scholarly journals FAKTOR YANG MEMPENGARUHI RETURN SAHAM DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI PADA PERUSAHAAN MANUFAKTUR

2021 ◽  
pp. 1079
Author(s):  
Ardiansyah Rasyid ◽  
Rini Tri Hastuti, ◽  
Najaa Aliyah Santoso
Keyword(s):  
Stock Returns ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Processing Technique ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Microsoft Excel ◽  
Purposive Sampling ◽  
Investment Opportunity Set ◽  
Investment Opportunities

This research aims to see how the influence of firm size, leverage, and investment opportunity settings on stock returns with dividend policy as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange during 2017-2019. The sample was selected by purposive sampling method and the valid data were 52 companies. The data processing technique uses multiple regression analysis assisted by the EViews 10 and Microsoft Excel 2010 programs. The results of this study indicate that the influence and investment opportunities have a significant effect on stock returns, and dividend policy is able to moderate the effect of established investment opportunities on stock returns. The implication of this research is the need for investors to pay attention to the level of debt that the company uses in financing the company's operating activities, as well as the size of the set of investment opportunity set the company has which can affect the stock returns that investors will receive.Penelitian ini bertujuan untuk melihat bagaimana pengaruh pengaturan ukuran perusahaan, leverage, dan peluang investasi terhadap return saham dengan kebijakan dividen sebagai variabel moderasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama tahun 2017-2019. Sampel dipilih dengan metode purposive sampling dan data yang valid sebanyak 52 perusahaan. Teknik pengolahan data menggunakan analisis regresi berganda yang dibantu dengan program EViews 10 dan Microsoft Excel 2010. Hasil penelitian menunjukkan bahwa pengaruh dan peluang investasi berpengaruh signifikan terhadap return saham, dan kebijakan dividen ternyata mampu memoderasi pengaruh peluang investasi yang telah ditetapkan terhadap return saham. Implikasi dari penelitian ini adalah perlunya investor memperhatikan tingkat hutang yang digunakan perusahaan dalam membiayai kegiatan operasi perusahaan, serta besarnya set set kesempatan investasi yang dimiliki perusahaan yang dapat mempengaruhi return saham. yang akan diterima investor.

scholarly journals PENGARUH PROFITABILITAS, INVESTMENT OPPORTUNITY SET, DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2016)

Jurnal Ecogen ◽  
2018 ◽  
Vol 1 (2) ◽  
pp. 298
Author(s):  
Puteri Prihatini ◽  
Dessi Susanti
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Financial Report ◽  
Investment Opportunity Set ◽  
Negative Effect ◽  
Α Level

The purpose of this study is to analyze the influence of profitability, investment opportunity set, and managerial ownership on dividend policy. The population of this study consists of whole manufacturing companies that listed on Indonesian Stock Exchange (IDX) from 2013 to 2016 by using secondary data. The data have been collected from financial report of companies from Indonesian Stock Exchange (IDX) website and Indonesian Capital Market Directory (ICMD). In this study, the samples are obtained 21 companies out of 145 companies. Analytical method that is used is multiple regression analysis. The hypothesis is measured by using statistical t-test with α level of 5%. The results indicate that profitability gives negative effect but does not significant on dividend  policy of manufacturing companies that listed on Indonesian Stock Exchange (IDX). Meanwhile, investment opportunity set and managerial ownership give positive effect and also significant on dividend policy of manufacturing companies that listed on Indonesian Stock Exchange (IDX).Keyword: profitability, investment opportunity set, managerial ownership, and dividend policy

scholarly journals Pengaruh Profitabilitas pada Kebijakan Dividen dengan Investment Opportunity Set sebagai Variabel Pemediasi

2020 ◽  
Vol 30 (1) ◽  
pp. 212
Author(s):  
Ida Ayu Nabila Meidyna ◽  
Made Mertha
Keyword(s):  
Data Analysis ◽  
Path Analysis ◽  
Empirical Evidence ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Opportunity ◽  
Purposive Sampling ◽  
Analysis Technique ◽  
Investment Opportunity Set

The amount of dividends distributed to shareholders depends on the company's dividend policy. This study aims to obtain empirical evidence about the effect of profitability on dividend policy with an investment opportunity set as a mediating variable. This research was conducted at companies classified as LQ45 index on the Indonesia Stock Exchange. The sampling method used was purposive sampling to obtain 87 observations. Data analysis technique used is path analysis. Based on research results, it is known that profitability has a positive and significant effect on investment opportunity set. Profitability has a positive and significant effect on dividend policy. Investment opportunity set has a negative and significant effect on dividend policy. Investment opportunity set is able to mediate the effect of profitability on dividend policy.

scholarly journals PENGARUH KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, PROFITABILITAS, PERTUMBUHAN PENJUALAN DAN KESEMPATAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

2019 ◽  
Vol 6 (2) ◽  
pp. 201
Author(s):  
Vivi Apriliyanti ◽  
Hermi Hermi ◽  
Vinola Herawaty
Keyword(s):  
Firm Size ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Investment Opportunity Set ◽  
Debt Policy ◽  
Positive Effect

