ANALISIS PENGARUH RETURN ON EQUITY, FIRM SIZE, FREE CASH FLOW, INVESTMENT OPPORTUNITY SET, DAN DEBT RATIO TERHADAP DIVIDEND PAYOUT RATIO (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014)
Abstrak: The
values of Return on Equity, Firm Size, Free Cash Flow, Investment Opportunity
Set, and Debt Ratio in manufacturing companies fluctuate annually during the research
period. The fluctuation is the opposite of the increase on Dividend Payout
Ratio during the year of 2011 to 2014. Due to the said phenomena gap, this
research aims to test the ef ect of ROE, firm size, free cash flow, investment
opportunity set, and debt ratio of dividend payout ratio of Manufacturing
Companies listed on IDX during the period of 2011-2014. The sample employed in
this research selected by purposive sampling method which contains of 22 companies
fitting the criteria set during the period of 2011-2014. The data is obtained
based on the published annual report and financial report. The method of analysis
employed is regression with least squares equation and the hypothesis is tested
by using t-statistic to reveal partial regression coef icient as well as
F-statistic to test the simultaneous ef ect with confidence level at 5%. The
result reveals partial result that free cash flow affect DPR positively and significantly.
ROE, firm size, and investment opportunity set affect positively but non-
significantly on DPR. Meanwhile, Debt Ratio affect negatively and
non-significantly on DPR. Simultaneously, ROE, firm size, free cash flow,
investment opportunity set, and debt ratio affect DPR significantly. The result
of regression estimation reveals the prediction competence from the 5
independent variable on DPR is at 11.9% meanwhile the other 88.1% is affected
by other factors which are not included in this research.
Keywords: ROE,
firm size, free cash flow, investment opportunity set, debt ratio, dividend
payout ratio
Penulis: Esa
Nursanti Dwi Hesti Secsio, Prasetiono
