ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PADA PERUSAHAAN CREDIT AGENCIES GO PUBLIC DI BURSA EFEK INDONESIA

Abstract

The aim of this research is to find out and analyze the effects of return on investment, current ratio, debt equity ratio, and asset turn over on divident pay out ratio of the Credit Agencies company listed in Indonesia Stock Exchange. The data used in this research is 10 companies for the period of 2005 – 2007. The method of data analysis used multiple linier regression. The result indicates that simultaneously the variable of return on investment (ROI), current Ratio (CR), debt equity ratio (DER), and assets turn over signicantly affect divident pay out ratio. Those independent variables are able to explain the effect of dividend pay out ratio amount of 64%, while the remains 36% is determined by other factors. Partially, all  of the variables affect dividend pay out ratio except the variable of current ratio. Return on investment has a dominat effect on dividend pay out ratio. The level of profitability, liquidity, and activity of the companies have positive relationship with the level of dividend pay out ratio. But the leverage has a negative relationship.