JURNAL BISNIS DAN AKUNTANSI
FAKTOR-FAKTOR YANG BERPENGARUH TERHADAP KEBIJAKAN DIVIDEN PERUSAHAAN MANUFAKTUR
The purpose of this study is to empirically analyze and examine factors that affect dividend policy of manufacturing company that listed in Indonesia Stock Exchange. This study uses ten independent variables, namely firm size, profitability, risk, leverage, liquidity, managerial ownership, sales growth, operating cash flow, investment opportunities, and life cycle stage. The research data consists of financial statements of manufacturing companies listed on Indonesia Stock Exchange consistently from 2010 to 2013 by purposive sampling method. There are 35 companies meet the criteria and used as sample. This study uses multiple regression using SPSS 19 program.The result show that profitability, managerial ownership, sales growth, and operating cash flow affect on dividend policy. Size, risk, leverage, liquidity, investment opportunities, and life cycle stage has no effect on dividend policy.Keyword :Dividend Payout Ratio, Firm Size, Profitability, Risk, Leverage, Liquidity, Managerial Ownership, Sales Growth, Operating Cash Flow, Investment Opportunities, and Life Cycle Stage.