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Perspektif Bird in The Hand: Penentu Dividend Payout Ratio Perusahaan Manufaktur

Jurnal Keuangan dan Perbankan: Volume 18, Nomor 3, September 2014
Journal from JIPTUNMERPP / 2017-07-27 10:10:55
Oleh : Sri Dwi Ari Ambarwati, Diploma 3 of Banking and Finance Merdeka University Malang
Dibuat : 2014-09-01, dengan 0 file

Keyword : Debt to equity ratio, free cash flow, insider ownership, return on investment

This research was specially to test impact of Return On InvestmentÂ’s (ROI), Insider Ownership (INSD), Debt to Equity Ratio (DER) to divident payout ratio (DPR) by the use of free cash flow (FCF) as moderating variable on manufacturing firm listed on Indonesian Stock Exchange (ISE) period 2005 until 2011. This research hypothesized that moderating variable had a positive influence to dividend payout ratio (DPR). Hypothesis testing was done by the use of linier regression model (OLS). Empirical result on panel A (without moderating varibale) and panel B (with moderating) were simultaneously ROI, INSD, DER, FCF and moderated variable (FCF*ROI) had a significant impact to DPR. Meanwhile panel A showed an evident that DER variable and FCF had a impact to dividend payout ratio (DPR) and panel B pointed out that DER, FCF, FCF*ROI and FCF*INSD had a significant impact to dividend payout ratio (DPR). Based on moderated regression analysis (Panel B) FCF as moderating variable had an influence on the relationship between insider ownership and dividend payout ratio (DPR). It was seen in increasing R2 and Adjusted R2 in regression model before being moderated and after. It meant that FCF as moderating variable increased the contribution on model one which was proposed.

Deskripsi Alternatif :

This research was specially to test impact of Return On InvestmentÂ’s (ROI), Insider Ownership (INSD), Debt to Equity Ratio (DER) to divident payout ratio (DPR) by the use of free cash flow (FCF) as moderating variable on manufacturing firm listed on Indonesian Stock Exchange (ISE) period 2005 until 2011. This research hypothesized that moderating variable had a positive influence to dividend payout ratio (DPR). Hypothesis testing was done by the use of linier regression model (OLS). Empirical result on panel A (without moderating varibale) and panel B (with moderating) were simultaneously ROI, INSD, DER, FCF and moderated variable (FCF*ROI) had a significant impact to DPR. Meanwhile panel A showed an evident that DER variable and FCF had a impact to dividend payout ratio (DPR) and panel B pointed out that DER, FCF, FCF*ROI and FCF*INSD had a significant impact to dividend payout ratio (DPR). Based on moderated regression analysis (Panel B) FCF as moderating variable had an influence on the relationship between insider ownership and dividend payout ratio (DPR). It was seen in increasing R2 and Adjusted R2 in regression model before being moderated and after. It meant that FCF as moderating variable increased the contribution on model one which was proposed.

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PropertiNilai Properti
ID PublisherJIPTUNMERPP
OrganisasiDiploma 3 of Banking and Finance Merdeka University Malang
Nama KontakDra. Wiwik Supriyanti, SS
AlamatJl. Terusan Halimun 11 B
KotaMalang
DaerahJawa Timur
NegaraIndonesia
Telepon0341-563504
Fax0341-563504
E-mail Administratorperpus@unmer.ac.id
E-mail CKOwsupriyanti@yahoo.com

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  • Editor: Wiwik Supriyanti, Dra. SS.