PENGARUH RETURN ON ASSETS, OPERATING CASH FLOW, CORPORATE TAX, SALES GROWTH, MARKET-TO-BOOK VALUE, DAN DEBT TO EQUITY RATIO TERHADAP DIVIDEND PAYOUT RATIO (Studi pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2009-2010)

Ismail, Muhammad (2012) PENGARUH RETURN ON ASSETS, OPERATING CASH FLOW, CORPORATE TAX, SALES GROWTH, MARKET-TO-BOOK VALUE, DAN DEBT TO EQUITY RATIO TERHADAP DIVIDEND PAYOUT RATIO (Studi pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Tahun 2009-2010). S1 thesis, Universitas Negeri Jakarta.

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Abstract

Muhammad Ismail, 2012; The Influece of Return On Assets, Operating Cash Flow, Corporate Tax, Sales Growth, Market-to-Book Value, and Debt to Equity Ratio toward Dividend Payout Ratio (Study in Manufacturing Companies listed in the Indonesia Stock Exchange Year 2009-2010). In investing, investors are expecting returns on their investments, such as dividend. In formulating dividend policies and deciding about how much the dividend will be distributed to the investors or shareholders, managements use dividend payout ratio (DPR). This study is mainly intended to compare the influence of independent variables toward the DPR (standard payout) and the influence of independent variables toward the adjusted DPR (adjusted payout). This study focuses on six independent variables that are expected to influence the DPR, they are return on assets (ROA), operating cash flow, corporate tax, sales growth, market-to-book value (MTBV), and debt to equity ratio (DER). Datas that are used in this research are secondary data in the form of companies’ financial statements which are obtained from Indonesia Stock Exchange. The population in this study is manufacturing companies, amounting to 138 firms, whilst the samples amounted to 44 firms that are obtained by using purposive sampling method. Researcher uses quantitive analysis so that the numbers listed can represent the results of this study. In the hypothesis testing, researcher uses multiple linear regression analysis test using the SPSS 17 for Windows. The results of this study indicate that (1) in the standard payout testing, ROA and MTBV influences the DPR (standard payout) which negatively influence, (2) in the adjusted payout testing, only ROA that influences the adjusted DPR (adjusted payout) which negatively influence. The results are supported by previous studies by Gill, Biger, and Tibrewala (2010), Noventri Musthikawati (2010), Lisa Marlina & Clara Danica (2009), and Anil & Kapoor (2008).

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