ANALISIS PENGARUH CASH RATIO, PRICE TO BOOK VALUE, RETURN ON ASSET DAN SALES GROWTH TERHADAP DIVIDEND PAYOUT RATIO

(Studi Empiris Pada Perusahaan Industri Barang Konsumsi yang terdaftar di Bursa efek Indonesia Periode 2012-2016)

Abstract

This study aims to examine the effect of Cash Ratio, Price to Book Value, Return On Asset and Sales Growth on Dividend Payout Ratio in consumer goods industry companies listed in Indonesia Stock Exchange. This research method uses secondary data obtained by researchers through financial data listed on the Indonesia Stock Exchange. The sample used in this research is 9 companies from 40 companies of consumer goods industry listed on the Indonesia Stock Exchange with the research period during 2012-2016 and the nine companies were obtained by using purposive sampling technique. The method of data analysis used is multiple regression analysis method with the help of Ms. software. Excel 2010 and SPSS 22. The results showed that, the variable of Price to Book Value and Return on Asset have an effect on Dividend Payout Ratio, while Cash Ratio and Sales Growth have no significant effect to Dividend Payout Ratio. The result of the research shows that the coefficient of determination value is 0.193 which states that the variables of Price to Book Value and Return On Asset have 19.3% effect on Dividend Payout Ratio for 2012-2016 period, while the remaining 80.7% is influenced by other factors outside research . The researcher's suggestion for the company in determining its policy is suggested that in order to maintain the welfare and loyalty of shareholders as well as to attract investors to be willing to invest funds into the company, the company's management should pay attention to the value of the company based on Price to Book Value, return on assets as well as the company's growth rate.