Pengaruh Struktur Kepemilikan terhadap Kebijakan Dividen pada Perusahaan Manufaktur

Abstract

: Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Ownership structure; as independent variables in this research; is represented by institutional ownership and managerial ownership. This research also aimed to obtain evidence of moderation function of the concentration of ownership in the relationship between ownership structure and dividend policy. The dependent variable is dividend policy which is measured by Dividend Payout Ratio (DPR). There are 97 sample companies. Hypothesis testing is done by Moderating Regression Analysis (MRA) and panel regression analysis. The results of this research show that the concentration of ownership serves as a moderating variable on the relationship between ownership structure and dividend policy. Institutional ownership in companies that do not have a managerial ownership has a negative effect on Dividend Payout Ratio; while institutional ownership in companies that have a managerial ownership has a positive effect on Dividend Payout Ratio. Profitability and company size as a control variable has effect on dividend policy