EFEK MODERASI DARI KOMISARIS INDEPENDEN PADA HUBUNGAN ANTARA KEPEMILIKAN MANAJERIAL DENGAN KEBIJAKAN DIVIDEN DAN KEBIJAKAN UTANG

Abstract

The research was conducted to examine the moderating effects of board independent directors on the relationship between managerial ownership on dividend policy and debt. The purpose of this study to determine how much influence managerial ownership on dividend policy and debt as well as the moderating effects of independent directors on the relationship between managerial ownership on dividend policy and debt.The research was conducted by quantitative methods using secondary data. Secondary data were from Indonesia Capital Market Directory (ICMD) and annual reports listed companies on the Indonesia Stock Exchange (IDX). The research population is a company listed on the Stock Exchange, then the samples were taken by purposive sampling with the criteria listed companies from 2007 to 2011 and have the data required in this study. The analysis used the multiple regression analysis to see the effect of independent variables on the dependent variable either jointly or individually. Before being tested by multiple linear regression first tested the classical assumptions. The results showed that the significant negative effect of managerial ownership on dividend policy, managerial ownership has no effect on debt policy. Independent directors are moderate the relationship between managerial ownership to dividend policy, but did not moderate the relationship between ownership and debt managerial. Control variables affect the profitability of dividend policy, size does not affect the dividend policy. While variables affect the profitability and size of debt policy.