KURNIAWAN, Aji (2017) Determinan Kebijakan Dividen dan Pengaruhnya terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Skripsi thesis, Universitas Jenderal Soedirman.

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Abstract

This research is an empirical study on Indonesia Stock Exchange (BEI) at period 2012-2015. The research entitled “Determinant of Dividend Policy and The Impact of Firm Value of Manufacture Firm at Indonesia Stock Exchange (BEI)”. This research used stepwise linier regression model as a means of testing the hypothesis. Population in this study was all of manufacture companies at Indonesia Stock Exchange (BEI), using purposive sampling as a sampling method. There are 35 companies used observation data. The result of this research indicates that: (1) Profitability have positively and significantly effect toward Dividend Policy; (2) Liquidity have negatively and significantly effect towars Dividend Policy; (3) Institutional Ownership have positively and significantly effect toward Dividend Policy; (4) Dividend Policy have positively and significantly effect toward Firm Value on manufacture firm that listed in BEI. The implications of the conclusion that is the high above the company in pay dividends to shareholders will be better to firm value of manufacture companies listed on the Stock Exchange, because it illustrates the prosperity of the shareholders. The amount of the company's ability to pay dividends is affected by the variable profitability, liquidity and institutional ownership. Profitability and institutional ownership have positive effects against dividend policy while liquidity have negative effects against dividend policy. Penelitian ini merupakan studi empiris yang dilakukan di Bursa Efek Indonesia periode 2012-2015. Penelitian ini berjudul: “Determinan Kebijakan Dividen dan Pengaruhnya Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia”. Penelitian ini menggunakan analisis regresi bertahap sebagai alat pengujian hipotesis. Populasi dalam penelitian ini adalah semua perusahaan manufaktur yang terdaftar di BEI, dengan menggunakan metode sampel purposive sampling sehingga diperoleh 35 perusahaan. Hasil penelitian membuktikan bahwa: (1) Profitabilitas berpengaruh positif signifikan terhadap Kebijakan Dividen; (2) Likuiditas berpengaruh negatif signifikan terhadap Kebijakan Dividen; (3) Kepemilikan Institusional berpengaruh positif signifikan terhadap Kebijakan Dividen; (4) Kebijakan Dividen berpengaruh positif signifikan terhadap Nilai Perusahaan. Implikasi dari kesimpulan di atas yaitu semakin tinggi kemampuan perusahaan dalam membayarkan dividen terhadap pemegang saham maka akan semakin baik pula nilai perusahaan perusahaan manufaktur yang terdaftar di BEI, sebab hal tersebut menggambarkan kemakmuran dari pemegang saham. Besarnya kemampuan perusahaan dalam membayarkan dividen dipengaruhi oleh variabel profitabilitas, likuiditas, dan kepemilikan institusional dimana profitabilitas dan kepemilikan institusional berpengaruh positif terhadap kebijakan dividen sedangkan untuk likuiditas berpengaruh negatif terhadap kebijakan dividen.

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