Faktor – Faktor Yang Mempengaruhi Kebijakan Dividen  Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2012-2016

Abstract. This study aims to determine the effect of Stock Price (Closing Price), Profitability (ROA), Retained Earnings to Total Assets (RETA), Liquidity (CR) and Debt (DAR) on Dividend Policy in Indonesian manufacturing company during 2012 to2016. 28 companies were chosen as samples. They were selected by purposive sampling method. This study obtained those companies’ annual reports from their official websites. Hypotheses were tested by using logistic regression method. The results show that the first hypothesis of stock price does not affect Dividend policy (0.156 > 0.05); the second hypothesis is profitability, it affects Dividend policy (0.003 < 0.005; the third hypothesis is RETA, it does not affect Dividend Policy (0.131 > 0.05), the fourth one is Liquidity, it does not affect Dividend policy (0.888 > 0.05); and the fifth hypothesis is Debt (DAR), it does not affect Dividend Policy (0.365 > 0.05).Keywords: Dividend Policy, Stock Price, Profitability, RETA, Liquidity, Debt. Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh Harga Saham (Closing Price), Profitabilitas (ROA), Retained Earnings to Total Assets (RETA), Likuiditas (CR) dan Hutang (DAR) terhadap Kebijakan Dividen pada perusahaan manufaktur yang terdaftar di BEI pada tahun 2012-2016. Pemilihan sampel dengan menggunakan metode purposive sampling sehingga diperoleh jumlah sampel sebanyak 28 perusahaan. Penelitian ini menggunakan data sekunder yaitu laporan tahunan (annual report) yang diperoleh melalui website resmi perusahaan. Pengujian hipotesis dilakukan dengan menggunakan metode regresi logistik. Hasil penelitian menunjukkan bahwa hipotesis pertama yaitu harga saham tidak mempengaruhi kebijakan dividen (0.156 > 0.05), hipotesis kedua yaitu profitabilitas mempengaruhi kebijakan dividen (0.003 < 0.05), hipotesis ketiga yaitu RETA tidak mempengaruhi kebijakan dividen (0.131 > 0.05), hipotesis keempat yaitu likuiditas tidak mempengaruhi kebijakan dividen (0.888 > 0.05) dan hipotesis ke lima yaitu hutang tidak mempengaruhi kebijakan dividen (0.365 > 0.05).Kata Kunci: Kebijakan dividen, harga saham, profitabilitas, RETA, likuiditas, hutang

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THE EFFECT OF LIQUIDITY, PROFITABILITY, LEVERAGE ON CORPORATE VALUE WITH DIVIDEND POLICY AND BI RATE AS MODERATED VARIABLES (Study of Banking Companies Listed on the Indonesia Stock Exchange in 2014-2017)

Economics and Business Solutions Journal ◽

10.26623/ebsj.v4i1.2239 ◽

2020 ◽

Vol 4 (1) ◽

pp. 1

Author(s):

Dana Eka Setiawan ◽

Ika Yustina Rahmawati

Keyword(s):

Sampling Method ◽

Dividend Policy ◽

Stock Exchange ◽

Secondary Data ◽

Annual Reports ◽

Corporate Value ◽

Purposive Sampling

This study aims to examine the effect of liquidity, profitability, leverage on corporate value with dividend policy and the BI Rate as a moderating variable on banking companies listed on the Indonesia Stock Exchange in 2014-2017. The study used a purposive sampling method for sampling, as many as 13 banks based on criteria. This study uses secondary data from company annual reports. Data were analyzed using SPSS 25. The results showed that: liquidity had a negative and not significant effect on corporate value, profitability had a positive and significant effect on corporate value, leverage had a negative and not significant effect on corporate value, dividend policy and the BI Rate are not able to moderate the effect of liquidity, profitability, and leverage on corporate value.

