples for this study through purposive sampling method. The data for this study were obtained from the documentation of financial reports available in the office of Indonesian Stock Exchange. The first hypothesis was procesed through Kaiser-Meyer-Olkin (MKO) method, the second hypothesis was statistically processed through multiple linear regression tests, and the third hypothesis was process through residual test using SPSS program. The result of this study showed that return on asset, return on equity, profit, long term debt, debt to total asset had influence on dividend policy. The result of the second hypothesis test showed that simultaneously return on asset, return on equity, profit, long term debt, debt to total asset had influence on dividend policy and partially only return on equity and current asset had influence on dividend policy. When cash ratio was used as the moderating variable, cash ratio did not strengthen the relationship between the variables of return on asset, return on equity, profit, long term debt, debt to total asset and current ratio and dividend policy. In other words, current ratio is not the moderating variable of dividend policy.

Tujuan penelitian ini adalah untuk : 1) Menguji dan menganalisis return on asset, return on equity, growth, long term debt , debt equity ratio, debt to total asset, current ratio, laba, earning per share dan cash ratio berpengaruh terhadap kebijakan dividen 2) Menguji dan menganalisis faktor-faktor yang mempengaruhi kebijakan dividen yang diwakili dengan return on asset, return on equity, laba, long term debt, debt to total asset, dan current ratio pada barang konsumsi yang terdaftar di Bursa Efek Indonesia pada barang konsumsi yang terdaftar di Bursa Efek Indonesia 3) Menguji dan menganalisis apakah cash ratio sebagai variabel moderating mempengaruhi hubungan antara return on asset, return on equity, laba, long term debt, debt to total asset, dan current ratio terhadap kebijakan dividen. Populasi penelitian ini adalah perusahaan barang-barang konsumsi yang terdaftar di Bursa Efek Indonesia sejak tahun 2008-2011 yaitu 39 perusahaan, Sampel dipilih dengan menggunakan metode purpose sampling berjumlah 12 perusahaan..Pengumpulan data dilakukan dengan cara dokumentasi laporan keuangan dari Bursa Efek Indonesia. Data diolah dengan menggunakan metode uji Kaiser-Meyer-Olkin (KMO) untuk hipotesis pertama dan metode uji statistik regresi linier berganda untuk hipotesis kedua dan uji residual untuk hipotesis ketiga dengan menggunakan program SPSS. Hasil penelitian ini membuktikan bahwa return on asset, return on equity, laba, long term debt, debt to total asset, berpengaruh terhadap kebijakan dividen, dan pada hipotesis kedua bahwa bahwa return on asset, return on equity, laba, long term debt, debt to total asset, secara simultan berpengaruh terhadap kebijakan dividen, sedangkan secara parsial hanya return on equity dan current asset yang berpengaruh terhadap kebijakan dividen. Ketika cash ratio digunakan sebagai variabel moderating pada pengujian ketiga, variabel cash ratio tidak memperkuat hubungan antara variabel return on asset, return on equity, laba, long term debt, debt to total asset, dan current ratio terhadap kebijakan dividen atau variabel cash ratio bukan merupakan variabel moderating terhadap kebijakan dividen.