ANALISIS PENGARUH EARNINGS MANAGEMENT DAN INVESTMENT OPPORTUNITY SET (IOS) TERHADAP KEBIJAKAN CASH DIVIDEND (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2011-2013)

Ika Rahmi B41111001

Abstract


The objectives of this research are to find empirical evidence of the influence earnings management and investment opportunity on cash dividend policy of manufacturing companies which is listed in Indonesia Stock Exchange in the period 2011- 2013. This research was using the purposive sampling technique to selection the sample and the companies were on specific criterias were as many as 20 of 136 companies.

Earnings management were pjojected by ratio of working capital accruals with sales, investment opportunity by market to book value of asset (MBVA) and cash dividend policy indicated by the dividend payout ratio (DPR). The analysis methods of the data used is multiple linear regression analysis and simultan test (F test) by SPSS 20 software.

The results of this research show that (1) earnings management had negative and not significant influence on cash dividend policy with standardized beta coefficient -0,654 and a level of sig. 0,182 > 0,05. (2) investment opportunity had negative and not significant influence on cash dividend policy with standardized beta coefficient -0,335 and a level of sig. 0,075 > 0,05. (3) earnings managements and investment opportunity had positive and not significant influence on cash dividend policy with Fcount 1,762 and a level of sig. 0,182 > 0,05.

Keywords:

Earnings Management, Investment Opportunity Set, Cash Dividend Policy


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