Pengaruh profitabilitas, leverage, growth, dan free cash flow terhadap dividend payout ratio perusahaan dengan mempertimbangkan corporate governance sebagai variabel intervening

Abstract

This study is aimed at analyzing the influence of Profitability, Leverage, Growth, and, Free Cash Flow to the Company's Dividend Payout Ratio, by considering the Corporate Governance as an intervening variable. Subjects in this study were the companies ranked in the Corporate Governance Perception Index ranking (CGPI) conducted by the Indonesian Institute for Corporate Governance (IICG) in 2006-2011 which published their financial statements as of December 31. The samples were 81 companies selected using purposive sampling method. The analysis tools are simple regression and path analysis.The research found that only three hypotheses are accepted, while others are rejected. The research concludes that profitability has no positive influence on dividend payout ratio; leverage negatively affect the dividend payout ratio; growth negatively affect the dividend payout ratio; free cash flow positively effect on dividend payout ratio, no positive effect of profitability on the Corporate Governance, leverage positively influencesthe corporate governance; growth has no positive influence on corporate governance; free cash flow does not influence the Corporate Governance, Corporate Governance does not affect the dividend payout ratio, and the Corporate Governance is accepted to be added in the model as an intervening variable.

Pengaruh Profitabilitas, Leverage, Dan Likuiditas Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

“…Perusahaan membayar dividen lebih rendah apabila leverage perusahaan tersebut besar. Perusahaan melakukan hal tersebut agar dapat mengurangi ketergantungan penggunaan dana yang berasal dari eksternal perusahaan sehingga semakin besar proporsi hutang yang digunakan untuk struktur modal suatu perusahaan, maka dapat mempengaruhi jumlah dividen yang akan dibagikan kepada investor karena besarnya kewajiban yang harus dibayarkan oleh perusahaan (Adnan, Gunawan, & Candrasari, 2014). faktor lain yang juga dapat mempengaruhi kebijakan dividen adalah likuiditas.…”

Factors That Determine Dividend Policy on Banking in the Indonesia Stock Exchange

“…The same study was conducted by Ritha (2013) who said that company age had a significant positive effect on capital structure. However, it is not the same as research conducted by Akhyar et al (2014) Marlina and Danica (2009) said that company age had a significant negative effect on capital structure.…”

“…The increase in debt will affect the size of the net income available to shareholders including dividends to be received. Research conducted by Akhyar (2014) explains that Debt to Equity Ratio (DER) explains the ability of a company to meet all its obligations, as indicated by how much part of its own capital is used to pay debts.The formula to find the debt to equity ratio can be used as a comparison between total debt and total equity as follows:…”

“…According to Akhyar et al (2014) the greater the company's debt, it tends to pay lower dividends with the aim to reduce dependence on external funding so that the greater the proportion of debt used for the capital structure of a company, the greater the amount of liabilities that will affect the size of the dividend will be shared. Similarly, the results of the study of Akhyar et al (2014) and Gunawan and Djohan (2012) which stated that leverage had a negative and significant effect on dividend policy. However, it is different from what was stated by Mahesti et al (2013) which states that debt and dividend payout have a positive and significant effect.…”

“…Research conducted by Akhyar et al (2014) found that growth had a significant effect on the dividend payout ratio. And according to Imran (2011) a positive effect on dividend payouts.…”