PENGARUH INVESTASI, KEPEMILIKAN MANAJERIAL, DAN LEVERAGE OPERASI TERHADAP HUBUNGAN INTERDEPENDENSI ANTARA KEBIJAKAN DIVIDEN DENGAN KEBIJAKAN LEVERAGE KEUANGAN
ABSTRACT: Dividend and
financial leverage have an interdependence relationship. This research aims to
reexamine the prediction of Pecking Order Theory (POT) on the interdependence
relationship between dividend and financial leverage, because there are
different opinions in prior research. These are interesting the researcer’s attention
to find out the most relevant theories with the condition of Indonesian firms,
specially for manufacturing firms so as
to support the previous research. Also, researcer added other variables that
had not included in previous research, those are operating lever-age and
managerial ownership. Researcher examined some of the fundamental factors of
firm that effect dividend and financial leverage such as investment, profitability,
asset structure, and firm size. Sample
employed in this research was some manufacturing firms listed in Stock
Exchange of Indonesia (SEI) in period of 2002 to 2006. It was 320 observations.
Regression analysis of two-stage-least-square on the two simultaneous equations
was used to test hypotheses in this
research. The results of examination showed that pecking order theory could
explain interdependence relationship be-tween dividend and financial leverage.
Researcher found that there was positive relationship between dividend and
financial leverage. Investment has a
significant positive effect on financial leverage, but investment has not an
effect on dividend. Managerial ownership has a significant negative effect on
dividend and financial leverage. Also, this result shows that operating leverage has a significant
negative effect on financial leverage, but operating leverage has not an affection
dividend. Fundamental factors of the firm served as control variables are
profitability, asset structure and firm size. The result suggests that asset structure has an effect on
devidend, and firm size variables that has a significant positive effect on
dividend and financial leverage.
Keywords: pecking order
theory, dividend, financial leverage, investment, managerial ownership and operating
leverage
Penulis: Maria Susilowati
Budiyanti
Kode Jurnal: jpmanajemendd100143
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