<p class="Default" align="center"><strong><em>Abstract</em></strong><em></em></p><p class="Default"><em>The purpose of this study was to examine the influence of debt policy, dividend policy,profitability, sales growth and investment opportunity set on firm value with firm size as moderating variable in the manufacturing companies on the Indonesia Stock Exchange (IDX). The population used in this study is a company that is listed on the Indonesia Stock Exchange. The sample used in this study 128 companies with an observation period of 3 (three) years from 2016 to 2018. The method of determining the sample used in this study was the purposive sampling method. The data processing method used in this study is the causality test with multiple regression analysis using SPSS version 23. The independent variables in this study are Debt Policy, Dividend Policy, Profitability, Sales Growth and Investment Opportunity. The moderating variable in this study is Company Size. The dependent variable in this study is firm value. The results of this study indicate that Debt Policy has a positive effect on Firm’s Value, Dividend Policy does not effect on Firm Value, Profitability does not have a positive effect on Firm’s Value, Sales Growth does not effect on Firm’s Value, Investment Opportunity Set does not effect on Firm’s Value, Firm Size does not have a positive effect on Firm’s Value, Firm Size does not strengthen the realtionship between Debt Policy with Firm’s Value, Firm Size does not strengthen the realtionship between Dividend Policy with Firm’s Value, Firm Size does not strengthen the realtionship between Profitability with Firm’s Value, Firm Size does not strengthen the realtionship between Sales Growth with Firm’s Value, Firm Size does not strengthen the realtionship between Investment Opportunity Set with Firm’s Value.</em></p>

scholarly journals PERAN PROFITABILITAS DALAM MEMEDIASI PENGARUH FINANCIAL LEVERAGE DAN INVESTMENT OPPORTUNITY SET TERHADAP KEBIJAKAN DIVIDEN DI BURSA EFEK INDONESIA

2018 ◽  
pp. 143
Author(s):  
Ni Made Dewi Puspita Sari ◽  
I Gusti Bagus Wiksuana
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Financial Leverage ◽  
Opportunity Sets ◽  
Analysis Technique ◽  
Investment Opportunity Set

The purpose of this study was to determine the role of profitability in mediating the effect of financial leverage and investment opportunity set on the dividend policy. The populations in this study were manufacturing companies listed on the Indonesia Stock Exchange. The sampling of the research was done by census and the number of samples were 12 companies. The data of research were secondary data obtained from Indonesia Stock Exchange website and Indonesian Capital Market Directory from 2011 to 2015. Testing of research hypothesis was conducted by using path analysis technique by tool of SPSS application.The results showed that financial leverage has a negative and significant effect on dividend policy. Investment opportunity set has negative and insignificant effect on dividend policy. Financial leverage has a positive and significant impact on profitability. Investment opportunity sets also have a positive and significant impact on profitability. Profitability has a positive and significant effect on dividend policy. Profitability is able to mediate the effect of financial leverage and investment opportunity set on dividend policy.

scholarly journals Pengaruh Asimetri Informasi Pada Kebijakan Dividen Dengan Investment Opportunity Set Sebagai Variabel Pemoderasi

2018 ◽  
pp. 2040
Author(s):  
Ni Putu Linda Yasmita ◽  
Anak Agung Gde Putu Widanaputra
Keyword(s):  
Information Asymmetry ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Opportunity ◽  
Dividend Payout ◽  
Asymmetry Of Information ◽  
Investment Opportunity Set ◽  
Investment Opportunities ◽  
High Investment ◽  
A Company

The purpose of this study is to obtain empirical evidence of investment opportunity capability sets to moderate the influence of information asymmetry on dividend policy. This research was conducted at a manufacturing company listed on Indonesia Stock Exchange 2014-2016. Sampling method used is purposive sampling. The sample size is 30 with 72 observations. Technique Data analysis used is test of Moderated Regression Analysis (MRA). Based on the results of the analysis, it is known that the investment opportunity set is not as a moderator of the influence of information asymmetry on the dividend policy. This suggests that when firms have high investment opportunities with high levels of asymmetry, it is not necessarily that the company will pay low dividends or not share them to the shareholders, since management will manage earnings annually as reserves to be reinvested without reducing the proportion of dividend payout to investors. This study provides implications for investors as a consideration in investing in a company to see how the bid ask and dividend payout ratio of the company's shares. Keywords: asymmetry of information, investment opportunity set, dividend policy

scholarly journals Pengaruh Kebijakan Dividen, Kebijakan Hutang dan Nilai Pasar terhadap Investment Opportunity Set (pada Perusahaan Manufaktur Sub Sektor Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia, Periode 2014-2017)

2019 ◽  
Vol 14 (2) ◽  
pp. 99-112
Author(s):  
Rahmi Zilla Aulia ◽  
Rina Asmeri ◽  
Meri Yani
Keyword(s):  
Dividend Policy ◽  
Regression Coefficient ◽  
Stock Exchange ◽  
Market Value ◽  
Coefficient Of Determination ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Partial Regression Coefficient ◽  
Investment Opportunity Set ◽  
Debt Policy

