PENGARUH PROFITABILITAS, LEVERAGEDAN STRUKTUR KEPEMILIKAN TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research aimed to examine the effect of profitability, leverage and ownership ostructure on dividend policy which was referred to dividend payout ratio. While, profitability was referred to return on asset, leverage was referred to debt equity ratio and ownership structure was referred to percentage of management stock and institusional which was divided by total of current stock. Population was food and beverages companies which were listed on indonesia stock exchange (IDX) during 2014-2018. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given. In line with there were 15 companics with 5 years observations. Therefore, the total sample was 75. Additionally, the data analysis technique used multiple linier regression with SPSS (Statistical Product and Service Solution). The data analysis result conecluded profitability affected dividend policy. It meant, the amount of company’s profit would affect dividend share. Meanwhile, leverage had negative effect on dividend policy. In other word, the higher the company’s leverage, the higher the company’s operational activities were used to earn its debt. Consequently, it would decrease the dividend. This also meant, the higher the usage of debt, the higher the company’s fixed cost. As consequence, it lowered its firm value.
Keywords: profitability, leverge, ownership strukture, dividend policy.