PENGARUH PROFITABILITAS, JAMINAN ASET, KEPEMILIKAN INSTITUSIONAL DAN KESEMPATAN INVESTASI TERHADAP KEBIJAKAN DIVIDEN TUNAI DENGAN DIMODERASI LIKUIDITAS
(Studi Empiris pada Perusahaan Industri Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2012-2016)
Keywords:
cash dividend policy, profitability, collateralizable assets, institutional ownership, investment opportunity set and liquidity.Abstract
This study aims to analyze the influence of profitability, collateralizable assets, institutional ownership and investment opportunity set to cash dividend policy, and to analyze liquidity in moderating the effect of profitability and investment opportunity set to cash dividend policy. The population in this study is manufacturing industry companies listed on Indonesia Stock Exchange period 2012-2016. Using puposive sampling technique, this study obtains 62 sample companies. Research data is analyzed by multiple regressions and moderated regressions analysis. The results of this study shows that the partial profitability has positive effect to cash dividend policy, collateralizable assets has negative effect to the cash dividend policy, intitutional ownership and investment opportunity set have no effect to the cash dividend policy, liquidity can not moderate the effect of profitability to the cash dividend policy and liquidity and liquidity can modetare the effect of investment opportunity set to the cash dividend policy.