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PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Jurnal Benefita ◽

10.22216/benefita.v3i2.3493 ◽

2018 ◽

Vol 3 (2) ◽

pp. 227

Author(s):

Lidya Martha ◽

Nur Ukhti Sogiroh ◽

Maria Magdalena ◽

Febsri Susanti ◽

Yulia Syafitri

Keyword(s):

Sampling Method ◽

Dividend Policy ◽

Annual Report ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Multiple Linear Regression Analysis ◽

Return On Equity ◽

Book Value ◽

Purposive Sampling ◽

Data Source

The purpose of this study is to examine the affect of profitability and dividend policy toward the firm’s value on the bank companies which are listed in Indonesia Stock Exchange.The number of populations are all banks companies which are listed in Indonesia Stock Exchange. The sample was selected using purposive sampling method, and obtained sample of 30 companies. Data source is the annual report of banking companies taken through the official website of Indonesia Stock Exchange (www.idx.co.id). The test used multiple linear regression analysis using Eviews Program. Profitability proxy with Return On Equity, while dividend policy proxy with Dividend Payout Ratio. The result this study shows that profitability has positively and significantly effect to firm’s value, whereas dividend policy has negatively and insignificantly effect to firm’s value. Penelitian ini bertujuan untuk menguji pengaruh profitabilitas dan kebijakan dividen terhadap nilai perusahaan pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Populasi penelitian adalah seluruh perusahaan perbankan yang terdaftar di BEI periode 2012 – 2016. Sampel dipilih menggunakan metode purposive sampling dengan kriteria sampel adalah Perbankan yang terdaftar di BEI dalam periode 2012 – 2016, Perbankan yang memiliki laporan keuangan lengkap dalam periode 2012 – 2016, Perbankan yang membagikan deviden dalam periode 2012 – 2016, dan diperoleh sampel sebanyak 30 perusahaan. Sumber data adalah laporan keuangan tahunan perusahaan perbankan yang diambil melalui situs resmi Bursa Efek Indonesia (www.idx.co.id). Pengujian menggunakan analisis regresi linier berganda dengan alat bantu Program Eviews. Profitabilitas diukur dengan menggunakan Return On Equity, sedangkan kebijakan dividen diukur dengan Dividend Payout Ratio serta nilai perusahaan diukur dengan Price to Book Value. Hasil penelitian menunjukkan bahwa variabel profitabilitas berpengaruh positif dan signifikan terhadap nilai perusahaan, sedangkan kebijakan dividen berpengaruh negatif dan tidak signifikan terhadap nilai perusahaan.

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PENGARUH MANAJEMEN LABA, PROFITABILITAS, DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN

SIMAK ◽

10.35129/simak.v16i01.13 ◽

2018 ◽

Vol 16 (01) ◽

pp. 79-100

Author(s):

Mentari Chandra Tjiang ◽

Fransiskus Randa ◽

Marselinus Asri

Keyword(s):

Earnings Management ◽

Sampling Method ◽

Dividend Policy ◽

Annual Report ◽

Stock Exchange ◽

Financial Report ◽

Purposive Sampling ◽

Independent Variables ◽

Insignificant Effect ◽

Sample Method

This study aims to investigate the effect of earnings management, profitability andliquidity on dividend policy. The independent variables used are earningsmanagement, profitability, and liquidity. The dependent variable used is dividendpolicy. The population used in this study is a manufacturing company listed on theIndonesia Stock Exchange with the period of 2014-2016. Sample Method used inthis research is purposive sampling method with certain criteria and use secondarydata in the form of annual report and company financial report. The hypothesis in thisstudy was tested using multiple linear regression.The results of this study indicatethat the variable of earnings management has a positive and insignificant effect ondividend policy. While profitability research results have a positive and significanteffect on dividend policy. And the results of the research of liquidity have a negativeand insignificant influence on dividend policy. This research is expected to giveconsideration to the company to improve its performance well in assessing company.So as to increase the confidence of investors in making decisions

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PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Jurnal Benefita ◽

10.22216/jbe.v3i2.3493 ◽

2018 ◽

Vol 3 (2) ◽

pp. 227

Author(s):