               The aim of the study is to determine the effect of Dividend Policy, Debt Policy and Market Value on the Investment Opportunity Set. The research was carried out at the textile and garment sub-sector manufacturing companies listed on the Indonesia Stock Exchange. The population in this study was all textile and garment sub-sector manufacturing companies listed on the IDX. The total population of companies listed in this study were 17 companies. Sampling of this study using purposive sampling technique, thus the final sample obtained was 9 companies incorporated in the textile and garment sector on the Indonesia Stock Exchange for the period of 2014-2017. The data analysis technique used in this study is descriptive analysis, classic assumption test, multiple linear regression and hypothesis testing using the coefficient of determination, t-statistics to examine the partial regression coefficient and f-statistics to examine the regression coefficient simultaneously with the help of SPSS 21 for windows. The results show that dividend policy has a significant effect on the investment opportunity set, debt policy has a partial effect on the investment opportunity set, market value partially influences the investment opportunity set and dividend policy, debt policy and market value simultaneously influence the investment opportunity set .

scholarly journals Kesempatan Investasi, Kebijakan Dividen dengan Firm Size sebagai Variabel Moderasi

2021 ◽  
Vol 31 (12) ◽  
pp. 3122
Author(s):  
Dewa Ayu Mirah Satya Dewi ◽  
Anak Agung Gde Putu Widanaputra
Keyword(s):  
Firm Size ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Analysis Technique ◽  
Investment Opportunity Set ◽  
Investment Opportunities ◽  
Study Support ◽  
A Company

Dividend policy is one of the most important financial functions of a company. This is because the dividend policy has an influence on the company's stakeholders, both managers and investors. This study aims to determine the effect of investment opportunities on dividend policy with Firm Size as a moderating variable. This research was conducted on manufacturing companies on the Indonesia Stock Exchange for the 2015-2019 period. The population is 142 companies. Based on the purposive sampling method and the expenditure of outlier data, a sample of 34 companies was obtained. The data analysis technique used is Moderated Regression Analysis. The results of the analysis show that Firm Size does not weaken the effect of investment opportunities on dividend policy. The results of this study support the residual theory of dividend and agency theory. In addition, the results of this study can also be considered by companies in determining dividend policy and assisting investors in making investment decisions. Keywords : Investment Opportunity Set; Dividend Policy; Firm Size.

scholarly journals PENGARUH LABA BERSIH, INVESTMENT OPPORTUNITY SET, GROWTH POTENTIAL DENGAN LEVERAGE SEBAGAI VARIABEL KONTROL TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG LISTING DI BURSA EFEK INDONESIA TAHUN 2013-2017

2019 ◽  
Vol 3 (2) ◽  
pp. 101
Author(s):  
Lusiana Lusiana ◽  
Indriyenni Indriyenni ◽  
Chintya Claudy
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Market Price ◽  
Secondary Data ◽  
Growth Potential ◽  
Net Income ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Simultaneous Control ◽  
Investment Opportunity Set

This study aims to determine the influence of Net Income, Investment Opportunity Set, GrowthPotential with Leverage as partial and simultaneous control variables on dividend policy. This researchis classified as causal research. The population in this study were all manufacturing companies listed onthe Indonesia Stock Exchange in 2013-2017. The sample of the research was ten companies determinedby purposive sampling method. The research used secondary data obtained from www.idx.co.id. It wasanalyzed by applying panel data regression analysis. The research results obtained based on the partialtest (t test) were: (a) There is a significant effect of Net Income on dividend policy. (b) There is a significantinfluence of Investment Opportunity Set on dividend policy. (c) There is no significant influence of GrowthPotential on dividend policy. Based on the results of the research above, it is expected that the companycan increase the Investment Opportunity Set by increasing the stock market price. In term of Net Profit,it can be increased with the company's revenue and performance, while in increasing Growth Potential,it can be obtained by adding assets every year

scholarly journals Pengaruh Investment Opportunity Set dan Free Cash Flow Pada Kebijakan Dividen dan Nilai Perusahaan

2017 ◽  
pp. 63
Author(s):  
I Gusti Ngurah Putu Adi Suartawan ◽  
Gerianta Wirawan Yasa
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Manufacturing Companies ◽  
Investment Opportunity ◽  
Positive Effects ◽  
Investment Opportunity Set ◽  
Linear Regression Technique

This research is conducted to find out the effect of investment opportunity set and free cash flow towards dividend policy and its impacts on firm value of manufacturing companies registered in Indonesia Stock Exchange during the period of 2011-2013. The samples of this study are 25 manufacturing companies and they were selected by using purposive sampling method. The data is collected through non participants’ observation. Path analysis which is an extension of the multiple linear regression technique is used to analyze data. Based on the data analysis, it was found that, investment opportunity set has positive effects on dividend policy. It refuses the negative hypothesis, free cash flow has positive effects on dividend policy, investment opportunity set has positive effects on firm value, free cash flow has positive effects on firm value, dividend policy has positive effects on firm value, investment opportunity set has effects on firm value  through dividend  policy  and free  cash flow has no  effects on firm value  through  dividend   policy.  

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