DAFTAR ISI LEMBAR JUDUL i LEMBAR PENGESAHAN ii KATA...
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v DAFTAR ISI LEMBAR JUDUL ................................................................................ i LEMBAR PENGESAHAN ................................................................ ii LEMBAR PERNYATAAN ............................................................... iii KATA PENGANTAR ........................................................................ iv DAFTAR ISI ........................................................................................ v DAFTAR TABEL............................................................................. viii DAFTAR GAMBAR .......................................................................... ix DAFTAR LAMPIRAN ....................................................................... x INTISARI............................................................................................ xi ABSTRACT ....................................................................................... xii BAB I PENDAHULUAN .................................................................... 1 1.1 Latar Belakang Masalah ............................................................................1 1.2 Rumusan Masalah ..................................................................................... 8 1.3 Pertanyaan Penelitian ..............................................................................10 1.4 Tujuan Penelitian ..................................................................................... 10 1.5 Manfaat Penelitian ................................................................................... 11 1.6 Ruang Lingkup Penelitian .......................................................................12 1.7 Sistematika Penelitian .............................................................................12 BAB II LANDASAN TEORI ........................................................... 14 2.1 Dividen ....................................................................................................14 2.2 Kebijakan Dividen (Dividend Policy) ..................................................... 17 2.3 Teori Keagenan (Agency Theory)............................................................ 22 2.4 Rasio Keuangan ....................................................................................... 23 2.4.1 Kebijakan Dividen ...........................................................................23 2.4.2 Profitabilitas ..................................................................................... 24 2.4.3 Pertumbuhan Perusahaan (Growth) ................................................. 25 2.3.4 Rasio Hutang (Leverage) .................................................................27 2.3.5 Ukuran Perusahaan (Firm Size) ....................................................... 29 PENGARUH PROFITABILITAS, GROWTH, LEVERAGE, FIRM SIZE, INSTITUTIONAL OWNERSHIP, DAN KOMISARIS INDEPENDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR DI BEI PERIODE 2013-2017 BONDAN WICAKSONO Universitas Gadjah Mada, 2018 | Diunduh dari http://etd.repository.ugm.ac.id/
Transcript of DAFTAR ISI LEMBAR JUDUL i LEMBAR PENGESAHAN ii KATA...
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DAFTAR ISI
LEMBAR JUDUL ................................................................................ i
LEMBAR PENGESAHAN ................................................................ ii
LEMBAR PERNYATAAN ............................................................... iii
KATA PENGANTAR ........................................................................ iv
DAFTAR ISI ........................................................................................ v
DAFTAR TABEL............................................................................. viii
DAFTAR GAMBAR .......................................................................... ix
DAFTAR LAMPIRAN ....................................................................... x
INTISARI ............................................................................................ xi
ABSTRACT ....................................................................................... xii
BAB I PENDAHULUAN .................................................................... 1
1.1 Latar Belakang Masalah ............................................................................ 1
1.2 Rumusan Masalah ..................................................................................... 8
1.3 Pertanyaan Penelitian .............................................................................. 10
1.4 Tujuan Penelitian ..................................................................................... 10
1.5 Manfaat Penelitian ................................................................................... 11
