PENGARUH LIKUIDITAS, LEVERAGE, PROFITABILITAS, INVESTMENT OPPORTUNITY SET TERHADAP DIVIDEND PAYOUT RATIO

Abstract

The purpose of this research is to examine the influence of liquidity, leverage, profitability and investment
opportunity set to the dividend payout ratio of manufacturing companies which are listed in Indonesia Stock
Exchange (IDX). This research is a quantitative research. The population is all manufacturing companies which
are listed in Indonesia Stock Exchange (IDX) consecutively 5 years from 2011 to 2015. The sample collection
technique has been carried out by using purposive sampling and based on the predetermined criteria 37
companies have been selected as samples. The data analysis technique has been done by using multiple
regressions analysis and the hypothesis test has been carried out by using regression analysis. Based on the
result of model feasibility test shows that the regression models which have been generated are good (feasible) and
these models can be applied for the following analysis. Based on the result of hypothesis test, it shows that the
variables i.e. Current Ratio and Return on Asset gives positive and significant influence to the Dividend Payout
Ratio of manufacturing companies which are listed in Indonesia Stock Exchange (IDX) in 2011-2015 periods.
Keywords: Current ratio, debt to equity ratio, return on asset, investment opportunity set, dividend payout
ratio.