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Jurnal Berkala Akuntansi & Bisnis

ISSN 2086-0277

Vol. 2 / No. 1 / Published : 2012-07

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Original Article :

Analisis kebijakan pendanaan, dividen dan profitabilitas perusahaan dalam kaitannya terhadap set kesempatan investasi

Author :

  1. Yose Fina Uran*1
  2. Sumiyana*2
  1. Fakultas Ekonomika dan Bisnis Universitas Gadjah Mada
  2. Fakultas Ekonomika dan Bisnis Universitas Gadjah Mada

Abstract :

This research investigates financing policy, dividend policy and profitability of the manufacturing industry in association with investment opportunity set. The sample of this study consists of 20 manufacturing industry in Indonesia Stock Exchange during the period of 2004-2006. This study uses common factor analysis to construct composite measures then ranked to classify the growth of sample. To examine the impact of the financing policy, dividend policy, and profitability against the investment opportunity set of the high and low growth industry uses logit regression. This study found a methodological refinement caused by two eventual multicolinearities. The first is between market value of debt to equity and book value of debt to equity, which are proxies of financing policy. The second is between dividend yield and dividend payout ratio, which are proxies of dividend policy. Subsequently, market value of debt to equity and dividend payout ratio are excluded during logistic regression test. The result indicates that after elimination, dividend policy and profitability have influenced significantly against the investment opportunity sets. this findings denied previous reserches in Indonesia that did not scrutinizely the effect of multicollinearities.

Keyword :

investment opportunity set, financing policy, dividend policy, profitability, methodological refinement,


References :

  1. Adeleji, A.,, (1998). Does The Pecking Order Hypothesis Explain the Dividend Payout Ratio of Firm in The UK. Journal of Business Finance and Accounting : No.: 25, pp. 1127-1155
  2. Adi, S., dan Lela, H., (2007). Analisis Pengaruh Kebijakan Pendanaan, Dividen dan Profitabilitas Perusahaan Terhadap Set Kesempatan Investasi. Jurnal Akuntansi dan Investasi : Vol.: 8, No. 1, Januari, hlm. 52-62
  3. AlNajjar, F.K., dan Belkaoui, A.R., (2001). Empirical Validation of a General Model of Growth Opportunities. Managerial Finance : 27, 3; ABI/INFORM Research
  4. Baskin, J., (1989). An Empirical Investigation of The Pecking Order Hypothesis. Financial Management, Spring : pp. 26-35
  5. Brigham, Eugene F., (1999). Intermediate Financial Management 6th edition. Orlando : The Dryden Press


   


Archive Article

Cover Media Content

Volume : 2 / No. : 1 / Pub. : 2012-07
  1. Pengaruh suasana hati positif, negatif, netral terhadap keputusan etis auditor
  2. Kajian teori sosiologi hermeneutika serta pemanfaatannya dalam penelitian akuntansi interpretive
  3. Implementasi ifrs dalam dunia pendidikan: kondisi terkini dan faktor-faktor yang memengaruhi
  4. Analisis kebijakan pendanaan, dividen dan profitabilitas perusahaan dalam kaitannya terhadap set kesempatan investasi
  5. Mengukur keterterapan model kesuksesan pusat ti: penggubahan model yang tersesuai untuk pusat ti di indonesia
  6. Faktor-faktor yang mempengaruhi cost of capital: pendekatan structural equation model