PENGARUH KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL DAN KEBIJAKAN HUTANG TERHADAP KEBIJAKAN DIVIDEN

Abstract

This research is aimed to trade stock in order to gainadditional capital, meanwhile for the investors by purchasing stocks and invest their capital in a company with the purpose to gain profit in the form of dividend, capital gain, as well as the ownership of the company. The decision to share the profit as dividend or restrain it to bere-invested is a decision which should be considered. The population is all food and beverages companies which are listed Indonesia Stock Indonesia (IDX) in 2012-2015 periods. The sample collection technique has been done by using purposive sampling, so that there are 10 companies which have met the criteria as research samples. The variables which have been appliedin this research aremanagerial ownership, institutional ownership, debt to assets ratio, and dividend payout ratio. The data analysis technique has been conducted by using descriptive statistics analysis, multiple regressions analysis, classic assumption test, model feasibility test, determination coefficient test and hypothesis test. The result of the research shows that managerial ownership give negative influence to the dividend policy, institutional ownership does not give any influence to the dividend policy and debt policy give negative influence to the dividend policy.
Keyword: managerial ownership, institutional ownership, debt to assets ratio, dividend payout ratio