Lidya Martha ◽

Nur Ukhti Sogiroh ◽

Maria Magdalena ◽

Febsri Susanti ◽

Yulia Syafitri

Keyword(s):

Sampling Method ◽

Dividend Policy ◽

Annual Report ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Multiple Linear Regression Analysis ◽

Return On Equity ◽

Book Value ◽

Purposive Sampling ◽

Data Source

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FAKTOR PENENTU HARGA SAHAM SEKTOR OTOMOTIF: PERAN KEBIJAKAN DIVIDEN, PROFITABILITAS, UKURAN PERUSAHAAN DAN GROWTH OPPORTUNITY

AKURASI: Jurnal Riset Akuntansi dan Keuangan ◽

10.36407/akurasi.v2i1.160 ◽

2020 ◽

Vol 2 (1) ◽

pp. 29-40

Author(s):

Oktavia Aqma Roza ◽

Diyan Lestari

Keyword(s):

Firm Size ◽

Stock Prices ◽

Stock Price ◽

Sampling Method ◽

Dividend Policy ◽

Hypothesis Test ◽

Sampling Technique ◽

Panel Regression ◽

Purposive Sampling ◽

Growth Opportunity

This study aims to analyze the effect of dividend policy, profitability, firm size, and growth opportunity on stock prices in automotive companies during 2009-2017. This study was performed by 13 automotive companies. The sampling technique used in this research is purposive sampling method. This study has 8 companies. Data are analyzed using panel regression and hypothesis test (t statistic). The result showed that dividend policy does not affect the stock prices while profitability, firm size and growth opportunity had an effect on the stock price.

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PENGARUH EPS, PER, KEBIJAKAN DIVIDEN, FIRM SIZE (SIZE), DAN BOOK VALUE (BV) TERHADAP HARGA SAHAM PERUSAHAAN PADA INDEKS LQ45 TAHUN 2009-2012

Jurnal Manajemen ◽

10.24912/jm.v19i2.120 ◽

2017 ◽

Vol 19 (2) ◽

pp. 219

Author(s):

Suherman Suherman ◽

Estu Setiyoaji ◽

Gatot Nazir Ahmad

Keyword(s):

Data Analysis ◽

Firm Size ◽

Stock Price ◽

Sampling Method ◽

Dividend Policy ◽

Panel Data Analysis ◽

Research Model ◽

Book Value ◽

Purposive Sampling ◽

Sales Company

Tujuan penelitian ini untuk mengetahui pengaruh Earning Per Share (EPS), Price Earning Ratio (PER), Kebijakan Dividen, Ukuran Perusahaan (SIZE), dan Nilai Buku (BV) pada harga saham dengan parsial dan simultan. Kebijakan dividen yang diukur dengan Dividend Per Share (DPS). Dan ukuran perusahaan diukur dengan penjualan perusahaan. Model dalam penelitian ini menggunakan analisis data panel. Sampel yang yang digunakan 51 perusahaan yang terdaftar di Indeks LQ-45 2007-2010 yang dipilih dengan metode purposive sampling. Hasil empiris menunjukkan bahwa sebagian Earning Per Share (EPS), Price Earning Ratio (PER), dan Nilai Buku (BV) berpengaruh signifikan positif terhadap harga saham. Selanjutnya, kebijakan dividen dan ukuran perusahaan tidak memiliki pengaruh yang signifikan positif terhadap harga saham. Selain itu hasilnya secara bersamaan menunjukkan bahwa Earning Per Share (EPS), Price Earning Ratio (PER), Kebijakan Dividen, Perusahaan Ukuran (SIZE), dan Nilai Buku (BV) memiliki pengaruh yang signifikan terhadap harga saham.The purpose of this study is to know the effect of Earning Per Share (EPS), Price Earning Ratio (PER), Dividend Policy, Firms Size (SIZE), and Book Value (BV) on stock price with partially and simultaneously. Dividend policy is measured by Dividend Per Share (DPS). And firm size is measured by sales company. The research model in this study used panel data analysis. The samples are 51 firms listed on Index LQ-45 in 2007- 2010 selected by purposive sampling method. The empirical results partially show that Earning Per Share (EPS), Price Earning Ratio (PER), and Book Value (BV) have positive significant effect on stock price. Further, dividend policy and firm size do not have positive significant effect on stock price. Beside that the result simultaneously showed that Earning Per Share (EPS), Price Earning Ratio (PER), Dividend Policy, Firms Size (SIZE), and Book Value (BV) have significant effect on stock price.

