JURNAL BISNIS DAN AKUNTANSI
VARIABEL-VARIABEL YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PADA BURSA EFEK INDONESIA
The purpose of this study is to reach empirical evidence variables that effect dividend policy of non financial firms listed on the Indonesian Stock Exchange. The variables are business risk, tax status of institutional shareholders, insider ownership, dispersion of ownership, free cash flow, collateralizable assets, financial leverage, firm size, investment opportunity andcurrent ratio. The population of this research is non financial firms that listed in Indonesia Stock Exchange in the period 2008-2011. Sixty four firms were used as sample. Hypothesis tested by using multiple regression analysis. The results of this study indicate that business risk, insider ownership, dispersion of ownership free cash flow, collateralizable assets, financial leverage, firm size, investment opportunity have no effect ondividend policy. However, institusional ownership and current ratio have significantly positive effect on dividend policy.Keyword :Dividend Policy, Business Risk, Institutional Ownership, Collateralizable Assets, Investment Opportunity and Current Ratio.