TEORI CATERING DAN KARAKTERISTIK KEUANGAN DALAM KEPUTUSAN DIVIDEN PERUSAHAAN BUMN DI INDONESIA

Fatmawati Fatmawati, Rastina Ahmad

Sari

Dividend decision is a strategic policy relating to financial and investment decisions. Dividend policy is important to meet the expectations of shareholders. This study aims to investigates implication of the catering theory for dividend payers decision, and financial firm’s characteristics on the probability of dividend payers decision. The study was conducted at State-Owned Enterprises listed in the Indonesia Stock Exchange. To test the prediction, the analytical method used logit regressions. The sampling technique purposive sampling. These samples included 110 state-owned enterprises during the period 2009-2014. The research data using state-owned company's financial statements by Indonesian Capital Exchange (IDX) and data from Indonesian Capital Market Directory (ICMD). Further data processing is done using SPSS for windows. The major finding that investor’s demand for dividend payers has not signifikan effect on propensity that manager will decide to pay dividens thus catering theory predicted no effect on the company's decision to pay dividends. Profitability is financial firm’s characteristic of decision dividend payers while free cash flow is not a financial characteristics of companies in the payment of dividends.

Kata Kunci

catering theory; profitability; free cash flow; prevailing investor demand

Teks Lengkap:

PDF

Refbacks

  • Saat ini tidak ada refbacks.