PENGARUH KEBIJAKAN HUTANG, PROFITABILITAS DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research aimed to examine the effect of debt policy, profitability, and managerial ownership on the dividend policy. The debt policy was measured by Debt to Equity Ratio (DER), profitability measured by Return On Asset (ROA) meanwhile, the managerial ownership was measured by comparing the stock amount owned by the manager with the number of shares outstanding. The research sample used manufacturing companies in the industry sector and consumer goods besides the subsector of food and beverages during the 2015-2019 periods. The sample collection technique used the purposive sampling method with several criteria determined by the researcher. Based on those criteria it took 95 research data. Meanwhile, the analysis method of this research used multiple regressions analysis. The research result showed that: (a) debt policy had a negative effect on the dividend, (b) profitability had a positive effect on the dividend policy; (c) managerial ownership did not have any effect on the dividend policy.
Keywords: debt policy, profitability, managerial ownership and dividend policy