Analisis Devidend Payout Ratio Pada Perusahaan Sektor Manufaktur
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Abstract
Abstrak
Penulisan dalam penelitian ini adalah untuk mengetahui pengaruh debt to equity ratio, Investment opportunity set, sales growth dan collateral assets terhadap dividend payout ratio pada 16 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). Sumber data dalam penelitian ini adalah data sekunder yaitu berupa laporan keuangan 16 perusahaan manufaktur tahun 2011-2014. Hasil dari penelitian menunjukan bahwa debt to equity ratio terhadap dividend payout ratio mempunyai pengaruh negatif yang tidak signifikan sebesar, Investment opportunity set terhadap dividend payout ratio mempunyai pengaruh negatif yang tidak signifikan, sales growth terhadap dividend payout ratio mempunyai pengaruh positif yang tidak signifikan sebesar dan collateral assets terhadap dividend payout ratio mempunyai pengaruh positif yang signifikan. Debt to equity ratio, Investment opportunity set, sales growth dan collateral assets terhadap dividend payout ratio memiliki pengaruh yang signifikan dengan tingkat pengaruh yang signifikansi.
Abstract
Writing on this essay is for knowing influence Debt to equity ratio, Investment opportunity set, sales growth and collateral assets to dividend payout ratio on 16 listed companies manufacturing sector at indonesia stock exchange. Data source in this reserches is secondary data like financial statement on 16 listed companies manufacturing sector years 2011-2014. Results from this research prove that debt to equity ratio to dividend payout ratio has effect which is not significant, Investment opportunity set to dividend payout ratio has effect which is not significant, sales growth to dividend payout ratio has effect which is not significant and collateral assets to dividend payout ratio has effect which is significant. Debt to equity ratio, Investment opportunity set, sales growth and collateral assets to dividend payout ratio have effect which is significant.
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How to Cite
Efriani, H., & Fajar, C. M. (2020). Analisis Devidend Payout Ratio Pada Perusahaan Sektor Manufaktur. Jurnal Financia : Akuntansi Dan Keuangan, 1(1), 18-29. Retrieved from http://ejurnal.ars.ac.id/index.php/financia/article/view/263
References
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Aristantia, Dwi., Putra, I Made Pande Dwiana. 2015. Investment opportunity set Dan Free Cash Flow Pada Tingkat Pembayaran Dividen Perusahaan Manufaktur. Universitas Udayana: E-Jurnal Akuntansi Universitas Udayana 11.1 (2015): 220-234, ISSN: 2303-1018.
Echchabi, Abdelghani., Azouzi, Dhekra. 2016. Determinants of Dividend Payout Ratios In Tunusia: Insights In Light of The Jasmine Revolution. Journal of Accounting, Finance and Auditing Studies 2/1 (2016) 1-13.
Fitri, Rembulan Rahmadia., Hosen, Mohamad Nadratuzzaman. 2016. Analysis of Factors that Impact Dividend payout ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences Vol. 6, No. 2, pp. 87-97, E-ISSN: 2225-8329.
Fitriyah, Fury K., Hidayat, Dina. 2011. Pengaruh Kepemilikan Institusional, Set Kesempatan Investasi Dan Arus Kas Bebas Terhadap Utang. Media Riset Akuntansi, Vol. 1, No. 1, Februari 2011, ISSN 2088-2106.
Fong, Irene Lie Mei., Astuti Dewi. 2015. Pengaruh Agency Cost Terhadap Kebijakan Dividen Perusahaan Keuangan dan Non-Keuangan Periode 2010-2013. FINESTA Vol. 3, No. 2, (2015) 18-22.
Fumey, Abel., Doku, Isaac. 2013. Dividend payout ratio In Ghana: Does The Pecking Order Theory Hold Good?. Journal Of Emerging Issues In Economics, Finance And Banking (JEIEFB) An Online International Monthly Journal (ISSN: 2306-367X) Volume:2 No.2 August 2013.
Halim, Junaedi Jauwanto. 2013. Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Pada Sektor Industri Barang Konsumsi Periode 2008-2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya Vol. 2 No. 2 (2013).
