Pengaruh Agency Cost dan Peluang Investasi Terhadap Kebijakan Dividen pada Perusahaan LQ45 di Bursa Efek Indonesia

Abstract

This research aims to know partially the effect simultaneously and partial the effect of dispersion of ownership, institutional ownership, free cash flow, firm’s growth and market to book value on dividend policy in firms that listed at Indonesia Stock Exchange of 2014-2016 period. The population of this study are all LQ45 companies listed in Indonesia Stock Exchange period 2014-2016. Sample of 20 companies, taken by use of purposive sampling method. The technique of data collection used was documentation. The data analysis made use of multiple linear regression method. The results showed that partially dispersion of ownership significantly affects the variable dividend policy. institutional ownership significantly affect a variable dividend policy. free cash flow significantly affects the variable dividend policy. firm's growth significantly affects the variable dividend policy. market to book value didn't significantly affect a variable dividend policy. Simultaneously agency costs represented by dispersion of ownership, institutional ownership, free cash flow and investment opportunities represented by firm's growth had a positive effect on and were significant to dividend policy. While the Market To Book Value had a negative effect dividend policy.

Penelitian ini bertujuan untuk mengetahui pengaruh secara simultan dan parsial pengaruh dispersion of ownership, institutional ownership, free cash flow, firm’s growth dan market to book value terhadap kebijakan dividen. Populasi penelitian ini adalah seluruh perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia periode 2014-2016 yakni berjumlah 45 perusahaan. Sampel sebanyak 20 perusahaan, diambil dengan menggunakan metode purposive sampling. Teknik pengumpulan data yang digunakan adalah dokumentasi. Analisis data menggunakan metode regresi linier berganda. Hasil penelitian menunjukkan bahwa dispersion of ownership berpengaruh secara signifikan terhadap kebijakan dividen, institutional ownership secara signifikan mempengaruhi kebijakan dividen. free cash flow secara signifikan mempengaruhi kebijakan dividen. firm’s growth secara signifikan mempengaruhi kebijakan dividen. Sedangkan market to book value tidak mempengaruhi secara signifikan kebijakan dividen. Secara bersamaan agency cost yang diproksikan oleh dispersion of ownership, institutional ownership, free cash flow dan peluang investasi yang diproksikan oleh firm’s growth memiliki dampak positif dan signifikan terhadap kebijakan dividen. Sedangkan market to book value berpengaruh negatif terhadap kebijakan dividen.