Analisis Hubungan Likuiditas, Hutang, Kebijakan Dividen Sebelumnya, dan Profitabilitas Terhadap Kebijakan Dividen Perusahaan Industri Manufaktur di BEI Periode 2008-2010

Sari

ABSTRACT
The objective of this research is to predict return of investment in equity
securities. Investors have primarily objective to increase return from their
investment. Investors buy stock from public enterprise and may get dividend or
capital gain as its return.
Focus on dividend as its return, this research was conducted to examine the
effect of variable Current Ratio (CURR), debt to equity ratio (DER), and Return on
Equity (ROE) toward Dividend Per Share (DPS), in manufacturing companies that
listed in Indonesia Stock Exchange.
The data in this study were taken from the financial statements of companies
manufacturing in Indonesia Stock Exchanges in the period study was from
December 31, 2008 until December 31, 2010. To Obtain financial statements from
each company, the researcher got in from www.idx.co.id, to see the companies
included into the manufacturing industry seen form www.duniainvestasi.com, and to
see company paying the dividends in cash, the researchers see it from
www.ksie.com. The samples and data are collected using purposive sampling
method.
Hypothesis test of this research using Panel Least Square (PLS). regression
result shows that three independent variables used may affect dependent variables
as much as 94,7% and the rest which is 5,3% explained by other variables that not
being used in this research model. Result of simultaneous test shows that three
independent variables together can explain amount of DPS.
Conclusion of this research is the results of this research with significant level
5% also indicate that ROE has significantly affect on the DPS. While, two other
independent variables doesn’t have significantly impact to DPS, they are CURR and
DER.
Keyword: Dividend Per Share, Current Ratio, Debt to Equity Ratio, Return On
Equity, and Panel Least Square.