1.6 Ruang Lingkup Penelitian ....................................................................... 12
1.7 Sistematika Penelitian ............................................................................. 12
BAB II LANDASAN TEORI ........................................................... 14
2.1 Dividen .................................................................................................... 14
2.2 Kebijakan Dividen (Dividend Policy) ..................................................... 17
2.3 Teori Keagenan (Agency Theory) ............................................................ 22
2.4 Rasio Keuangan ....................................................................................... 23
2.4.1 Kebijakan Dividen ........................................................................... 23
2.4.2 Profitabilitas ..................................................................................... 24
2.4.3 Pertumbuhan Perusahaan (Growth) ................................................. 25
2.3.4 Rasio Hutang (Leverage) ................................................................. 27
2.3.5 Ukuran Perusahaan (Firm Size) ....................................................... 29
PENGARUH PROFITABILITAS, GROWTH, LEVERAGE, FIRM SIZE, INSTITUTIONAL OWNERSHIP,DAN KOMISARISINDEPENDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR DI BEI PERIODE2013-2017BONDAN WICAKSONOUniversitas Gadjah Mada, 2018 | Diunduh dari http://etd.repository.ugm.ac.id/
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2.5 Corporate Governance ............................................................................. 30
2.5.1 Kepemilikan Institusional (Institutional Ownership) ....................... 33
2.5.2 Komisaris Independen ...................................................................... 34
2.6 Penelitian Sebelumnya ............................................................................ 36
2.7 Kerangka Pemikiran ................................................................................ 40
2.8 Hipotesis .................................................................................................. 41
BAB III METODA PENELITIAN .................................................. 46
3.1 Desain Penelitian ..................................................................................... 46
3.2 Variabel Penelitian .................................................................................. 46
3.3 Populasi dan Sampel ............................................................................... 51
3.4 Metode Pengumpulan Data ..................................................................... 53
3.5 Metode Analisis Data .............................................................................. 54
3.5.1 Common Effects Model ................................................................... 55
3.5.2 Fixed Effects Model ......................................................................... 56
3.5.3 Random Effects Model .................................................................... 56
3.5.4 Pemilihan Model Regresi Data Panel .............................................. 57
3.6 Pengujian Asumsi Klasik ........................................................................ 58
3.7 Pengujian Hipotesis ................................................................................. 63
BAB IV HASIL DAN PEMBAHASAN .......................................... 65
4.1 Deskripsi Data ......................................................................................... 67
4.2 Pengujian Hipotesis ................................................................................. 69
4.2.1 Common Effects Model ................................................................... 70
4.2.2 Fixed Effects Model ......................................................................... 71
4.2.3 Random Effects Model .................................................................... 72
4.2.4 Uji Chow (Chow Test) ..................................................................... 73
4.2.5 Uji Hausman (Hausman Test) .......................................................... 74
PENGARUH PROFITABILITAS, GROWTH, LEVERAGE, FIRM SIZE, INSTITUTIONAL OWNERSHIP,DAN KOMISARISINDEPENDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR DI BEI PERIODE2013-2017BONDAN WICAKSONOUniversitas Gadjah Mada, 2018 | Diunduh dari http://etd.repository.ugm.ac.id/
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4.3 Uji Asumsi Klasik ................................................................................... 75
4.3.1 Uji Normalitas .................................................................................. 75
4.3.2 Uji Multikolinearitas ........................................................................ 76
