Pengaruh Corporate Governance Terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2006)

Abstract

The purpose of this research proves if corporate governance affects dividend policy's company. Dividend policy is reflected by dividend payout ratio's a company and corporate governance's company proxy by four corporate governance principles i.e. transparency, accountability, responsibility and fairness. Debt level (be measured with debt to equity ratio), firm size (be measured with log total assets), and profitability (be measured with return on investment) use as control variables. Sample research consists of 47 manufacturing company listed in BEI during the period of 2006 with the 2006 annual report from www.idx.co.id and some financial data from Indonesian Capital Market Directory of 2007. Test hypothesis use multiple regressions analyzis. This research propose hypothesis that corporate governance has an effect to the dividend policy. The result shows that corporate governance has a significant positive effect to dividend policy reflected by dividend payout ratio. This research also finds that profitability and debt level have negative influences to dividend policy, but firm size does not have influence the dividend policy