PENGARUH KEBIJAKAN HUTANG, PROFITABILITAS, KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR

Abstract

This research aimed to examine the effect of debts policy, profitability, managerial ownership on the dividend policy. whlie, the population was manufacturing companies 2015-2018. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given. In line with, there were 40 samples of manufacturing companies. Furthermore, the research was quantitative. In addition, the data analysis technique used multiple linear regression and classical assumption. The research result concluded as follows: (a) Debts policy did not affect the dividend policy. This happened as most of company profit would be allocated for funds backup in order to pay debts. As consequence, it prevented the company for bankruptcy. (b) Profitablity did not affect the dividend policy. In other words, the higher the lower its dividend. This happened as company would publish retained earnings in order to be used for its future needs. (c) Managerial ownership did not affect the dividend policy. It meant, the higher the amount of shares which were owned by management, the more retained earnings were used for company operational. As consequence, there would be less dividend were distributed.
Keywords: debts policy, profitability, managerial ownership, dividend policy