ANALISIS PENGARUH PROFITABILITAS DAN IOS TERHADAP KEBIJAKAN DIVIDEN DENGAN LIKUIDITAS SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MANUFAKTUR

Abstract

Abstract: Dividend policy is a decision whether the acquired company profits will be distributed to investors as dividends or retained as profits were detained in order to invest in the coming. This study aimed to examine the impact of profitability and investment opportunity set (IOS) on dividend policy with liquidity as moderating variable. Research sample is determined by purposive sampling method, and there are 16 company from 138 manufacturing company which registered in BEI during 2008-2012 which in accordance with the criteria. The data analyzed using moderated regression analysis (MRA). In addition, classical assumption is also performed including normality test, multicolinearity test, heteroscedasticity test and autocorrelation test. Dividend policy variable measured using the dividend payout ratio (DPR), profitability variable measured using return on equity (ROE), IOS variable measured using market to book value of equity (MVE), and liquidity variable measured using cash ratio (CR). The result of this study indicate that profitability and IOS significantly affect on dividend policy. As well as liquidity not able to moderated the relationship between profitability and IOS on dividend policy.

Keywords:profitability, investment opportunity set (IOS), liquidity, and dividend policy.