Electronic Theses and Dissertation

ABSTRACT

This objectives of the research are to examine the effect of the liquidity, free cash flow, investment opportunity set, and collateral assets on dividend policy on companies listed in Indonesia Stock Exchange (IDX) both simultaneously and partially. In this research liquidity is measured by Current Ratio, free cash flow with adding operating cash flow with investation cash flows divided by total assets, investment opportunity set measured by the value of fixed assets year t times value of fixed assets year t-1 divided by total assets, collateral assets are measured by fixed asset divided with total assets and dividend policy with Dividend Payout Ratio. The data for dependent’s and independent’s variables is collected from annual financial reports provided by IDX. The research period is 5 years (2011-2015). By using purposive sampling method, there are total of 31 companies that fit to be the sample. Multiple regression model is used to test hypotheses. The results show that liquidity, free cash flow, investment opportunity set, and collateral assets together affecting dividend policy simultaneously. Liquidity and collateral assets have a significant effect on dividend policy partially. Free cash flow and investment opportunity set does not affect dividend policy partially.

Keywords: liquidity, free cash flow, investment opportunity set, collateral assets, dividend policy.























ABSTRAK

Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas, free cash flow, investment opportunity set, dan aset kolateral terhadap kebijakan dividen pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2011-2015 secara bersama-sama dan parsial. Dalam penelitian ini likuiditas dihitung dengan menggunakan Current Ratio, free cash flow dengan menambah arus kas operasi dengan arus kas investasi dibagikan dengan total asset, investment opportunity set dihitung nilai aset tetap tahun t dikali dengan nilai aset tetap tahun t-1 dibagi dengan total aset, aset kolateral dihitung asset tetap dibagi total aset dan kebijakan dividen dengan Divident Payout Ratio. Data variabel dependen dan independen diperoleh dari laporan keuangan tahunan perusahaan manufaktur yang terdaftar di BEI. Periode penelitian yang digunakan adalah 5 tahun yaitu tahun 2011-2015. Dengan metode purposive sampling sehingga ada total 31 perusahaan yang memenuhi kriteria sampel. Regresi berganda digunakan untuk menguji hipotesis. Hasil penelitian menunjukkan bahwa likuiditas, free cash flow, investment opportunity set, dan aset kolateral berpengaruh secara bersama-sama terhadap kebijakan dividen. Likuiditas dan asset kolateral berpengaruh signifikan terhadap kebijakan dividen secara parsial. Free cash flow, investment opportunity set tidak berpengaruh terhadap kebijakan dividen secara parsial.

Kata Kunci: likuiditas, free cash flow, investment opportunity set, aset kolateral, kebijakan dividen.

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