PENGARUH CORPORATE GOVERNANCE, ARUS KAS, LABA BERSIH, TARIF PAJAK TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research is aimed to examine the influence of good corporate governance (GCG), operating cash
flows and net income information and the tax rate on dividend payout ratio (DPR) on companies which are
listed in Indonesia Stock Exchange 2011-2014 periods. This research uses sample selection method which have
been carried out by using purposive sampling method 88 samples which consist of 22 manufacturing companies
which are listed in Indonesia Stock Exchange during four-year-period from 2011-2014. The analysis method is
quantitative method which is carried out by using classic assumption test and the statistics analysis has been
carried out by using multiple linear regression analysis. The result of the research indicates that good corporate
governance (institutional ownership, managerial ownership, the proportion of independent board, and audit
committee), net income and the tax rate do not have any influence to the dividend payout ratio (DPR) whereas
operating cash flow variable has significant influence to the dividend payout ratio (DPR). The result of
regression estimation shows that the predictive capability of 7 independent variables to the dividend payout ratio
of 20.5% whereas the remaining 79.5% is influenced by other factors outside the model which are not included
in this research.

Keywords : good corporate governance, net income, operating cash flow, tax rates, dividend payout ratio.