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ANALISIS PENGARUH KEBIJAKAN HUTANG, KEBIJAKAN DIVIDEN, DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN PEMBIAYAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

BISMA ◽

10.19184/bisma.v13i1.7550 ◽

2019 ◽

Vol 13 (1) ◽

pp. 43

Author(s):

Febriani Florentin Sinaga

Keyword(s):

Path Analysis ◽

Sampling Method ◽

Dividend Policy ◽

Stock Exchange ◽

Financial Data ◽

Factors Affecting ◽

Purposive Sampling ◽

Company Value ◽

Company Growth ◽

Debt Policy

This study aims to analyze the effect of debt policy, dividend policy, and company growth on company value, with profitability as the intervening variable, in the finance companies listed on the Indonesia Stock Exchange (IDX). The population of this study was all finance companies listed on IDX for the period of 2015 and 2016. The purposive sampling method was used in this study with the sample consisted of 12 finance companies. Data used were financial data sourced from the website of IDX. Data were analyzed using path analysis with two equations, i.e., the factors affecting company value and the factors affecting company profitability. Results of the study showed that debt policy, dividend policy, company growth, and profitability have no significant effect on company value. This study also found that debt policy and company growth have no significant effect on profitability, while dividend policy significantly affects profitability. Keywords : Debt policy, dividend policy, company growth, profitability

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Return on Equity as the Leading Indicator of Dividend Payout Ratio of Jakarta Islamic Index Stocks Listed on the Indonesia Stock Exchange

Dinasti International Journal of Management Science ◽

10.31933/dijms.v1i3.96 ◽

2020 ◽

Vol 1 (3) ◽

pp. 319-330

Author(s):

Endi Trimawan Budianto ◽

Eka Bertuah Eka Bertuah

Keyword(s):

Stock Price ◽

Dividend Policy ◽

Stock Exchange ◽

Cash Dividend ◽

Dividend Payout ◽

Return On Equity ◽

Company Stock ◽

Financial Condition ◽

Main Indicator ◽

Retained Earnings

Dividend policy is a critical and imperative decision because it involves the shareholders interest’s and has a significant impact to company's sustainability. Sartono (2010) states that dividend policy is a decision whether the profits obtained by the company will be distributed to shareholders as dividend or will be held in the form of retained earnings for future investment.Brigham and Gapenski (2006) state that investor’s main purpose when investing their fund is to gain income or return either as dividend yield or as capital gain. On the other side, the company who will share the dividend will be faced with various consideration: the urge to retain some profit for a more promising re-investment, the company funding, company liquidity, shareholder’s characteristic, specific target related to dividend payment ratio, and other factors related to dividend policy.Based on the definition mentioned above, it can be concluded that dividend policy is influenced by two conflicting interests; the shareholders interest with their dividend and the company interest to do re-investment by retaining the profit. Therefore, dividends paid will depend on each company’s considerations.In general, the shareholders wish to have a relatively stable dividend share to minimize the uncertainty of expected investment result and to increase the shareholder’s trust toward the company so that the stock value will rise. The company dividend policy can be reflected by the Dividend Payout Ratio (DPR), which is the profit percentage shared in the form of cash dividend. It means that the size of the DPR, either big or small, will affect the shareholder’s decision and to the contrary it will also affect the company financial condition. Improper decisions will potentially envisage company facing funding difficulties in the future.According to Brigham and Gapenski (2006), the optimum dividend policy is the dividend policy which creating balance between the current dividend and its growth in the future so the company stock price can be maximized.Lintner (1956) argue that the company ability to gain profit is the main indicator of the company ability to pay dividend. So, the profitability is the most determining factor toward dividend. But some other research mention that the companies tend to choose new investment instead of paying high dividend if their condition are great, well-developed and have high profitability.The rapid growth of Islamic Finance become the first-rate consideration of choosing Jakarta Islamic Index stocks as the object research in which this research aimed to improve investor’s understanding related to dividend policy of sharia stocks member of Jakarta Islamic Index.

