PENGARUH KEPEMILIKAN MANAJERIAL, PENYEBARAN KEPEMILIKAN, DAN RISIKO PASAR TERHADAP KEBIJAKAN DIVIDEN

Abstract

Dividend policy certainly cannot be separated from corporate financing decisions. That way the manager is expected to determine the optimal dividend policy, so that the company has internal funding resources to support its growth and shareholders get proper dividend payments. The increase of company’s shares ownership will make it difficult in monitoring process. Companies with high market risk will be difficult to obtain external funding, so that companies rely more in internal funding resources. This study aims to examine the effect of managerial ownership, dispersion of ownership, and market risk on dividend policy. Samples for this study are 42 companies selected through purposive sampling method on companies listed on the Indonesia Stock Exchange (BEI) for the year 2007-2010. Testing hypotheses using multiple regression. The results show that managerial ownership and dispersion of ownership have a positive effect on dividend policy. However, market risk has no effect on dividend policy. Thus, managers took part in determining dividend policy.