LIFE CYCLE HYPOTHESIS DAN KEBIJAKAN DIVIDEN: STUDI EMPIRIS DI INDONESIA 2001-2011

• Main Authors: , DYAH MUJI CAHYANINGRUM, , Dr. I Wayan Nuka Lantara,M.Si
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/120888/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=60926
• Institution: Universitas Gadjah Mada

The purpose of this research to examine the ratio of retained earnings that proxied by ratio of retaineds earnings to total equity as the equity profit and ratio of retained earnings to total assets as the assets profit toward dividend policy is proxied by probability of the company to pay dividends and dividend yield. The second purpose to examine the life cycle firm toward dividend policy. In this research, the life cycle firm categorized by mature companies and growth campanies. The sample of this research is non financial companies that listed in Bursa Efek Indonesia from 2001 to 2011. We used purposive sampling method to get panel data, than the total observation 1.504. The observation be composed, dividend payers, dividend nonpayers, mature companies and growth companies. The analysis method with Probit and Tobit models. Probit models used to examine the ratio of retained earnings toward probability of payers dividend and to examine the ratio of retained earnings toward probability mature companies to pay dividend. Tobit models used to examine the ratio of retained earnings towards the extent of payers dividend and to examine the ratio of retained earnings toward the extent mature companies to pay dividend. The finding of this research indicate that the ratio of retained earnings to total assets has a positive effect on the probability and the extent of dividend payers. The ratio of retained earnings to total equity is related positively but not significant. The second finding indicate the ratio of retained earnings to total assets has a positive effect and significant on the probability and the extent of mature companies to pay dividend. The ratio of retained earnings to total equity is related positively but not significant. The overall research using probit and tobit regression models indicate that the ratio of retained earnings and the life cycle firm has positively effect and significant toward dividend policy of the firm.