Indrayani. 2013. Pengaruh Agency Cost Terhadap Devidend Pay Out Ratio Pada Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia (BEI). e-Jurnal Kewirausahan Volume 1 Nomor 1, E-ISSN 2339-1804.
Kasmir. 2013. Analisis Laporan Keuangan, Cetakan Ke-6. Jakarta: Raja Grafindo Persada.
2015. Analisis Laporan Keuangan, Cetakan Ke-8. Jakarta: Raja Grafindo Persada.
Khalid, Shania., Rehman, Mobeen Ur. 2015. Determination of Factors effecting the Dividend policy of Organizations. International Journal of Information, Business and Management, Vol. 7, No.3, 2015.
Khan, Waseem., Ashraf Naheed. 2014. In Pakistani Service Industry: Dividend Payout Ratio as Function of some Factor. International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol. 4, No. 1, pp. 390-396, E-ISSN: 2225-8329.
Koestiyanto, Eko. 2013. Faktor-Faktor Yang Mempengaruhi Dividend Payout Ratio (Dpr). e-Jurnal Manajemen dan Bisnis, Vol 1, No. 1, Oktober 2013, ISSN 2355-0244.
Liembono, RH., Siregar, Mukhlis., Kwang Jeni., Cheong Mel., Islam, Saepul Muhammad Asep. 2013. Buku Saham Para Master. Surabaya: Briliant.
Liwe, Gretty Brigitta. 2012. Analisis pengauruh CR, COL, ROE dan GROWTH terhadap Dividend payout ratio.
Mahaputra, Gede Agus, dan Wirawati, Ni Gusti Putu. 2014. Pengaruh Faktor Keuangan Dan Ukuran Perusahaan Pada Dividend payout ratio Perusahaan Perbankan. E-Jurnal Akuntansi Universitas Udayana 9.3(2014): 695-708.
Marietta, Unzu., Sampurno, Djoko. 2013. Analisis Pengaruh Cash Ratio, Return On Assets, Growth, Firm Size, Debt to Equity Ratio Terhadap Dividend Payout Ratio: (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di ursa Efek Indonesia Tahun 2008-2011). Universitas Diponegoro: Diponegoro Journal Of Management, Volume 2, Nomor 3, Tahun 2013, Halaman 1, Issn (Online): 2337-3792.
Nuhu, Eliansu. 2014. Revisiting the Determinants of Dividend payout ratios in Ghana. International Journal of Business and Social Science Vol. 5, No. 8(1), Page 230-238.
Olowe, Rufus Ayodeji., Moyosore, Soyoye Lukmon. 2014. Determinants of Dividend Payout in the Nigerian Banking Industry. Proceedings of 9th Annual London Business Research Conference 4-5 August 2014, Imperial College, London, UK, ISBN: 978-1-922069-56-6.
Osegbue, Ifeanyi Francis., Ifurueze, Meshack., Ifurueze, Priscillia. 2014. An analysis of the relationship between dividend payment and corporate performance of Nigerian banks. Global Business and Economics Research Journal ISSN: 2302-4593 Vol. 3 (2): 75 – 95.
Parsian, H., Koloukhi, A. S., and Abdolnejad, S. 2013. The Relationship Between Dividend Payouts Ratio and Future Earnings Growth, A Case of Listed Company in Iran Market. Interdisciplinary Journal of Contemporary Research in Business, vol. 5, no. 4.
Purnami, Kadek Diah Arie., Artini, Luh Gede Sri. 2016. Pengaruh Investment Opportunity Set, Total Asset Turn Over Dan Sales growth Terhadap Kebijakan Dividen. E-Jurnal Manajemen Unud, Vol. 5, No. 2, 2016: 1309- 1337.
Puspitasari, Novia Ayu. 2014. Faktor-Faktor Yang Berpengaruh Terhadap Kebijakan Dividen. Universitas Diponegoro: DIPONEGORO JOURNAL OF ACCOUNTING Volume 3, Nomor 2, Tahun 2014, Halaman 1, ISSN (Online): 2337-3806.
