THE EFFECT OF OWNERSHIP STRUCTURE AND CASH FLOW TO THE NON-FINANCIAL FIRMS’ DIVIDEND PAYOUT RATIO LISTED IN IDX

Abstract

Abstract. The aim of this study is to analyze the effect of ownership structure and cash
flow to the non-financial firms’ dividend payout ratio listed in Indonesian Stock
Exchange (IDX). The samples of this study are 63 firms over the period 2009 – 2013.
This study conducted in panel regression analysis using the random effect model
approach. The result of regression found that largest shareholder and government
ownership give a positive effect to the payment of dividend. While institutional
ownership and operating cash flow give a negative impact to the payment of dividend.
Keywords: dividend, ownership structure, cash flow
Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh ownership structure
dan cash flow terhadap dividend payout ratio pada perusahaan non-keuangan yang
terdaftar di Indonesia Stoack Exchange (IDX). Sampel penelitian ini adalah 63
perusahaan dengan periode penelitian tahun 2009 – 2013. Penelitian ini dilakukan
dengan menggunakan panel regression analysis dengan pendekatan random effect
model. Hasil regresi menunjukkan bahwa largest shareholder dan government
ownership memberikan pengaruh positif yang signifikan terhadap pembayaran dividen.
Sementara institutional ownership dan operating
cash flow memberikan pengaruh negatif yang signifikan terhadap pembayaran dividen.
Kata kunci: dividen, struktur kepemilikan, arus kas