PENGARUH INVESTASI, KEPEMILIKAN MANAJERIAL, DAN LEVERAGE OPERASI TERHADAP HUBUNGAN INTERDEPENDENSI ANTARA KEBIJAKAN DIVIDEN DENGAN KEBIJAKAN LEVERAGE KEUANGAN

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ABSTRACT: Dividend and financial leverage have an interdependence relationship. This research aims to reexamine the prediction of Pecking Order Theory (POT) on the interdependence relationship between dividend and financial leverage, because there are different opinions in prior research. These are interesting the researcer’s attention to find out the most relevant theories with the condition of Indonesian firms, specially for  manufacturing firms so as to support the previous research. Also, researcer added other variables that had not included in previous research, those are operating lever-age and managerial ownership. Researcher examined some of the fundamental factors of firm that effect dividend and financial leverage such as investment, profitability, asset structure, and firm size. Sample  employed in this research was some manufacturing firms listed in Stock Exchange of Indonesia (SEI) in period of 2002 to 2006. It was 320 observations. Regression analysis of two-stage-least-square on the two simultaneous equations was used to test  hypotheses in this research. The results of examination showed that pecking order theory could explain interdependence relationship be-tween dividend and financial leverage. Researcher found that there was positive relationship between dividend and financial leverage. Investment has  a significant positive effect on financial leverage, but investment has not an effect on dividend. Managerial ownership has a significant negative effect on dividend and financial leverage. Also, this result shows  that operating leverage has a significant negative effect on financial leverage, but operating leverage has not an affection dividend. Fundamental factors of the firm served as control variables are profitability, asset structure and firm size. The result suggests  that asset structure has an effect on devidend, and firm size variables that has a significant positive effect on dividend and financial leverage.
Keywords: pecking order theory, dividend, financial leverage, investment, managerial ownership and operating leverage
Penulis: Maria Susilowati Budiyanti
Kode Jurnal: jpmanajemendd100143
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