Analisa Kebijakan Dividen Berdasarkan Teori Lintner
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Submitted
November 30, 2017
Published
September 30, 2017
Keywords:
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Dividend Policy, Profit, Lagged Dividend
Abstract
Dividends are important to the company as they relate to the allocation of revenues from corporate growth and wealth to shareholders. The purpose of this study is to analyze dividend policy proposed by Lintner stating that dividend policy is influenced by profitability and lagged dividend. The population of this study are companies listed on the Indonesia Stock Exchange in 2012-2015. Samples taken as many as 133 companies. The sampling technique used purposive sampling technique. The analytical method used is multiple linear regression. The result of the research concludes that profitability and lagged dividend have significant positive influence to dividend policy.
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References
Adaoglu, C. (2000). Instability in the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Evidence from an Emerging Market. Emerging Markets Review. 1: 252-270.
Al-Kuwari, D. (2009). Determinants of the Dividend Policy in Emerging Stock Exchanges: The Case of GCC Countries. Global Economy & Finance Journal. 2 (2): 38-63.
Aivazian, V., dan L. Booth. (2002). Do Emerging Market Firms Follow Different Dividend Policies From US Firms?. The Journal of Financial Research. 26 (3) : 371- 387.
Arilaha, M.A. (2007). Pengaruh Free Cash Flow, Profitabilitas, Likuiditas dan Leverage terhadap Kebijakan Dividen. Jurnal Keuangan dan Perbankan. 13 (1) :78-87.
Bawa, S.K., dan P. Kaur. (2012). Empirical Validity of Dividend Policy Model in The Indian Manufacturing MSMEs. Internastional Journal of Multidisiplinary Management Studies. 2 (1) :18-39.
Black, F. (1976). The Dividend Puzzle. Journal of Portfolio Management. 2:5-8.
Brigham, E. F., dan P. R. Davis. (2003). Intermediate Financial Management 8ed. United States : South Western, Thomson
Deitiana, T. (2011). Pengaruh Rasio Kuangan, Pertumbuhan Penjualan dan Dividen Terhadap Harga Saham. Jurnal Bisnis dan Akuntansi. 13 (1) : 57-66.
Eriotis, N. (2005). Dividend Policy : An Empirical Analysis og The Greek Market. International Bussiness and Economics Research Journal. 4 (1) : 67-74. Fama, E.F., dan Babiak, H. (1968). Dividend Policy: An Empirical Analysis. Journal of the American Statistical Association. 63 (324) :1132-1161.
Gupta, A., dan C. Banga. (2010). The Determinants of Corporate Policy. Decision. 37 (2) : 63-77.
Haryetti., dan R. L. Ekayanti. (2012). Pengaruh Profitabilitas, Investment Opportunity Set, dan Pertumbuhan Perusahaan terhadap Kebijakan Dividen Pada Perusahaan LQ-45 yang Terdaftar di BEI. Jurnal Ekonomi. 20 (3): 1-18.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividens, Retained Earnings, and taxes. American Economic Review. 46 (2) : 97-113.
Martati, I. (2010). Faktor Penentu Dividend Per Share Pada Perusahaan Manufaktur yang Listing di Bursa Efek Indonesia. Jurnal Eksis. 6 (2) : 1440-1605. Pandey, I. M. (2003). Corporate Dividend Policy and Behaviour : The Malaysian Evidence. Asian Academy of Management Journal. 8 (1) : 17-32.
Pruitt, S. W., dan L. J. Gitman. (1991). The Interaction BetweenInvestment, Financing and Dividend Decisions of Major US Firms. Financial Review. 26 (3) :409-430.
Sura, J.S; Karam. P; dan B.S. Bodla. (2012). Factors Influencing Dividend Policy Decision in Banking Sector : An Indian Evidence. Amity Business Review. 7 (2) : 64-76.
Sutrisno. (2001). Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio. TEMA. 2 (1) :11- 18.