4.3.3 Uji Heteroskedastisitas ..................................................................... 77
4.3.4 Uji Autokorelasi ............................................................................... 78
4.4 Uji Hipotesis ............................................................................................ 79
4.4.1 Uji t (Secara Parsial) ........................................................................ 79
4.4.2 Uji F (Secara Simultan) .................................................................... 80
4.4.3 Koefisien Determinasi (R²) .............................................................. 81
4.5 Analisa Regresi Data Panel ..................................................................... 81
4.6 Pembahasan ............................................................................................. 84
4.6.1 Pengaruh Profitabilitas terhadap DPR ............................................. 84
4.6.2 Pengaruh Pertumbuhan Perusahaan terhadap DPR ......................... 85
4.6.3 Pengaruh Rasio Hutang terhadap DPR ............................................ 86
4.6.4 Pengaruh Ukuran Perusahaan terhadap DPR ................................... 88
4.6.5 Pengaruh Kepemilikan Institusional terhadap DPR ......................... 89
4.6.6 Pengaruh Komisaris Independen terhadap DPR .............................. 92
BAB V SIMPULAN .......................................................................... 95
5.1 Simpulan .................................................................................................. 95
5.2 Implikasi .................................................................................................. 96
5.3 Keterbatasan ............................................................................................ 97
5.4 Saran ........................................................................................................ 98
DAFTAR PUSTAKA ...................................................................... 100
PENGARUH PROFITABILITAS, GROWTH, LEVERAGE, FIRM SIZE, INSTITUTIONAL OWNERSHIP,DAN KOMISARISINDEPENDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR DI BEI PERIODE2013-2017BONDAN WICAKSONOUniversitas Gadjah Mada, 2018 | Diunduh dari http://etd.repository.ugm.ac.id/
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DAFTAR TABEL
Tabel 1.1 Data IHSG periode 2011-2017 2
Tabel 2.1 Unsur Internal dan Eksternal dalam Good Corporate Governance 32
Tabel 3.1 Formulasi Variabel dan Pengukuran Penelitian 51
Tabel 3.2 Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2017 51
Tabel 3.3 Rekapitulasi Proses Pemilihan Sampel Dalam Penelitian 53
Tabel 4.1 Data Sampel per Industri Sektor Manufaktur 65
Tabel 4.2 Data Sampel Emiten 66
Tabel 4.3 Hasil Deskriptif Statistik 67
Tabel 4.4 Hasil Regresi dengan menggunakan Common Effects Model 70
Tabel 4.5 Hasil Regresi dengan menggunakan Fixed Effects Model 71
Tabel 4.6 Hasil Regresi dengan menggunakan Random Effects Model 72
Tabel 4.7 Hasil Uji Chow 74
Tabel 4.8 Hasil Uji Hausman 75
Tabel 4.9 Hasil Uji Normalitas Jarque-Bera (JB) 76
Tabel 4.10 Correlation Matrix antar Variabel Independen 77
Tabel 4.11 Hasil uji Breusch-Pagan-Godfrey (BPG) 77
Tabel 4.12 Hasil uji Lagrange Multiplier 78
Tabel 4.13 Hasil Koresi dengan Metode Newey-West 79
Tabel 4.14 Hasil uji signifikansi t 80
Tabel 4.15 Hasil Regresi Simultan (F-Test) 81
PENGARUH PROFITABILITAS, GROWTH, LEVERAGE, FIRM SIZE, INSTITUTIONAL OWNERSHIP,DAN KOMISARISINDEPENDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR DI BEI PERIODE2013-2017BONDAN WICAKSONOUniversitas Gadjah Mada, 2018 | Diunduh dari http://etd.repository.ugm.ac.id/
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DAFTAR GAMBAR
Gambar 2.1 Kerangka Pemikiran 41
PENGARUH PROFITABILITAS, GROWTH, LEVERAGE, FIRM SIZE, INSTITUTIONAL OWNERSHIP,DAN KOMISARISINDEPENDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR DI BEI PERIODE2013-2017BONDAN WICAKSONOUniversitas Gadjah Mada, 2018 | Diunduh dari http://etd.repository.ugm.ac.id/
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DAFTAR LAMPIRAN
Lampiran I Hasil Regresi dengan menggunakan Common Effects Model 105
Lampiran II Hasil Regresi dengan menggunakan Fixed Effects Model 106
Lampiran III Hasil Regresi dengan menggunakan Random Effects Mode 107
Lampiran IV Hasil Uji Chow 108
Lampiran V Hasil Uji Hausman 109
Lampiran VI Hasil Uji Normalitas Jarque-Bera 110
Lampiran VII Hasil Uji Multikolinearitas 111
Lampiran VIII Hasil Uji Heteroskedastisitas Breusch-Pagan-Godfrey (BPG) 112
Lampiran IX Hasil Uji Autokorelasi Lagrange Multiplier (LM) 113
Lampiran X Hasil Koreksi dengan Metode Newey-West 114
PENGARUH PROFITABILITAS, GROWTH, LEVERAGE, FIRM SIZE, INSTITUTIONAL OWNERSHIP,DAN KOMISARISINDEPENDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR DI BEI PERIODE2013-2017BONDAN WICAKSONOUniversitas Gadjah Mada, 2018 | Diunduh dari http://etd.repository.ugm.ac.id/
