ANALISA FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN DENGAN CASH RATIO SEBAGAI VARIABEL MODERATING PADA PERUSAHAAN BARANG KONSUMSI YANG TERDAFTAR DI BURSAEFEK INDONESIA
ABSTRACT: The purpose of this
study was 1) to test and analyze the influence of return on asset, return on
equity, growth, long term debt, debt equity ratio, debt to total asset, current
ratio, profit, earning per share and cash ratio on dividend policy, 2) to test
and analyze the factors influencing dividend policy represented by return on
asset, return on equity, profit, long term debt, debt to total asset, and
current ratio on the consumption goods registered in the Indonesian Stock
Exchange, and 3) to test and analyze whether cash ratio as the moderating variable
influenced the relationship between return on asset, return on equity, profit,
long term debt, debt to total asset, and current ratio and dividend policy. The
population of this study was 39 consumption goods companies registered in the
Indonesian Stock Exchange from 2008 to 2011, and 12 of them were selected to be
the samples for this study through
purposive sampling method. The data for this study were obtained from the
documentation of financial reports available in the office of Indonesian Stock
Exchange. The first hypothesis was procesed through Kaiser-Meyer-Olkin (MKO)
method, the second hypothesis was statistically processed through multiple
linear regression tests, and the third hypothesis was process through residual
test using SPSS program. The result of this study showed that return on asset,
return on equity, profit, long term debt, debt to total asset had influence on dividend
policy. The result of the second hypothesis test showed that simultaneously
return on asset, return on equity, profit, long term debt, debt to total asset
had influence on dividend policy and partially only return on equity and
current asset had influence on dividend policy. When cash ratio was used as the
moderating variable, cash ratio did not strengthen the relationship between the
variables of return on asset, return on equity, profit, long term debt, debt to
total asset and current ratio and dividend policy. In other words, current
ratio is not the moderating variable of dividend policy.
Keywords: Return on Asset,
Return on Equity, Profit, Long Term Debt, Debt to Total Asset, Current Ratio,
Dividend Policy
Penulis: Hotriado Harianja,
Ade Fatma Lubis, Zainal Bahri Torong
Kode Jurnal: jpakuntansidd130169