Thirtayatra, I.M.B., dan L. Arlianto. (2008). Kebijakan Dividen. Warta Bapepam-LK, Edisi Juli 2008. http://www.bapepam.go.id/pasar_modal/publikasi_pm/info_pm/warta/warta.html. Diakses : April, 1, (2016).
Al-Kuwari, D. (2009). Determinants of the Dividend Policy in Emerging Stock Exchanges: The Case of GCC Countries. Global Economy & Finance Journal. 2 (2): 38-63.
Aivazian, V., dan L. Booth. (2002). Do Emerging Market Firms Follow Different Dividend Policies From US Firms?. The Journal of Financial Research. 26 (3) : 371- 387.
Arilaha, M.A. (2007). Pengaruh Free Cash Flow, Profitabilitas, Likuiditas dan Leverage terhadap Kebijakan Dividen. Jurnal Keuangan dan Perbankan. 13 (1) :78-87.
Bawa, S.K., dan P. Kaur. (2012). Empirical Validity of Dividend Policy Model in The Indian Manufacturing MSMEs. Internastional Journal of Multidisiplinary Management Studies. 2 (1) :18-39.
Black, F. (1976). The Dividend Puzzle. Journal of Portfolio Management. 2:5-8.
Brigham, E. F., dan P. R. Davis. (2003). Intermediate Financial Management 8ed. United States : South Western, Thomson
Deitiana, T. (2011). Pengaruh Rasio Kuangan, Pertumbuhan Penjualan dan Dividen Terhadap Harga Saham. Jurnal Bisnis dan Akuntansi. 13 (1) : 57-66.
Eriotis, N. (2005). Dividend Policy : An Empirical Analysis og The Greek Market. International Bussiness and Economics Research Journal. 4 (1) : 67-74. Fama, E.F., dan Babiak, H. (1968). Dividend Policy: An Empirical Analysis. Journal of the American Statistical Association. 63 (324) :1132-1161.
Gupta, A., dan C. Banga. (2010). The Determinants of Corporate Policy. Decision. 37 (2) : 63-77.
Haryetti., dan R. L. Ekayanti. (2012). Pengaruh Profitabilitas, Investment Opportunity Set, dan Pertumbuhan Perusahaan terhadap Kebijakan Dividen Pada Perusahaan LQ-45 yang Terdaftar di BEI. Jurnal Ekonomi. 20 (3): 1-18.
Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividens, Retained Earnings, and taxes. American Economic Review. 46 (2) : 97-113.
Martati, I. (2010). Faktor Penentu Dividend Per Share Pada Perusahaan Manufaktur yang Listing di Bursa Efek Indonesia. Jurnal Eksis. 6 (2) : 1440-1605. Pandey, I. M. (2003). Corporate Dividend Policy and Behaviour : The Malaysian Evidence. Asian Academy of Management Journal. 8 (1) : 17-32.
Pruitt, S. W., dan L. J. Gitman. (1991). The Interaction BetweenInvestment, Financing and Dividend Decisions of Major US Firms. Financial Review. 26 (3) :409-430.
Sura, J.S; Karam. P; dan B.S. Bodla. (2012). Factors Influencing Dividend Policy Decision in Banking Sector : An Indian Evidence. Amity Business Review. 7 (2) : 64-76.
Sutrisno. (2001). Analisis Faktor-Faktor yang Mempengaruhi Dividend Payout Ratio. TEMA. 2 (1) :11- 18.
Thirtayatra, I.M.B., dan L. Arlianto. (2008). Kebijakan Dividen. Warta Bapepam-LK, Edisi Juli 2008. http://www.bapepam.go.id/pasar_modal/publikasi_pm/info_pm/warta/warta.html. Diakses : April, 1, (2016).
Authors
Damayanti, R., Marwati, F. S., & Widayanti, R. (2017). Analisa Kebijakan Dividen Berdasarkan Teori Lintner. Agregat: Jurnal Ekonomi Dan Bisnis, 1(2), 183–194. Retrieved from https://journal.uhamka.ac.id/index.php/agregat/article/view/825
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