Rahmi, Atika., Arfan Muhhamad., Jalaluddin. 2013. Pengaruh Faktor-Faktor Fundamental Dan Risiko Sistematik Terhadap Harga Saham (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2009). Universitas Syiah Kuala: Jurnal Akuntansi, Volume 2, No. 2, Mei 2013, pp. 1- 15, ISSN 2302-0164.
Rehman, Abdul., Takumi, Haruto. 2012. Determinants Of Dividend Payout Ratio: Evidence From Karachi Stock Exchange (KSE). Journal of Contemporary Issues in Business Research ISSN 2305- 8277 (Online), 2012, Vol. 1, No. 1, 20-27.
Rhidho, Rahmad., Prabawa, Sri Adji. 2012. Faktor-Faktor Yang Mempengaruhi Price Earning Ratio Saham Perusahaan Manufaktur. Management Insight, 7 (1): 85-97, ISSN 1978-3884.
Sam, Mohd Fazli Mohd., Hoshino, Yasuo. 2013. Sales growth, Profitability And Performance: Empirical Study Of Japanese Ict Industries With Three Asean Countries. Interdisciplinary Journal Of Contemporary Research In Business March Vol 4, No 11.
Sugiarto, Teguh. 2015. Cash Ratio, Return on Assets, Debt to Equity Ratio and Dividend payout ratio of 25 Companies Listed in BEI Period 2005-2014 Test Data Using Panel. International Journal of Business Quantitative Economics and Applied Management Reserch, volume 2, issue 1, Page 1-16.
Samrotun, Yuli Chomsatu. 2015. Kebijakan Dividen Dan Faktor – Faktor Yang Mempengaruhinya. Universitas Islam Batik: Jurnal Paradigma Vol. 13, No. 01, Februari – Juli 2015, ISSN : 1693-0827.
Suprihati. 2015. Pengaruh Cash Ratio,Debt to Equity Ratio, Market To Book Value Ratio, Institutional Ownership Dan Return On Asset Terhadap Dividend Pay-Out Ratio Pada Perusahaan Yang Termasuk Tertiary Sectors Di Bursa Efek Indonesia. STIE AAS Surakarta: Jurnal Paradigma Vol. 12, No. 02, Januari 2015, ISSN :1693-0827.
Winn, Courtey D. 2014. Optimal Debt to Equity Ratios And Stock Return. Utah State University: Journal All Graduate Plan B And Other Reports.
Yakub, Suardi., Suharsil., Halim, Jufri. 2014. Pengaruh Profitabilitas Dan Invesment Opportunity Set Terhadap Deviden Tunai Perusahaan Go Publik Sektor Perbankan Bursa Efek Indonesia. STMIK Triguna Dharma: Jurnal Ilmiah SainTikom ISSN : 1978-6600
Arfan, Muhammad., Maywindlan, Trilas. 2013. Pengaruh Arus Kas Bebas, Collateralizable Assets, Dan Kebijakan Utang Terhadap Kebijakan Dividen Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index. Jurnal Telaah & Riset Akuntansi Vol. 6 No. 2 Juli 2013 Hlm. 194-208.
Aristantia, Dwi., Putra, I Made Pande Dwiana. 2015. Investment opportunity set Dan Free Cash Flow Pada Tingkat Pembayaran Dividen Perusahaan Manufaktur. Universitas Udayana: E-Jurnal Akuntansi Universitas Udayana 11.1 (2015): 220-234, ISSN: 2303-1018.
Echchabi, Abdelghani., Azouzi, Dhekra. 2016. Determinants of Dividend Payout Ratios In Tunusia: Insights In Light of The Jasmine Revolution. Journal of Accounting, Finance and Auditing Studies 2/1 (2016) 1-13.
Fitri, Rembulan Rahmadia., Hosen, Mohamad Nadratuzzaman. 2016. Analysis of Factors that Impact Dividend payout ratio on Listed Companies at Jakarta Islamic Index. International Journal of Academic Research in Accounting, Finance and Management Sciences Vol. 6, No. 2, pp. 87-97, E-ISSN: 2225-8329.
