ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEND PAYOUT RATIO YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

Penelitian ini bertujuan untuk mengetahui faktor-faktor yang memengaruhi kebijakan dividend payout ratio pada perusahaan yang terdaftar di bursa efek Indonesia. Penelitian ini mengambil data pada pusat informasi pasar modal dengan cara mendownload data pada web idx.com. Data dalam penelitian ini didapat dari laporan tahunan (annual report) dan Indonesia Capital Direct Market. Sampel ditentukan dengan teknik Purposive Sampling. Jenis data yang digunakan dalam penelitian ini adalah data sekunder. Metode pengumpulan data dilakukan dengan menggunakan data dokumentasi yang sudah dipublikasikan pada website IDX.com. Dari 490 perusahaan yang terdaftar pada pasar modal, perusahaan yang dijadikan sampel sebanyak 17 perusahaan , dan didapat data sampel sebanyak 51 dengan mengalikan banyak perusahaan dengan tahun penelitian. Teknik analisis data yang digunakan yaitu analisis regresi linear berganda dengan bantuan program SPSS versi 19.00. Hasil penelitian ini menunjukkan bahwa, (1) Cash ratio tidak berpengaruh positif terhadap dividend payout ratio, (2 Growth tidak berpengaruh negatif terhadap dividend payout ratio, (3) Firm size tidak berpengaruh positif terhadap dividend payout ratio, (4) Profitability (ROA) tidak berpengaruh positif terhadap dividend payout ratio, (5) Debt to Total Asset (DTA) tidak berpengaruh negatif terhadap dividend payout ratio, (6) Debt to Equity Ratio (DER) tidak berpengaruh negatif terhadap dividend payout ratio, (7) Cash ratio, Growth, Firm size, Profitability (ROA), Debt to Total Asset (DTA), Debt to Equity Ratio (DER) secara bersama-sama tidak berpengaruh terhadap dividend payout ratio. Kata Kunci : Cash ratio, Growth, Firm size, Profitability (ROA), Debt to Total Asset (DTA), Debt to Equity Ratio (DER), dividend payout ratio. This study was intended to identify the factors contributing to the policy of dividend payout ratio of the firms registered at the Indonesia’s Stock Exchange. The data were obtained from the center of information of the stock exchange; the data were downloaded from web idx.com. The data were obtained from the Annual Report and Indonesia Capital Direct Market. The sample was determined using Purposive Sampling technique. The type of data used was the secondary data. The data were collected using data documentation published on website IDX.com. Out of 490 firms registered at the Stock Exchange, only 17 were used as the sample. The sample data totaled 51 which were obtained by multiplying the number of firms and the year when the present study was conducted. The result of the study showed that 1) cash ratio did not positively affect the dividend payout ratio; (2) growth did not natively affect the dividend payout ratio; (3) the firm size did not positively affect the dividend payout ratio; (4) profitability (ROA) did not positively affect the dividend payout ratio; (5) Debt to Total Asset (DTA) did not negatively affect the dividend payout ratio; (6) Debt to Equity Ratio (DER) did not negatively affect the dividend payout ratio; (7) Cash ratio, Growth, Firm Size, Profitability (ROA), Debt to Total Asset (DTA), Debt to Equity Ratio (DER) did not affect the dividend payout ratio collectively. keyword : Cash ratio, Growth, Firm Size, Profirtability (ROA), Debt to Total Asset (DTA), Debt to Equity Ratio (DER), dividend payout ratio.