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ANALISIS PERGERAKAN SAHAM PERUSAHAAN SUB SEKTOR FARMASI MENGGUNAKAN INDIKATOR BOLLINGER BAND DI TENGAH PANDEMI COVID-19

Jurnal Perspektif Bisnis ◽

10.23960/jpb.v3i2.30 ◽

2020 ◽

Vol 3 (2) ◽

pp. 77-88

Author(s):

Intan Elita ◽

K. Bagus Wardianto ◽

M. Iqbal Harori

Keyword(s):

Stock Prices ◽

Stock Price ◽

Sampling Method ◽

Sample Selection ◽

T Test ◽

Analysis Tool ◽

Selection Technique ◽

Purposive Sampling ◽

Analysis Technique ◽

Significant Difference

This study aims to measure the accuracy of technical analysis using the Bollinger Band indicator in predicting stock prices in the middle of pandemic covid-19. The concept in this study is to compare daily stock price predictions according to technical indicators with the closing prices that occured on that day. Sample selection technique used in this research used a purposive sampling method and obtained 9 pharmaceutical sub-sector companies listed on the IDX from February to April 2020. The type of data used is a chart of the company's daily stock price movements obtained from finance.yahoo.com. The data analysis technique used was the paired sample t-test and used the SPSS 26 analysis tool. The results of this study indicate that the Bollinger indicator does not have a significant difference. ABSTRAK Penelitian ini bertujuan untuk mengukur keakuratan analisis teknikal dengan indikator Bollinger Band dalam memprediksi harga saham pada masa pandemi Covid-19. Konsep pada penelitian ini adalah membandingkan prediksi harga saham harian menurut indikator teknikal dengan harga penutupan yang terjadi pada hari tersebut. Teknik pengambilan sampel dalam penelitian ini menggunakan metode purposive sampling dan diperoleh sebanyak 9 perusahaan sub sektor farmasi yang terdaftar di BEI selama Februari hingga April 2020. Jenis data yang digunakan yaitu berupa grafik pergerakan harga saham harian perusahaan yang diperoleh dari finance.yahoo.com. Teknik analisis data yang digunakan adalah uji independent sample t-test dan menggunakan alat analisis program SPSS 26. Hasil penelitian ini menunjukkan bahwa indikator Bollinger tidak memiliki perbedaan yang signifikan.

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Memulihkan Penerimaan Pajak Pasca Pandemi Covid-19

JURNAL PAJAK INDONESIA (Indonesian Tax Review) ◽

10.31092/jpi.v4i1.821 ◽

2020 ◽

Vol 4 (1) ◽

pp. 21-28

Author(s):

Charoline Cheisviyanny

Keyword(s):

Sampling Method ◽

Quantitative Approach ◽

Annual Reports ◽

Tax Revenue ◽

Purposive Sampling ◽

Tax Audit ◽

Withholding Tax

This research aims to offer some solutions to recover tax revenue pasca Covid-19 pandemy. This research is an explorative research with a quantitative approach. The data used was the annual reports of companies listed in BEI. This research used purposive sampling method to select samples and got 219 samples for 2017 and 217 samples for 2018. The proposed suggestions in recovering tax revenue are: (1) optimalization of withholding tax mechanism, (2) final tax imposition for non SMEs, and (3) reduction of tax audit and tax dispute. These suggestions need further dan depth review before implemented.

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