Fitriyah, Fury K., Hidayat, Dina. 2011. Pengaruh Kepemilikan Institusional, Set Kesempatan Investasi Dan Arus Kas Bebas Terhadap Utang. Media Riset Akuntansi, Vol. 1, No. 1, Februari 2011, ISSN 2088-2106.
Fong, Irene Lie Mei., Astuti Dewi. 2015. Pengaruh Agency Cost Terhadap Kebijakan Dividen Perusahaan Keuangan dan Non-Keuangan Periode 2010-2013. FINESTA Vol. 3, No. 2, (2015) 18-22.
Fumey, Abel., Doku, Isaac. 2013. Dividend payout ratio In Ghana: Does The Pecking Order Theory Hold Good?. Journal Of Emerging Issues In Economics, Finance And Banking (JEIEFB) An Online International Monthly Journal (ISSN: 2306-367X) Volume:2 No.2 August 2013.
Halim, Junaedi Jauwanto. 2013. Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Pada Sektor Industri Barang Konsumsi Periode 2008-2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya Vol. 2 No. 2 (2013).
Indrayani. 2013. Pengaruh Agency Cost Terhadap Devidend Pay Out Ratio Pada Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia (BEI). e-Jurnal Kewirausahan Volume 1 Nomor 1, E-ISSN 2339-1804.
Kasmir. 2013. Analisis Laporan Keuangan, Cetakan Ke-6. Jakarta: Raja Grafindo Persada.
2015. Analisis Laporan Keuangan, Cetakan Ke-8. Jakarta: Raja Grafindo Persada.
Khalid, Shania., Rehman, Mobeen Ur. 2015. Determination of Factors effecting the Dividend policy of Organizations. International Journal of Information, Business and Management, Vol. 7, No.3, 2015.
Khan, Waseem., Ashraf Naheed. 2014. In Pakistani Service Industry: Dividend Payout Ratio as Function of some Factor. International Journal of Academic Research in Accounting, Finance and Management Sciences, Vol. 4, No. 1, pp. 390-396, E-ISSN: 2225-8329.
Koestiyanto, Eko. 2013. Faktor-Faktor Yang Mempengaruhi Dividend Payout Ratio (Dpr). e-Jurnal Manajemen dan Bisnis, Vol 1, No. 1, Oktober 2013, ISSN 2355-0244.
Liembono, RH., Siregar, Mukhlis., Kwang Jeni., Cheong Mel., Islam, Saepul Muhammad Asep. 2013. Buku Saham Para Master. Surabaya: Briliant.
Liwe, Gretty Brigitta. 2012. Analisis pengauruh CR, COL, ROE dan GROWTH terhadap Dividend payout ratio.
Mahaputra, Gede Agus, dan Wirawati, Ni Gusti Putu. 2014. Pengaruh Faktor Keuangan Dan Ukuran Perusahaan Pada Dividend payout ratio Perusahaan Perbankan. E-Jurnal Akuntansi Universitas Udayana 9.3(2014): 695-708.
Marietta, Unzu., Sampurno, Djoko. 2013. Analisis Pengaruh Cash Ratio, Return On Assets, Growth, Firm Size, Debt to Equity Ratio Terhadap Dividend Payout Ratio: (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di ursa Efek Indonesia Tahun 2008-2011). Universitas Diponegoro: Diponegoro Journal Of Management, Volume 2, Nomor 3, Tahun 2013, Halaman 1, Issn (Online): 2337-3792.
Nuhu, Eliansu. 2014. Revisiting the Determinants of Dividend payout ratios in Ghana. International Journal of Business and Social Science Vol. 5, No. 8(1), Page 230-238.
Olowe, Rufus Ayodeji., Moyosore, Soyoye Lukmon. 2014. Determinants of Dividend Payout in the Nigerian Banking Industry. Proceedings of 9th Annual London Business Research Conference 4-5 August 2014, Imperial College, London, UK, ISBN: 978-1-922069-56-6.
