Pengaruh dewan wanita terhadap kebijakan deviden

Sumanti, Jorenza Chiquita (2018) Pengaruh dewan wanita terhadap kebijakan deviden. Masters thesis, Universitas Pelita Harapan.

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Abstract

This study aims to determine the impact of female board and some control variabel on dividend policy (Dividend Payout Ratio and Dividend Yield). The independent variabels used are female board and independent female board. The control variables used are Managerial Ownership, Debt to Asset Ratio, Return On Asset, Size, Tobins’Q, Return Volatility, Cash/Net Asset, Independent Board, and dummy-BUMN. This study takes sample of companies for 10 consecutive years from 2007- 2016 with a total of 70 companies. The data taken from annual financial statements of each company and the stock price from yahoo finance. This study was tested by panel data regression through fixed or common effect model (uji chow), fixed or random effect model (uji hausman) and random or common effect model (uji LM). The result of this study showed that the companies who joined in the Kompas 100 index period August 2007, female board did not significant affect on dividend policy, independent female board significant negative affect on dividend policy. Debt to Asset ratio, Return On Asset, Tobin’s Q and Return Volatility significant positive affect on dividend policy, while Managerial Ownership and Size significant negative affect on dividend policy. And variables Cash/Net Asset, Board Independent, and dummy-BUMN are did not affect on dividend policy. / Penelitian ini bertujuan untuk mengetahui pengaruh dewan wanita dan beberapa variabel kontrol terhadap kebijakan dividen (Dividend Payout Ratio dan Dividend Yield). Variabel independen yang digunakan yaitu dewan wanita dan dewan wanita independen. Variabel kontrol yang digunakan yaitu Kepemilikan Manajerial, Debt to Asset Ratio, Return On Asset, Size, Tobins’Q, Return Volatility, Cash/Net Asset, Dewan Independen, dan dummy-BUMN. Penelitian ini mengambil sampel selama 10 tahun berturut-turut dari tahun 2007-2016 dengan total 70 perusahaan. Data yang diambil adalah data dari laporan keuangan tahunan masing-masing perusahaan dan harga saham dari yahoo finance. Penelitian diuji dengan menggunakan regresi data panel melalui pengujian model fixed atau common effect (uji chow), fixed atau random effect (uji hausman) dan random atau common effect (uji LM). Hasil penelitian menunjukkan bahwa perusahaan yang tergabung dalam index kompas 100 periode Agustus 2007, dewan wanitanya tidak signifikan mempengaruhi kebijakan dividen, dewan wanita independen signifikan negatif mempengaruhi kebijakan dividen. Debt to Asset Ratio, Return On Asset, Tobin’s Q dan Return Volatility signifikan positif mempengaruhi kebijakan dividen, sedangkan Kepemilikan Manajerial dan Size, signifikan negatif mempengaruhi kebijakan dividen. Dan variabel Cash/Net Asset, Dewan Independen, dan dummyBUMN tidak signifikan mempengaruhi kebijakan dividen.

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