Abstract
This research to determine the effect of devidend policy and Investment Opportunity Set (IOS) on the firm performance on state-owned enterprises (SOE) go public listed in the Indonesia Stock Exchange. The population in this study are all state-owned enterprises (SEO) go public listed on the Indonesia Stock Exchange in 2013-2017 as many as 20 companies. The method used is purposive sampling, with the number of samples observed as many as 13 companies. The data used in study is secondary data in the form of financial statements. The Structural Equation Modeling (SEM) was applied in this study to determine the effect of divident policy and Investment Opportunity Set (IOS) on firm performance. The result shows that divident policy has positive significant impact on the firm performance and Investment Opportunity Set (IOS) has not significant impact on the firm performance.
Highlights
This research to determine the effect of devidend policy and Investment Opportunity Set (IOS) on the firm performance on state-owned enterprises (SOE) go public listed in the Indonesia Stock Exchange
The population in this study are all state-owned enterprises (SEO) go public listed on the Indonesia Stock Exchange in 2013-2017 as many as 20 companies
The data used in study is secondary data in the form of financial statements.The Structural Equation Modeling (SEM) was applied in this study to determine the effect of divident policy and Investment Opportunity Set (IOS) on firm performance.The result shows that divident policy has positive significant impact on the firm performance and Investment Opportunity Set (IOS) has not significant impact on the firm performance
Summary
Gambar 1 menunjukkan bahwa kinerja profitabilitas 20 perusahaan BUMN go public berbeda-beda, dari 9 sektor secara umum dapat dilihat adanya kesamaan pada tahun 2014-2016 bahwa Return of Asset (ROA) cenderung menurun sedangkan pada tahun 2017 ROA cenderung meningkat. Dividen yang tidak dibagikan kepada pemegang saham atau laba ditahan digunakan perusahaan BUMN untuk melakukan investasi perusahaan, dengan adanya peluang kesempatan investasi perusahaan BUMN yang besar. Hal tersebut telah dapat menggambarkan bahwa kebijakan dividen yang telah dilakukan oleh pemerintah serta adanya kesempatan peluang investasi oleh perusahaan BUMN akan menunjukkan adanya hasil yang positif bagi kinerja perusahaan BUMN. Melihat beberapa hasil penelitian yang ada terdapat adanya research gap, sehingga mendorong untuk dilakukannya pengujian lebih lanjut penelitian mengenai pengaruh kebijakan dividen terhadap kinerja perusahaan dan pengaruh Investment Opportunity Set (IOS) terhadap kinerja perusahaan pada perusahaan BUMN go public yang telah terdaftar di Bursa Efek Indonesia (BEI). Tujuan Penilitian Tujuan dari penelitian ini adalah untuk menganalisis pengaruh kebijakan dividen terhadap kinerja perusahaan dan menganalisis pengaruh Investment Opportunity Set (IOS) terhadap kinerja perusahaan pada perusahaan Badan Usaha Milik Negara (BUMN) go public yang terdafttar di Bursa Efek Indonesia (BEI). Pada Gambar 2 disajikan kerangka awal struktur SEM penelitian yang akan dijadikan sebagai acuan peneliti untuk melakukan konfirmasi model
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