Osegbue, Ifeanyi Francis., Ifurueze, Meshack., Ifurueze, Priscillia. 2014. An analysis of the relationship between dividend payment and corporate performance of Nigerian banks. Global Business and Economics Research Journal ISSN: 2302-4593 Vol. 3 (2): 75 – 95.
Parsian, H., Koloukhi, A. S., and Abdolnejad, S. 2013. The Relationship Between Dividend Payouts Ratio and Future Earnings Growth, A Case of Listed Company in Iran Market. Interdisciplinary Journal of Contemporary Research in Business, vol. 5, no. 4.
Purnami, Kadek Diah Arie., Artini, Luh Gede Sri. 2016. Pengaruh Investment Opportunity Set, Total Asset Turn Over Dan Sales growth Terhadap Kebijakan Dividen. E-Jurnal Manajemen Unud, Vol. 5, No. 2, 2016: 1309- 1337.
Puspitasari, Novia Ayu. 2014. Faktor-Faktor Yang Berpengaruh Terhadap Kebijakan Dividen. Universitas Diponegoro: DIPONEGORO JOURNAL OF ACCOUNTING Volume 3, Nomor 2, Tahun 2014, Halaman 1, ISSN (Online): 2337-3806.
Rahmi, Atika., Arfan Muhhamad., Jalaluddin. 2013. Pengaruh Faktor-Faktor Fundamental Dan Risiko Sistematik Terhadap Harga Saham (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2009). Universitas Syiah Kuala: Jurnal Akuntansi, Volume 2, No. 2, Mei 2013, pp. 1- 15, ISSN 2302-0164.
Rehman, Abdul., Takumi, Haruto. 2012. Determinants Of Dividend Payout Ratio: Evidence From Karachi Stock Exchange (KSE). Journal of Contemporary Issues in Business Research ISSN 2305- 8277 (Online), 2012, Vol. 1, No. 1, 20-27.
Rhidho, Rahmad., Prabawa, Sri Adji. 2012. Faktor-Faktor Yang Mempengaruhi Price Earning Ratio Saham Perusahaan Manufaktur. Management Insight, 7 (1): 85-97, ISSN 1978-3884.
Sam, Mohd Fazli Mohd., Hoshino, Yasuo. 2013. Sales growth, Profitability And Performance: Empirical Study Of Japanese Ict Industries With Three Asean Countries. Interdisciplinary Journal Of Contemporary Research In Business March Vol 4, No 11.
Sugiarto, Teguh. 2015. Cash Ratio, Return on Assets, Debt to Equity Ratio and Dividend payout ratio of 25 Companies Listed in BEI Period 2005-2014 Test Data Using Panel. International Journal of Business Quantitative Economics and Applied Management Reserch, volume 2, issue 1, Page 1-16.
Samrotun, Yuli Chomsatu. 2015. Kebijakan Dividen Dan Faktor – Faktor Yang Mempengaruhinya. Universitas Islam Batik: Jurnal Paradigma Vol. 13, No. 01, Februari – Juli 2015, ISSN : 1693-0827.
Suprihati. 2015. Pengaruh Cash Ratio,Debt to Equity Ratio, Market To Book Value Ratio, Institutional Ownership Dan Return On Asset Terhadap Dividend Pay-Out Ratio Pada Perusahaan Yang Termasuk Tertiary Sectors Di Bursa Efek Indonesia. STIE AAS Surakarta: Jurnal Paradigma Vol. 12, No. 02, Januari 2015, ISSN :1693-0827.
Winn, Courtey D. 2014. Optimal Debt to Equity Ratios And Stock Return. Utah State University: Journal All Graduate Plan B And Other Reports.
Yakub, Suardi., Suharsil., Halim, Jufri. 2014. Pengaruh Profitabilitas Dan Invesment Opportunity Set Terhadap Deviden Tunai Perusahaan Go Publik Sektor Perbankan Bursa Efek Indonesia. STMIK Triguna Dharma: Jurnal Ilmiah SainTikom ISSN : 1978-6600