Abstract
This research was written in order to find out the relation between cash ratio, debt to equity ratio, firm size and growth to a dividend payout ratio of the manufacturing industry. The samples consisted of 20 manufacturing companies from 2008 through 2010 and still listed on IDX. Research sample using purposive sampling of companies for the period ended 2008 - 2010 analyzed by using the two tail linear regression methodology. The analysis technique used here is multiple regression with the least square difference and hypothesis test using t-statistic to examine partial regression coefficient and F-statistic to examine the mean of mutual effect with level of significance 5%. The result showed that the factors that affect significantly to the dividend payout ratio were a debt to equity ratio and growth. The other factors such as cash ratio and firm size had no significant relations. But the other result of this research showed that cash ratio, debt to equity ratio, firm size and growth were simultaneously had a significant effect on dividend payout ratio.
Highlights
This research was written in order to find out the relation between cash ratio, debt to equity ratio, firm size and growth to dividend payout ratio of the manufactur industry
The result showed that the factors that affect significantly to the dividend payout ratio were debt to equity ratio and growth
The other result of this research showed that cash ratio, debt to equity ratio, firm size and growth were simultaneously had significant affect to dividend payout ratio
Summary
Seorang manager keuangan menganalisis sampai seberapa jauh pembelanjaan dari dalam perusahaan sendiri yang akan dilakukan oleh perusahaan dapat dipertanggungjawabkan. Sedangkan pada periode 20082010 hanya 20 perusahaan manufaktur yang membagikan dividennya selama tiga tahun berturut-turut dari total 131 perusahaan yang terdaftar di Bursa Efek Indonesia (Indonesian Capital Market Directory 2010). Dengan melihat adanya relative sedikitnya perusahaan manufaktur yang membagi dividen secara berturut-turut, dan adanya inkonsistensi hasil penelitian-penelitian terdahulu, maka perlu diteliti lebih lanjut faktor-faktor yang mempengaruhi kebijakan dividen payout ratio dengan membatasi penelitian menggunakan variabel cash ratio, debt to equity ratio , firm size, dan growth terhadap perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2008-2010. Selanjutnya penelitian diberi judul Analisis Faktor-faktor yang Mempengaruhi Kebijakan Dividend Payout Ratio dengan menggunakan variabel cash ratio, debt to equity ratio, firm size dan growth terhadap perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2008-2010
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