PENGARUH RASIO KEUANGAN TERHADAP KEBIJAKAN DIVIDEN DENGAN GOOD CORPORATE GOVERNANCE VARIABEL INTERVENING

Abstract

The purpose of this research is to prove the indirect influence of profitability (ROA), leverage (DER), cash position (CP), and growth (TAG) to the dividend policy (DPR) through good corporate governance (CGPI). The sample selection has been done by using the purposive sampling technique and certain criteria so 15 companies which match with the criteria have been selected as samples. The multiple linear regressions is used as the data analysis in order to identify the independent variable which influence the dependent variable and path analysis is used to detect the indirect influence through good corporate governance. The result of the test shows that simultaneously all independent variables have made significant influence to the dividend policy through the implementation of good corporate governance. The implementation of good corporate governance has not been proven to have influence as the intervening variable. The result of partial test shows that the profitability and growth variable has insignificant influence to the dividend whereas the leverage, cash position and good corporate governance variables have significant influence to the dividend policy.
Keywords: Profitability, Leverage, Cash Position, Growth, Dividend Payout Ratio.