Pengaruh Profitabilitas, Leverage, Dan Family Ownership Terhadap Kebijakan Dividen (studi Pada Perusahaan Keluarga Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015-2019)

Nurul Ainun Tenriola Nazruddin, Khairunnisa Khairunnisa

Abstract

Abstrak Keputusan manajemen perusahaan pada kebijakan dividen merupakan keputusan penting yang berdampak bagi menajemen dan pemegang saham perusahaan. Manajemen memiliki tujuan agar keuntungan perusahaan dialokasikan pada laba ditahan guna mendukung pertumbuhan perusahaan, sedangkan pemegang saham mengharapkan keuntungan perusahaan dapat dibagikan kepada investor. Kebijakan dividen yang terkait Agency problem type II pada perusahaan keluarga berupa pengambilalihan aset (expropriation) oleh pemegang saham pengendali dapat merugikan kepentingan pemegang saham minoritas. Tujuan penelitian ini yaitu untuk mengetahui apakah terdapat pengaruh baik secara simultan dan parsial pada variabel profitabilitas, leverage, dan family ownership terhadap kebijakan dividen yang diproksikan dengan Dividend Payout Ratio (DPR). Teknik pemilihan sampel menggunakan purposive sampling dan diperoleh delapan perusahaan sehingga jumlah observasi dalam penelitian adalah 40 unit sampel. Metode analisis yang digunakan adalah regresi data panel dengan pendekatan fixed effect model. Berdasarkan hasil uji regresi diketahui bahwa profitabilitas, leverage, dan family ownership secara simultan berpengaruh signifikan terhadap kebijakan dividen dengan koefisien determinasi sebesar 50,93%. Secara parsial profitabilitas berpengaruh signifikan dengan arah negatif, sedangkan leverage, dan family ownership tidak berpengaruh signifikan terhadap kebijakan dividen. Disarankan untuk peneliti selanjutnya agar memperluas pemilihan sampel perusahaan tidak hanya pada sektor industri barang konsumsi tetapi pada sektor yang lebih besar yaitu sektor manufaktur. Kata Kunci: family ownership, kebijakan dividen, leverage, profitabilitas Abstract One of the advantages of shareholders in investing is getting dividends from the company's net income. Management decisions on the company's dividend policy are important decisions that have an impact on both management and shareholders of the company. Company management has the aim that the company's net profit is allocated to retained earnings to support the company's growth, whereas shareholders expect company profits to be distributed as dividends. Dividends policy that related to Agency problem type II on family company in the form of expropriation of assets by the controlling shareholder can harm minority shareholders. The purpose of this study were to find out is there a simultaneous and partial effect of the independent variable on profitability, leverage, and family ownership towards the dependent variable of dividend policy which is proxied by the Dividend Payout Ratio (DPR). Purposive sampling was used as the technique in selecting the samples. The sample of this study was family company in the consumer goods industry sector listed on the Indonesia Stock Exchange 2015-2019 and obtained eight companies, therefore, the number of observations in the study was 40 sample units. In accordance to the regression test discovered that a simultaneous profitability, leverage, and family ownership have a significant effect towards dividend policy with a coefficient of determination of 50,93%. Partially the profitability have significant effect on dividend policy, meanwhile leverage and family ownership is ISSN : 2355-9357 e-Proceeding of Management : Vol.8, No.5 Oktober 2021 | Page 5375 not significantly effect on dividend policy. The further research is recommended to expand the sample selection of companies, hence, it is not only in the consumer goods industry sector. Keywords: dividend policy, family ownership, leverage, profitabillity.

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